Crypto Unicorns Soar, Virtual Land Underdogs, & Intro to Ronin
MAR 24, 2022 • 8 Min Read
Joo Kian + 2 others
DISCLOSURE: DELPHI VENTURES HAS INVESTED IN LAGUNA GAMES (CRYPTO UNICORNS), AXS, AND RON. MEMBERS OF
Chart of The Day: RBW Soars Ahead of Game Launch
- Crypto Unicorns is a blockchain-based game based on unique unicorn NFTs that players can use in fun farming simulations and various battle loops.
- Rainbow Token (RBW) is the primary value token of the Crypto Unicorn Universe. RBW can be used to vote on DAO decisions, as a currency for their marketplace, as a breeding fee, and used as payment to join tournaments.
- With the official game launching on April 11th, 2022, we can expect breeding, land gameplay, and its first jousting game to start. To get ahead in breeding, check out their breeding cost table here!
- RBW can be staked in the Crypto Unicorns vault for 1-12 months to receive staking rewards. Staking rewards range between 52-208% (as of March 24th), based on the time you lock.
- Ahead of its launch, RBW is currently being accumulated and staked in the Founder’s Reward Program that lasts till March 31st, 2022. By staking for 12 months, you’ll be rewarded with monthly rewards, year-end bonuses, and other miscellaneous rewards. This is in addition to the leaderboard staking rewards that are given out monthly and yearly based on your ranking. Since the start of LBP, RBW price has performed well, going from ~$0.60 to a new high of $1.8 today, representing a 200% gain in just under a month.
- Since the Founder’s Reward Program launch, RBW staked is currently at 24M, which is around 46% of the circulating supply. Note: Circulating supply here is calculated as the sum of (40M – Public Sale, 10M – Community Airdrop, 105.2K/Day – Staking Rewards).
NFT Worlds Review, $APE Token Launch & Notable Mints
[Excerpt from our Mar. 23 NFT Insights]
- I have been receiving some questions about NFT Worlds, so I decided to look deeper into the project and share some thoughts.
- Introduction. NFT Worlds is a community-driven, metaverse gaming ecosystem built on the Minecraft platform. The project started in September 2021. It comprises 10,000 NFT worlds which are tokenized Minecraft maps with different geographies, resources, and unique features. Each world is huge (16M x 16M blocks in size) and can be built upon to develop unique experiences and games. There will also be portals, which allow users to travel between worlds and enable interconnected metaverse experiences.
- Games on NFT worlds. There are 14 games currently available, which are largely mini-games or PvP survival / Battle Royale-type games. You do not need an NFT World NFT to play these games. To get started:
- I tested out several games, including NFT Worlds Factions, Property NFT, and Bad Baby Dinos. NFT Worlds Factions seemed to be the most popular game, with 170 people on the server during the time I was playing. Players earn 5 $WRLD/hour playing, with a bonus for being in the top 10 factions. Several of the other games felt like a ghost town with <20 players and some of the servers were down or inaccessible (e.g. The Mothership, Skuxxverse). It was difficult to figure out how to play some of the games as documentation was not readily available. In the chats, I found that conversations were typically centered around how to earn more $WRLD tokens rather than enjoying each others’ company. Overall, it appears that these games are still early in development & adoption.
- Building on NFT Worlds. For owners of NFT Worlds NFTs who wish to develop out their worlds, there is a marketplace of verified Minecraft builders that have been given the stamp of approval by the team. This ensures that you’re buying a unique 1/1 build that will not be sold outside of NFT Worlds. From what I’ve seen, it typically costs 1 – 2 ETH ($2,500 – $6,000) to bring a beautiful cosmetic design to your world. To develop unique community experiences and P2E games for your world, it would cost a lot more depending on complexity: 5 – 8 ETH ($15,000 – $24,000) is a ballpark range.
- The NFT Worlds team provides world owners with pre-made P2E mechanisms that can be implemented in their worlds, with tokens coming from the P2E rewards funds (50% of total $WRLD). Other custom P2E mechanisms require approval from the team or have to be funded by the world owner.
- WRLD token. $WRLD is the in-game currency used within the NFT Worlds ecosystem. Players will require $WRLD to access content, purchase in-game items, etc. They can also earn tokens by playing games in the worlds (“Play-to-Earn”, or P2E). 10% of tokens have been distributed to world owners in 2 airdrops. The max supply of $WRLD is 5 billion.
