Tokenomics
Vulcan Forged operates a dual token economy through the use of PYR, the primary token that powers the ecosystem and LAVA, the gaming token that can be earned through playing the ecosystem of blockchain based Web3 games.
What is PYR?
PYR is built as a settlement, staking and gaming utility token to power the entire Vulcan Forged ecosystem, with a maximum supply of 50,000,000 tokens and a current circulating supply of about 28,000,000 tokens (as of quarter two of 2023). PYR is the primary Vulcan Forged token.
As of quarter two of 2023, PYR is supported on the Ethereum (ETH) and Polygon (MATIC) networks, which are established blockchains known for their security and scalability features, however, PYR is in the process of transitioning to the Elysium.
PYR Use Cases
Used to buy NFTs on the Marketplace;
Sowing, staking and upgrading land;
Holding in My Forge for $LAVA generation;
Soft Locking / Soft locking & burn for sowing seeds;
NFT farming on ElysiumSwap;
IDO Access on ElysiumSwap;
Purchasing Berserk subscription passes and Frenzy Passes which will allows players; access to in-game features and LAVA earnings;
Purchasing Berserk Season Passes
In short, PYR powers the entire Vulcan Forged dApp ecosystem, its primary purpose being its use as a form of currency in the marketplace, Agora.
What is LAVA?
LAVA is a secondary token created by Vulcan Forged. Its supply is capped at 1,000,000,000 tokens (1B) (previously unlimited), with a circulating supply of about 50,000,000 tokens (as of quarter two of 2023). LAVA is often referred to as ‘the life-blood or bread and butter’ of the ecosystem and for good reason.
There are several ways to earn LAVA:
Holding PYR on My Forge: If you hold Vulcan Forged's native token PYR in your My Forge account, you can earn LAVA as a reward. This is a way to incentivize users to hold PYR and participate in the Vulcan Forged ecosystem.
XP from playing games: Players can earn LAVA by playing games on the Vulcan Forged platform and earning experience points (XP). The more you play, the more XP you earn, which can be converted into LAVA tokens.
Adding liquidity on ElysiumSwap: Users can earn LAVA by providing liquidity on ElysiumSwap (formerly known as VulcanDex), which is a decentralized exchange (DEX) operated by Vulcan Forged. By adding liquidity to the exchange, users can earn LAVA as a reward for helping to facilitate trading on the platform.
Burn Mechanisms
NFT seed activation burn mechanism: When users activate NFT seeds on the Vulcan Forged platform, the burning of LAVA tokens is required as part of the process. This means that LAVA tokens are used as a burn mechanism to activate NFT seeds, thereby reducing the overall supply of LAVA tokens.
Burn mechanism for all LAVA expenditures: Whenever LAVA tokens are used for any expenditure within the Vulcan Forged ecosystem, such as for in-game purchases or other transactions, those tokens are burned. These LAVA tokens are permanently removed from circulation, reducing the overall supply of LAVA tokens.
LAVA Use Cases
Upgrading Land
Purchasing consumables in-game
Upgrade Vulcanite stats
Activate NFT seeds
Unlocking game features in different Vulcan Forged games
Staking in ElysiumSwap
Purchasing in-game assets
Upgrade Gods
Enter Tournaments
It is also possible to earn LAVA by staking PYR using the 'LAVA appreciation program', though note that LAVA appreciation through a Gem multiplier NFT will only be active by holding a current Frenzy Pass, see section 6.1 Frenzy Passes.
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