BSC Launch and Ecosystem Token Stabilization Explained
As we complete the launch on the BSC network, there have been many questions posed as to the strategy of having multiple contracts on separate blockchains. While the team has explained this will be a part of a gaming ecosystem, we felt it necessary to clarify the “why” as well as how the team plans to protect investors on both the BSC and ETH side.
Our number one priority is delivering a high quality, working PVP Tower Defense game by the end of Q1 2022. After numerous conversations with our game development team, the fastest way to ensure this delivery is building the infrastructure on the BSC network. As everyone is aware, the ETH gas fees inhibit low cost minting of things like NFTs, which will be a core element in the tokenomics of the game.
Secondly, the game dev has already successfully built other games using this blockchain. By leveraging a similar blueprint, the time to go to market is cut dramatically, where more focus is directed to the game’s graphics, quality and customization.
The success on this project is 100% determined by this team delivering a game that will be adopted by the masses. Therefore, having a smart contract specific on the BSC network needed to be launched immediately.
So let’s talk a moment about the tokenomics of the contracts. Both ETH and BSC have similar tokenomics. There is approximately 15% of the 1T token that are not in circulation in both contracts. Why is this important?
First off, we want the token that users can win to be the native WAGMI token. While other successful P2E games have created a secondary “earning” token (see Axies and Smooth Love Potion), our phase one PVP game will not need a secondary token. Why? Part of the 15% is allocated for gameplay.
Secondly, there will need to be an allocation of tokens to be listed on exchanges. While we do not have immediate plans to list, the team dev wanted to make sure that there is an allocation stashed for CEXs.
Third, and we will explain in a moment, we recognize that there cannot be a major discrepancy in the price of WAGMI on either network. There will be an allocation of tokens to handle the protocols the team is in heavy consultancy on the best practices.
Stabilization of price between smart contracts
Now let’s talk more about the stabilization of the ETH and BSC chains, and how that goes into the master plan of the WAGMI ecosystem
There are many proven technologies in the market currently that handle this type of protocol. It is what is called rebasing. It is used in major trading platforms in a much more sophisticated way to leverage the price vs stable coins. While the team will not have to get as extensive as that, there are multiple ways to achieve the stabilization between the 2 smart contracts to achieve a similar price per WAGMI in both ETH and BSC.
The devs are exploring protocols such as Automated Market Makers (which is popular behind the scenes of decentralized exchanges) as well as Staking, which potentially would reward holders of WAGMI to stake their coin in order to leverage swings in either blockchain, and programmatically use the staked tokens to facilitate the stabilization between the smart contracts. Other protocols being explored is an internal BSC to ETH bridge that will support bi-directional movement of the tokens as price fluctuates from one chain to the other.
While the team does not have the definitive answer as to which protocol will be adopted (or if a combination of different strategies), know this is in the works to protect the investors on both the ETH and BSC contracts.
Marketing to 2 subsets of investors
We have seen some FUD in the ETH chart as the BSC token launch nears. The devs have no intention of favoring one blockchain over the other. In fact. The team believes the marketing dollars can go much further by having native tokens on each blockchain.
The team also believes that the investor for ETH is not the same as the BSC investor. They also believe that those who will play the game will see a much easier ability to acquire the WAGMI token by natively being on both blockchains, therefore speeding up adoption, as well as spending tokens in game play faster, which means more volume and a higher MC.
Here are some FAQs that the community has brought up that the team wishes to address:
What happens to my WAGMI tokens if I am in ETH?
Nothing. You still own them. As mentioned, not only do we feel strongly that this allows for mass adoption and investment into the WAGMI ecosystem, but we will be rolling out the stabilization protocol, so one blockchain does not favor the other.
How soon will you have the stabilization live?
As mentioned, the devs are exploring every and all protocols and weighing the pros and cons of each. The good news is that because the market caps are in the start up phase, implementation of the stabilization, when implemented, will be done in a way not to dramatically hinder the growth of either, nor cause a massive decline of either as well.
Do you have plans to create other smart contracts in other blockchains.
Possibly. Depending on the evolution of cross chain bridges in the coming months, we may consider. But that will not happen until the stabilization of the first smart contracts (BSC and ETH) is complete.
What happens if BSC is 5 times a larger Market Cap than ETH?
The ratio of holders to tokens will dictate the value of the token, not the overall market cap.
Why not wait until you have the stabilization protocol complete before launching on BSC?
The accelerated “time to market” means the game development must be on the BSC platform, which the game devs already have created. This made this decision a no brainer looking at the long term success of this project.
Why not just do the bridge from ETH to BSC?
So summarize: The WAGMI token will be used as the PVP game token. There needed to be an allocation of tokens to game play. There also needed to be an allocation to future exchanges. Finally, if there was a bridge instead of a stand alone BSC smart contract, it would have taken up the 15% of the uncirculated tokens, therefore stunting the ability to be listed on exchanges and hinder any use of WAGMI tokens in game play.
Well why not do the same process as Axie and SLP?
For the PVP, WAGMI will be the token. As we move forward into development of the play to earn story mode and MMORPG, we take a look at that model and determine if that is necessary.
Which one should I invest in: ETH or BSC?
We cannot give you financial advice. But we hope the statement from the devs will allow you to make a better educated decision for your investment strategy. We have different strategies to reach both types of investors, so while one may pump, know the team plans on strategic ways of attracting both types of investors
Marketing for the week of Dec 13, 2021
Currently trending on DEX. Looking to solidify the top 3 spots.
There was also a HUGE marketing announcement that we gave in the voice chat today - If you missed it, go back into the voice chat whenever it's open, and we will tell you. We don't want it in written form, you'll see why.
We have 2 YouTube reviews that have been published.
We have 4 videos paid for and expected to be published this/next week.
Official white paper is currently being designed and will be released this week.
Currently have 3 VA’s that have just started to reach out tweets and mentions having to do with WAGMI, P2E, etc.
Continued relationships with call out groups on Telegram.
Submitted to playtoearn.net
Finalizing the press release and placements on top coin websites regrading the partnership with our gaming development studio.
Continued development of the game, characters and the novelist. Check out one of the Aliens Species: