We are proud to announce that we’ve played out the Convergence roadmap, and we would like to announce the next phase of the Ethlas story, titled: Ascension.
First came the Emergence, the birth of Ethlas. Then came the Convergence, where we brought together games, DeFI, NFTs and web2/web3 users. Today, we are proud to announce that we’ve played out the Convergence roadmap, and we would like to announce the next phase of the Ethlas story, titled: Ascension.
But before we dive into what Ascension is about, let’s take a look at what the team has achieved over the last 6 months.
The convergence roadmap was jam packed with feature launches for the last 6 months. Below is a non exhaustive list of the marquee launches:
- DeFi Features
- Moonpay onramp
- Stripe onramp
- Tree of Life
- Ethlas Layer Zero Multichain
- Launches on 4 major EVM chains: BSC, AVAX, MATIC, ETH
- XGEM listing on DEX
- Windblown launch
- Genesis Komo Mint
- Metaverse launches
- Ethlas 2.0 Pixeland Launch
- P2P Marketplace
- Social features, including Kavern, Avatars, Social chat
- On Chain Games
- Komo Questing
- Komo Cooking
- Games Portal
- >30 games launched to date
- Tournament + Private Tourney
- Battle Showdown
- Doodles map
- 30+ Project Collaborations
- BSD Season 1
- Clover Castle
- Komo Blessing, Lucky Komo, Gem Hunter and more
- Partnerships & Community building
- USD 20K raffle
- Komo USD 8337 giveaway
- Nintendo Switch
- Oppo Phone
- S3 artefacts
- Winter bonanza
- Alpha groups
Staying true to our mission of bridging the next billion while also giving back to the community who has supported us from the start, the team is happy to recap the rewards that have been shared out to the community to date.
- Play2Earn – 32% of total emissions
- *P2E emissions across leaderboards/tournaments/giveaways/referrals/free NFT egg drops
- Windblown – 5% of total emissions
- Tree of Life – 61% of total emissions
- Bank – 1.2% of total emissions
- Komo Quests and Giveaways – 0.8% of total emissions
*for our emissions before May 2022, we apply an average XGEM value of of $0.01; thereafter VWAP of $0.0066 as noted in the visual; ToL locked XGEM price across next 3 years is projected at $0.01
Put simply, If you bought a Komo at mint, based on our calculations, you would have earned an estimate of 1.42x return of investment on your Komo
And if you had staked USD $1000 in ToL, you would have made an estimate of USD $16,000 in unlocked and locked XGEMs combined!
And you will continue accumulating value with time, because your assets in Ethlas continue appreciating with time!
Transitioning from GameFi 1.0 to GameFi 2.0
Addressing the elephant in the room, how do projects survive crypto winter? Tokens are crashing, projects are slowing down, founders are abandoning roadmaps. But Ethlas is determined to buck that trend – but it also means that we have to take a hard look at what is working, and what isn’t within the Ethlas economy.
And it meant that Ethlas had to redefine what GameFi 2.0 meant, and how we continue pushing on our platform capabilities to become a layer zero games platform, rather than just to build a single title high emissions game that would eventually face the same fate of all GameFi 1.0 games – crash and burn.
After wrapping up our Convergence roadmap, we asked ourselves: “What is the next goal post for Ethlas, and what do we build next amidst crypto winter?
And that is the genesis of our next milestone, codenamed: Ascension.
Ascension consists of a 3 prong strategy
- Turning the tide on $XGEM price pressure
- Investing deeper into Ethlas utility
- Reimagining $XGEM as a rewards currency beyond Ethlas
Turning the tide on $XGEM price pressure
We will be announcing 2 major overhauls to key emission taps of the Ethlas ecosystem:
- Deprioritizing Komo Klash development
- Over the past 5 months, the Komo Klash team has been hard at work building, testing and launching Komo Klash, as evidenced by the play test demo video below:
- However, as crypto winter progressed, our tokenomists and finance experts monitored the game economy of every major Gamefi title out there, and concluded that if we continued down the trajectory of launching Komo Klash coupled with P2E rewards, we would irrevocably crash XGEM prices beyond repair within 6 months or less.
- And it is with a heavy heart that we made the hard decision that until we fix the state of XGEMs and figure out GameFi 2.0, it would be suicidal to proceed with Komo Klash. And it is with the community and Ethlas’ interest at heart that we made this decision. (But fear not! We have a plan on how we continue making Komos valuable beyond a P2E asset, which will be described in the following sections
- Furthermore, learning from other staking protocols globally, we are also making further adjustments to both Tree of Life and the Bank feature to calibrate towards sustainable emissions for the long run.
