Hi, this is 0xMach (@0xmach). I'm going to compare some Gaming ecosystems. I originally looked into Gaming ecosystems because I was interested in Gaming ecosystems broader than IP and I thought it was an area with room for growth when the gaming trend accelerates. Also, in checking VC funding every month, I got the impression that more and more major VCs (such as a16z) are investing in gaming platforms. I also thought that if these VCs were to issue tokens, it might be possible to make some comparisons by looking into existing gaming ecosystems.
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Comparison Object/Comparison Items
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Overview & Future Development
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Token Use Cases
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Number of active users
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TOKENOMICS (as of 2023.2)
Comparison Object
【Comparison Targets】 $RON $IMX $MYRIA $GALA $MAGIC $OAS
I would like to compare the above items. For ease of understanding, we have categorized each of them as follows.
Let's take a look.
Overview & Future Development
$RON
Ronin Network ($RON) is the ecosystem token of the Ronin blockchain.
Ronin Bridge was hacked in March 2022, causing a loss of 72 billion Japanese yen (17.36 million ETH, 25.5 million USDC) at the time. Subsequently, the developer Sky Mavis completed a $150M fundraising. The funds were used to compensate for the hacking damage (reimburse users). The lead investor was Binance with participation from Animoca, a16z, Paradigm, and others.
In a significant future update, the company announced in March that it will be transitioning from its current PoA mechanism (Proof of Authority) to DPoS. As a STEP towards this transition, Katana's liquidity pool structure was restructured on February 7. The transition to DPos will also allow for stand-alone staking of $RON.
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Emission rewards from the WETH/AXS and WETH/SLP pools will end (Ecology redeveloped around RON instead of ETH)
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The new RON pool and its emission rewards are as follows
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RON/WETH liquidity pool emission rewards are 60,422 RON per day
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24,169 RON per day for emission rewards from the RON/AXS pool
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Emission rewards from the RON/SLP pool are approximately 12,084 RON per day
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Emission allowances from the RON/USDC pool total approximately 24,169 RON per day
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To be a validator, you must be in the TOP21. You will need at least 500k+ RON. The management also responded on Discord as follows.
The numbers are not 100% finalized yet, but this is for a reliable validator. If anyone can run the validator and get enough RONs delegated by the community to get into the top 21 RON delegations, they can potentially win a block reward + grant. More information will be released in February as we get closer to release. There are still plans to release this in the first quarter. The contract is currently under audit."
All accounts with RONs of 500k or more can be found below.
https://explorer.roninchain.com/accounts
Current validators include YGG, Nansen, DappRadar, Animoca, Google Cloud, etc.
https://decrypt.co/109335/google-cloud-validate-transactions-axie-infinity-ronin-network?amp=1
https://company.mycointainer.com/mycointainer-becomes-a-saigon-testnet-validator-on-ronin-network/
Point.
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Demand for $RON may increase with the DPoS transition
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Expectations of listing on Binance, with Binance leading the funding and opening a bridge between Binance and Ronin
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Is the key to be able to generate other popular titles besides Axie?
$IMX and $MYRIA
Immutable X ($IMX) and Myria ($MYRIA) are both L2 projects and use ZK-Rollup technology. They also both have similar features in that they are both scaling-aware and can trade with zero gas cost. So I will first compare the two. Please note that $MYRIA is not currently listed yet.
【TVL・Activity】
(TVL) ImmutableX : $126M Myria : $77.94k (Activity) ImmutableX : $8.3M (30D count) Myria : $6.35k (30D count)
Roughly, there is a 15-fold difference in TVL and a 12-fold difference in Activity. (Myria has a game title in the works, so it's no surprise.)
【Titles to watch out for】
Immutable X has "Guild of Guardians", "GodsUnchained", and "Illuvium", while Myria does not. (Maybe I just don't know)
[VC/Team Member].
Immutable X has VC's from Coinbase, Animoca, etc. I don't know about Myria, but the team members at both seem to include many engineers who have worked on AAA titles.
Point.
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The differentiation is in the fact that ZK-Rollup technology is used to maintain high speed and high security, and the gas cost is zero.
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Conversely, Myria's key point is how it will differentiate itself from Immutable X?
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How many high-profile titles will both be able to produce in the future?
$GALA
Gala Games ($GALA) is a utility token for purchasing various NFT goods in the Gala ecosystem. The ecosystem itself was a booming one, with its flagship title Town Star winning the AIBC Award 2022 for best blockchain game, but now seems to be losing momentum as the bubble bursts.
What will the future hold? Here we pick up some key points from the "2023 Gala Strategy.
Gala has identified the following four points as the pillars of its 2023 gaming strategy.
Of these, we believe that (2) mobile domination and (3) utility protection are particularly important. One goal seems to be to expand the ecosystem while increasing demand for $GALA by introducing in-game currency (gems) at the same time as releasing mobile game titles and tying in the $GALA burn. The company also announced that it will be changing Town Star's game token $TOWN to $GALA. This may lead to an increase in the use of $GALA for game tokens to be released in the future.
