Terms
Destroying/Burning Mystery Boxes to Claim your $EARN'M inside
The crypto, web3 and financial world can be quite confusing. So here are some terms that will help make things clearer. Also - if there are any that we have missed that are unclear to you, don’t hesitate to send us a support ticket and we’ll add it.
Destroying/Burning Mystery Boxes to Claim your $EARN'M inside
Imagine your Mystery Box to be like a physical magic treasure box that has some coins inside it - in our case the $EARN'M coins. To get these coins, you have to make the box go "poof" and disappear forever. When you do this, the coins come out and you can keep them (in our case, they get transferred to the wallet that you have connected with the dApp), but you can't use the magic box again because it's gone.
Vesting vs. Staking
Remember the fairy tale of Rumpelstiltskin where the imp can turn straw into gold? Well, to understand vesting and staking and the difference between it, let’s use this as an analogy: In our case, the Mystery Boxes is the straw and the EARN’M dApp is the imp doing the magic. So once you open your Mystery Boxes on the dApp the imp begins his magic, and with each passing day, more of your straw turns to gold.
If you grab your straw right away, the imp has only had time to turn 10% of it into gold — that's not much, is it? But if you leave the straw with the imp for 180 days, he'll have worked longer and turned half of it into shiny gold (50% vested). If you wait a full year, every single piece of straw will be golden (100% vested). The longer you wait, the more gold you get!
Staking, on the other hand, is like helping the imp with his work. In return for your help, he gives you some extra gold he made from other piles of straw. The more you help and the longer you stay, the more extra gold you get!
In our story, 'vesting' is having patience to let your straw turn to gold over time, and 'staking' is earning extra gold for being helpful. So, if you take your straw too soon, you miss out on all the gold that could have been yours if you just waited a little longer.
DeFi
DeFi means "Decentralized Finance," which is a fancy way of saying it's like a bank without a real bank building or bankers. Instead of going to a bank, you use a computer program that lets everyone share and use money together without one person or place being in charge.
dApp
A dApp is a "Decentralized Application" - the Mystery Box Dashboard, EARN’M, is such a dApp. It's a special kind of app on your computer or phone that needs lots of people and computers working together to make it run.
Gas fee
A gas fee is the money you pay to make something happen in the crypto world, like sending coins to someone else or making your magic treasure box go "poof" to get the coins. It's like paying for a ticket to go on a ride at the amusement park; you need the ticket to go on the ride, just like you need to pay the gas fee to do something with your coins.
$POL
$POL is a type of coin that you can use on a special crypto place called Polygon. It's like having tokens at an arcade; you use them to play games and do fun things in that arcade, and on Polygon, you use $POL to pay for gas fees or buy things.