Only delegators receive tokens as part of the payout.
What token-holders get is an increase in the token price.
The MAPR price started at 1 STEEM, it is now above 1.02 STEEM, so those people who are still holding tokens from when they were 1 steem now have tokens worth some 2% more.
So holding tokens is like compounding, whether those tokens are bought or received from being a delegator makes no difference.
It is an interesting way to pay ppeople in 2 different ways without having 2 different tokens :-)
Yes, MAPR replaces the previous STEEM transfers. If you wish to have the STEEM just sell the tokens.
It was impossible before to compound earnings - well, possible but it meant users would have to trust me holding their rewards and it would quickly become horribly complex!
Ok cool. So by holding the tokens, their value goes up, and since I delegate, I receive tokens. So then, they accumulate, while their value keeps going up.
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You got it!
:-)