The other is the expansion to its own L1 chain. This will allow $GALA to be used as gas and fees, which will help protect utilities.
The company is also preparing to release Gala Music, a music-focused platform, and Gala Film, which introduces a Watch & Earn mechanism, so there is quite a lot going on. Personally, I am worried that they are expanding their business too much at once.
Point.
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Aggressive transition to mobile
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Several changes included that will increase demand for $GALA
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Will the expansion into Music, Film, and other areas of the Gaming ecosystems be successful in the face of increased competition?
$MAGIC
$MAGIC is the Treasure ecosystem's utility token.
For more information on TreasureDAO and $MAGIC, please refer to Crypto Times' detailed introduction article.
https://crypto-times.jp/treasuredao/
Point.
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Established position in Arbitrum, with potential for growth of the chain itself
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Differentiates itself by focusing on indie games compared to Immutable X and Myria, which focus on AAA titles.
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How far can the ecosystem be expanded to include hit games by expanding to other chains, attracting existing projects, etc.?
$OAS
OASIS ($OAS) is a native token that plays a central role in the ecosystem.
The Japanese project "Oasys" uses PoS as the consensus algorithm for block generation, and its initial validators include traditional industry gaming partners such as Square Enix, Bandai Namco Research, and SEGA.
The system consists of two layers: Layer 1 (Hub-Layer) and Layer 2 (Verse-Layer). The Hub-Layer is dedicated to storing and exchanging data in a secure and stable manner, so applications cannot run directly on it. On the other hand, the large volume of transactions generated by gameplay are processed by the Verse-Layer to speed up processing. Another feature of OASIS is that players pay zero for gas. Thus, OASIS is designed specifically for gaming.
Game titles include the MMORPGNFT game "My Crypto Heroes," the first NFT game released in Japan, and the popular browser-based game "Kanpani☆Girls," released by DMM GAMES, which is scheduled for release in the second quarter of 2023. We have the strength to develop games and IP (intellectual property).
Point.
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Designed and built as a game-focused chain from the beginning
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The company has members who are well versed in Japanese games and IP (intellectual property), and has the advantage of being able to develop Japanese games and IP (intellectual property).
Token Use Cases
Next, we compare by token use case. These are all similar. One major difference is that tokens in proprietary chains can also be consumed as gas money.
Number of active users
Next we compare the number of active users. To begin with, we quote OASIS ($OAS) Medium.
The number of active users is the most important factor to consider when comparing Gaming ecosystems. On the other hand, the comparison of Transaction Volume is more important. On the other hand, I think it is difficult to make an accurate comparison by Transaction Volume, such as how to exclude BOTs. This time, I would like to compare UAW (unique active wallets) from DappRadar.
https://dappradar.com/rankings/category/games
Representative Title
Data for $MYRIA and $OAS are still under development and not yet available. As a first indicator, I will focus on Axie Infinity's transition so far.
Now, let's put together a list focusing on representative games of each ecosystem. (Data for one day on 2023.2.10)
Although Axie's UAW is now about 1/70th of what it was in its heyday, there is still a gap with other popular games.Average Daily DAU for each chain would also be of interest.
TOKENOMICS (as of 2023.2)
The following is a comparison of TOKENOMICS.
【$RON】
The $RON release schedule (maximum supply will be reached in 294 months after the start of issuance)
【$IMX】
【$MYRIA】
【$GALA】
【$MAGIC】
【$OAS】
Summary
This section summarizes TOKENOMICS. Overall, I personally felt that $RON was undervalued. Also, there are not many cases where there is a clear division of allocation to teams or funds, but for teams, around 30% seems to be the norm. As for the lock-up schedule, there was considerable variation in both duration and sensation.
With gaming in the spotlight this year, we expect to see more and more competition among Gaming ecosystems. Each of the ecosystems we compared this time had its own unique characteristics, making it difficult to assign a superiority rating. Of course, it is important to have an attractive ecosystem, but I think it will become even more important to be able to create killer content like Axie.
If you can't keep up with all the game titles coming out one after another (including myself), come on in! Crypto Mr. Mori (@news_no_mori_) has created a "Web3Gaming Dictionary" and I recommend bookmarking it. See you soon.
$RON:https://docs.roninchain.com/docs/platform/tokenomic
$MYRIA:https://support.myria.com/hc/en-us/articles/8997795880852-Introduction-to-MYRIA-token
$GALA:https://support.gala.games/series/4691021/posts/4612514-gala-tokenomics
$MAGIC:https://docs.treasure.lol/getting-started/what-is-magic
【Disclaimer】
Readers are advised to strictly abide by local laws and regulations. This article is for general informational purposes only and does not constitute investment advice of any kind. In addition, it is based on personal research and may be translated into English or contain some incorrect information. Please be aware that some information may be translated into other languages or may be incorrect.