Protocol
Marketplace
How the on-chain mining share marketplace works
Overview
The m1n3 marketplace is a fully on-chain exchange for mining shares on Sui. Miners can list shares for sale immediately after submission, and buyers can purchase shares to gain exposure to mining rewards.
Listing a Share
- Submit a mining share (full/NFT mode) to create a tradeable asset
- Set a listing price in SUI
- The share is listed on the marketplace, visible to all participants
Buying a Share
- Browse available listings on the marketplace
- Purchase a share at the listed price
- A 2% fee is deducted and distributed to M1N3 stakers
- The share NFT is transferred to the buyer
Fee Structure
| Fee | Amount | Recipient |
|---|---|---|
| Pool fee | 0% | N/A — m1n3 has no pool fee |
| Marketplace trading tax | 2% | Distributed to all M1N3 stakers |
| Holding/redeeming fee | 0% | Miners who hold their own shares pay nothing |
Share Valuation
Shares are valued using PPS (Pay-Per-Share) methodology:
- Theoretical value = share difficulty converted to hashrate equivalent, priced at current hashprice
- Market price = what buyers are willing to pay (typically at a discount)
- Discount = the difference between theoretical value and market price
Discounts exist because buyers must wait ~16.5 hours for block maturation. The discount represents the cost of capital for that waiting period.
Why Discounts Create Opportunity
Buyers who purchase shares at a discount and hold through maturation earn an annualized yield. For example:
| Discount | Per-Trade ROI | Annualized Yield |
|---|---|---|
| 2% | 2.04% | ~107% |
| 5% | 5.26% | ~277% |
| 10% | 11.11% | ~585% |
These yields are possible because the waiting period is short (~16.5h) but the per-trade return is positive.