Cross-chain bridge and Token Introduction
MINE Network will provide access to our state-of-the-art Cross-chain Bridge products to ensure that Mini-Miners can exchange tokens on the correct chain by utilizing the network's wrapped tokens(wTokens). Mini-Miners can also access lending, trading, and other similar DeFi applications by transferring their wTokens cross-chain to multiple public chains like Ethereum and BSC. This functionality is also present for pTokens. Mini-Miners who hold pTokens can transfer them cross-chain to lending, trading, and other similar DeFi applications.
The integrity and strength of MINE Networks open-source system rely heavily on the synergistic interaction between three tokens.
- 1.pToken - Standardized Hashrate Token
- 2.wToken - Output Reward Token
- 3.MNET - Native Utility and Governance Token
In MINE Network, tokens anchored to the standard Hashrate unit are called pTokens; examples of pTokens are pBTCM, pLTCM, pETHM, which establish ownership of the standard Hashrate unit. pTokens represent the corresponding amount of Hashrate in the MINE Network standardized mining pool. So, for example, if 1 pBTCM is anchored to 1 tera hashes per second (Th/s) standard Hashrate, holding 5 pBTCM tokens, means having 5 tera hashes per second (Th/s) of MINE Network BTC standard mining pool, as well as the accompanying revenue rights that are granted after staking those pTokens.
MINE Network will deploy a synthetic wrapped token for all miners who have staked their pTokens in exchange for mining rewards. The wToken are tokens issued on the MINE Network blockchain and are anchored to the tokens produced by MINE Network standard mining pool at a 1:1 ratio. Thus, you can consider wTokens as the income certificate in the mining products of the MINE Network standard mining pool. wTokens include wBTCO, wETHO, wLTCO, wFILO, etc., which anchors BTC on the Bitcoin chain, ETH on the Ethereum chain, LTC on the Litecoin chain, and FIL on the Filecoin chain, and so on in a 1:1 ratio.
Retail miners can buy the pTokens (Hashrate Tokens) and stake them to earn mining rewards in the form of wTokens (Warped Tokens). The staked pTokens will give miners cross-chain transferable synthetic wTokens, which are pegged to their native hashrate.
Cross-chain DeFi applications like optimized lending and borrowing can be utilized using the MINE Network Bridge product. pTokens can be transferred seamlessly between networks. This means you can send them from Polkadot to other blockchains like Ethereum, Solana, and BSC2
To earn daily distributed rewards, retail miners will need to deposit their pTokens in the staking module. This process can all be done seamlessly through the intuitive MINE Network interface.
MINE Network implements Substrate’s OCW function to build a Mining Rewards Oracle, which will be used to upload the off-chain expenses and on-chain outputs of each standardization mining pool.