- NFT owners can stake their world NFTs to earn $WRLD (~50 – 300 tokens/day depending on rarity).
- For more, Delphi members can see our latest NFT Insights here.
Ronin: Calm Before The Storm, As Axie Origin Approaches
[Excerpt from a Delphi Report]
- Ronin is Sky Mavis’ answer to Axie Infinity’s scaling problem. Or rather problems, as there were more than a few that pushed the team to take matters into their own hands. Ethereum’s generalized nature, clunky player onboarding, high gas fees, and slow transaction speeds each played a role in catalyzing Ronin, Sky Mavis’ custom scaling solution, chiefly for, but not exclusive to Axie Infinity. In this piece, we explore what Ronin is, how it’s performed since its launch as a scaling solution, its token RON, and further catalysts for growth that warrant attention in the coming months.
- RON is the ecosystem token of the Ronin blockchain. Users pay transaction fees in RON, which are then distributed to the active validators and their respective delegators in exchange for securing the network.
- RON staking will incentivize holders to lock up their tokens to help secure the Ronin network in exchange for RON rewards. Validators will be required to stake 50,000 RON once Ronin DPoS is live. This will be fairly gated in early phases so it will likely be an available option only for select participants. The majority will instead delegate their RON to their preferred validator to stake on their behalf in exchange for a portion of their RON staking rewards. Revenue generated by validators will comprise of Ronin gas fees, Dapp revenues, and RON staking issuance.
- Delegator staking rewards can be understood with the following equation: (Staking issuance reward + gas fees + dapp fees) – commission
- Katana is a decentralized exchange built on top of Ronin. Currently, available tokens are limited to ETH, AXS, SLP, USDC, and RON. However, this will be expanded as more tokens are supported and in-game assets are created by games on Ronin. From the Katana launch, 10% of the RON supply was distributed to liquidity providers in 2 pools over the first 90 days. Katana amassed over $1.4B in TVL at its peak in early December. However, unsavory market conditions combined with significant reductions in RON rewards resulted in substantial TVL reductions for the new DEX. In part, due to lower prices of the tokens held by liquidity providers on the exchange, but also due to users removing liquidity as high RON rewards dried up.
- Zooming in on the Axie Ronin bridge, we can see there was significant bridge activity around a couple of key dates. Although the Ronin bridge and Katana are not one and the same, with the limited things one can currently do with capital on Ronin it’s safe to assume major changes on Katana can be seen in the Ronin bridge data. Firstly, RON launched on Jan. 27th, and what we see is a net inflow of funds to Ronin that day and the following, presumably wanting to purchase newly released RON. The following day on the 29th, there was a significant spike in withdrawals equating to almost $150M withdrawn that day. It seems plausible that it was the result of RON farmers taking profits as their tokens were unlocked a couple days before. This is supported in the previous chart where we see a coinciding spike in volume on the 27th and 28th, indicating a change of hands. The second key date was Feb. 3rd, when RON farming rewards were cut heavily as per the rewards schedule. In this instance, a withdrawal of over $100M happened that day. This is likely the result of mercenary capital moving funds elsewhere the moment RON reward reductions came into effect.
- To learn more about Ronin, read our Delphi Pro report here.
Notable Tweets
Dive Into Stargate
1/ THREAD:
“Stargate is a revolution in cross-chain composability”
In this thread, I explain how $STG is the point of origin that opens the door to a new generation of DeFi thru multi-chain composability, and I arrive at a medium-term valuation of $39 per token
👇🧵
— kamikaz ΞTH (@kamikaz_ETH) March 24, 2022
Cashio Exploit
Another day, another Solana fake account exploit. This time,
@CashioApp
lost around $50M (based on a quick skim). How did this happen?— samczsun (@samczsun) March 24, 2022
>$5B Options Expiring on Friday
Huge upcoming quarterly expiry this Friday 25 March 2022!
🔹Over USD 5 Billion in options open interest expiring this week!
🔹72k BTC contracts with notional value of USD 3B!
🔹728k ETH contracts with notional value of USD 2.2B!#deribitoptions
— Deribit (@DeribitExchange) March 24, 2022
Joo Kian + 2 others
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