We are proud to announce that we just released the first version of the Melalie staking program.

Please note, at this moment we are still waiting for Polygon / MATIC to push our mapping request to production.

The Melalie staking program on test-net: https://staking-testnet.melalie.com

The Melalie staking program on main-net: staking.melalie.com (still waiting on Polygon / Matic)/

The Melalie staking program is developed to reward early investors and holders of $MEL during the time we are building out our ecosystem, technology and business. No new $MEL is minted, the pool is created out of existing $MEL tokens. We welcome everyone to join this program as it is an exciting milestone in our journey.

We use Polygon (former Matic) for developing the Melalie staking platform. We decided to work with Polygon, in order to avoid the high transaction fees on the Ethereum network.

MEL S-1 Details

  • Pool size: 3.000.000 $MEL
  • APY: 10%
  • Minimum deposit: 1000 $MEL
  • Distribution: every 24 hours

How does it work?

Staking is the procedure of holding tokens in a cryptocurrency wallet to support network processes. Users are rewarded for depositing and holding coins, with constant time-based returns assured. Rewards are calculated based on staking time.

To stake your $MEL, simply perform the following actions

In order to stake $MEL, you need MATIC tokens (Polygon cryptocurrency). Around 0.002 MATIC should be enough. If you don’t want to buy MATIC, you might still get some MATIC for free here.

  • Go to “Deposit” and Deposit your $MEL on Polygon. (this takes around 8mins to confirm)
  • Connect with Metamask.
  • Click: Stake
  • That’s it!

MEL-S1, explained

MEL-S1 is developed using the Polygone network. We did this to avoid high fees and to have maximum flexibility. When you stake $MEL, your $MEL on the Ethereum network. will be transferred via a Bridge to the Polygone network. At that moment, your $MEL will be minted and stored on Polygon. Your $MEL from the Ethereum network, will be temporarily locked, keeping the total supply of available $MEL exactly the same.

When you withdraw your $MEL out of the staking platform, $MEL will be burned from the Polygon side, and unlocked on the Ethereum network and distributed to your wallet.

We distribute 10% APY (0,02,777% per day) from a staking distribution pool of 3.000.000 $MEL on a daily basis, until the distribution pool is empty. Around that time we expect to deploy a new version of our staking platform.

The distribution burns the distributed $MEL and records the distributed rewards. The total amount of received rewards you can see on the Dashboard.

When you want to withdraw your rewards, simply go to “Rewards”. When clicking “Withdraw Reward” all your collected rewards get freshly minted straight to your $MEL account on the Polygone network and stay there until you want them back on the Ethereum network, in your wallet.

Sending you Polygone $MEL back to the Ethereum Network can be easily done via “Withdraw”.

Happy staking!

About Melalie

Melalie is a peer-to-peer (P2P) mobility marketplace. On the Melalie platform, people can rent vehicles — bikes, scooters, motorbikes, cars, and trucks — from each other, without the need for intermediaries. The Melalie platform is complete, tested, live, and already lists over 400 local vendors in Indonesia and The Netherlands. The application can be downloaded in the Appstore (iOS) and the Google Playstore (Android). Check out and subscribe to our Youtube channel here.

The official Melalie channels

Visit the Melalie website

Subscribe to become a vendor

Join our Telegram Community

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