Vulcan Forged to launch economy on Matic Network with PYR
NFT and dApp behemoth team up with top blockchain scalability platform.
UK, January 20th, 2021 — Vulcan Forged and Matic have confirmed a cross-chain partnership to launch their ecosystem-wide token PYR. Their recent partnership with Arkane has finally made this possible. PYR will utilize the number one Layer 2 solution that fixes Ethereum’s scalability issue via an adapted version of Plasma with PoS-based side chains. PYR will be used in fee settlement, staking, defi game launchpads, play-to-earn benefits, gaming platform pools and discounted marketplace usage.
About Vulcan Forged
Vulcan Forged has grown from a small digital art NFT platform to a multi-dApp platform, game studio, launchpad and a top 5 volume NFT marketplace. Second only to Walmart, they are the busiest client on the VeChain Network, moving from a few users to thousands with just under $2m in NFT trading volume. Their AAA fantasy decentralized universe VulcanVerse, backed by fighting-fantasy authors and award-winning studios, sold out in days and has already entered alpha gameplay.
Vulcan Forged prides itself on removing gas and crypto for game developers using their platform and offers support to any third-party with a simple idea wanting to turn it into reality. Community members have gone onto to making their games with ground-up support, including Coddle Pets, Block Babies and GeoCats.
Incentives for Bridging to Matic
With over ten games and dApps in the Vulcan Forged ecosystem, including the sold out VulcanVerse, Berserk, and a flourishing marketplace, the time is ripe to launch an independent economy and governance token. Vulcan have chosen Matic as it’s not only the premium Layer 2 solution, but offers next to nothing transaction fees, fee delegation and quicker settlement times. Matic has also established itself as a welcoming and supportive host to many big name blockchain games and dApps with constant support to its builders.
“We’ve been talking with Matic for a few months. Since day 1, they’ve offered support, advice and helped us shape our ecosystem economy. “ says CEO Jamie Thomson. “We have been wanting to move cross-chain for a while and turned down offers from other blockchains but due to Matic’s rising dApp popularity, fee delegation, technology prowess, community and of course support, they are without doubt the perfect match.”
Brief Summary on Tokenomics
The full PYR whitepaper, timelines, KYC/AML procedures and jurisdictions will be released on 30th January.
In brief, the PYR Token is an ERC-20 token to be ported to Matic. It is built as a settlement, staking and gaming utility token within the entire Vulcan Forged ecosystem. It’s an interoperable token used across different game environments. For example, one could buy assets of VulcanVerse from token rewards you’ve earned by winning a game of Berserk, Block Babies or Coddle Pets.
PYR is a deflationary token, where on every PYR transaction, 10% will be sent to reward pools, and 5% used to buy-back and lock supply. The use-cases, staking opportunities and lock-ups are innumerable and will replace VET as the marketplace token of choice. Some of the features include:
Discounted fees and prices on using PYR in the marketplace
Whenever players are operating in a specific game environment, there are assets that they might want to purchase directly from game creators. If the game creator allows settlement in PYR, they will receive a discount on their fees, and the users will also receive a discount in their purchase. As we transition away from our current payment of VET to PYR, this will be used to incentivize PYR payments.
Loyalty reward airdrops based on game activity (Play-to-Earn)
There are multiple incentives given in PYR Token for better engagement with games. Meaning, if some users are spending a specific time daily in a game, they are eligible for loyalty rewards which will be given in PYR Tokens governed by the protocol automatically via airdrop or DTT or Direct Token Transfer.
Staking and Reward Pools
PYR tokens can be used as a lock up token to stake and earn within the gaming ecosystem. A good example of this is within VulcanVerse, where each plot has 7 levels (each level up brings better tools and benefits). PYR can be used as a lock-up for a user to access that level. Once they have made their payment in PYR to upgrade, they must lock-up an amount of PYR in their land to retain that level. In doing so, they will receive monthly rewards based on their level calculated by other users’ staking. This mechanism will also be utilized in the Titan/Olympian programme (TBA).
Vulcan Marketplace Listings
In order for dApps or games to use the Vulcan marketplace, dApps must hold/lockup an amount of PYR in order to be given free listings, dashboard statistics and access to our platform ‘Anvil’, a no-gas-no-crypto NFT minting dashboard.
FRENZY Gaming platform reward tokens
Frenzy will be released by the end of Q1. This is Vulcan Forged’s gaming platform where users can create tournaments across any Vulcan Forged game and users pay an entry fee using PYR. The winners after said tournament will share the prize pool. The platform will have easy API routes to allow any game to activate ‘Frenzy Mode’ and enter a game using PYR to win.
DeFi Game Dev Financing and Loyalty payments
PYR will allow token holders to fund the operations of game developers for the Vulcan ecosystem via a liquidity pool. Vulcan Foundation will keep a small margin of the interest rate on those loans and pass the remaining to the liquidity providers. Interest in the trade financing protocol will be payable in PYR tokens.
Attention Token Utility
While not the main function of the PYR token, it still can be used as a pure medium of getting users attention to and Vulcan dApp by way of rewarding users in loyalty points and also bring financing to third party dApps. Advertisers are given options of paying in PYR tokens and lock-up for the period of advertising.
Brief Token Breakdown (Full details releases 30th Jan)
- 50m hard-cap supply.
- 75% to be circulating after three stages of sales
- Private sale is open only to partners and VV-OG badge holders, including air-drop benefits for the latter.
- First stage open to Matic holders only
- Second stage to VET holders.
- Any tokens left after three rounds of ILO will be burned.
About Matic Network
Matic strives to solve blockchain scalability and usability issues while not compromising on decentralization and leveraging the existing developer community and ecosystem. Matic Network is an off/side chain scaling solution for existing platforms to provide scalability and a superior user experience to DApps/user functionalities.