- Tree of Life: ~300% APR -> ~12% APR
- Bank: ~25% APR -> ~5% APR
*Given APR values are estimated for the following months, assuming no change in liquidity pool size. APR will change over time and is based on liquidity pool size.
*Changes in above-mentioned APR will apply effective 1st November 2022. Also, we are unveiling an exciting swap up program for stakers to swap their locked XGEMs for ELS tokens. More details coming soon!
These fiscal intervention measures are meant to reduce price pressure on XGEMs as we create other opportunities to accrue value to the community, and to create stronger momentum into the Ethlas economy.
Investing deeper into Ethlas utility
Looking to the future, what are we investing in as part of the Ethlas: Ascension roadmap? One word. Utility.
Utility features rank high on our radar, starting with a series of upgrades planned for Komos and $XGEMs.
Komo Founder Pass
- Beyond just a P2E asset, we are building Komos into an upgradable Komo Founder Pass (KFP).
- KFP is loaded up with an insane amount of value, and we continue building Komos out as a centrepiece of our gaming metaverse (see image below)
*Pro Tip: KFPs may or may not be whitelist access to our next generation of Komo mints!
Battle Showdown: Battle Pass, Season 2 and more!
- We’ve been overwhelmed by the support and traction that Web3 communities have shown Battle Showdown, and we continue to be bullish on its future.
- Over 30 partnerships to date, and growing rapidly.
- A special mode for Komo holders is in consideration, with the ability to rank for rewards.
- Interoperable and cross project tournaments that can bring in more users – eventually releasing weapon upgrades, skins, and boosters.
- More game balances, special abilities, and playable maps/characters/modes
- Bridging in more Web2 & Web3 communities will eventually create a wholesome and valuable community, which in turn benefits Komo & XGEM hodlers!
ELS Token Swap Programme for ToL Stakers
- To honour our early OGs and liquidity providers, Ethlas will be offering a token swap programme for locked XGEMs
- ToL stakers will have the privilege to swap their locked XGEMs for Ethlas’ Governance Token known as ELS.
- All ToL stakers will be opted-in by default for the ELS token swap programme, and will be given 1 month’s time (between 1st November 2022 to 30th November 2022) to choose to opt-out if they wish to.
- An opt-out form will be shared and announced for those that wish to opt out and keep their locked XGEMs.
- ELS <-> locked XGEM swap out ratio to be announced on 1st November.
XGEM Burn Schedule
- One exciting news we want to share with our community is that we’ve made the decision to make XGEM a deflationary currency. What that means is that the XGEMs that you earn and hold will become more valuable as we systematically burn supply from the market on a regular basis, taking lessons from successful burn schedules implemented by the likes of $BNB and $FTT.
- In layman terms – We’re making XGEMs deflationary. If you hold XGEMs valued at USD $1, and ASSUME that we were to burn 50% of the supply eventually, your token will now be worth USD $2! Big moolah!
- More details about the burn schedule will emerge as we finalise the plan. But rest assured that this supply burning program will be executed in the best interest of the community that supports Ethlas.
XGEM Airdrop Programme
- As we lead up to our XGEM IEO (Initial Exchange Offering), we want to bring all our users and OGs on this ride with us. As such, sit tight and wait for more details of our airdrop programs. The more loyal you are with us, the more we want to reward you!
More details will be shared as we shape up our IEO plans in the next few months!
Unveiling $XGEMs as a universal rewards system
Today, we’re familiar with XGEMs as Ethlas’ reward token: over the past year, it’s been battle-tested as the first use-case in our mission towards creating a token bringing true utility and value to a broader community engaging with Web3 – a vision we’re bringing one step closer to reality by unveiling the next phase of the XGEM ecosystem development!
Aligning well with the XGEM IEO in the coming months, XGEMs will be central to the XGEM rewards platform as both a loyalty currency and digital passport unlocking access and value across retail, gaming, and entertainment experiences with multiple brands, platforms, and merchants. While being core to powering gaming ecosystems, we’re clear that bringing the next billion comes from powering so much more.
Supercharging Rewards with Web3
True ownership, interoperability, and portability of value are the key tenets of Web3 enabled by blockchain technologies. The XGEM ecosystem supports the transfer of value from organisations to their users by bringing loyalty programmes outside the walled gardens of individual brands.
Imagine: you receive an instant XGEM cashback after purchasing your usual order from your favourite cafe on your way to the office. You’re browsing for a pair of shoes online for your sister’s upcoming birthday, and you’re rewarded with XGEMs on checking out. On the bus home, you score a few XGEMs while playing mobile games. You check your wallet: 900 XGEMs! You visit your favourite cafe the morning after and redeem a free coffee for 850 XGEMs. Life is good.
While maintaining a strong presence in Ethlas, XGEMs are currently being seeded into more GameFi ecosystems: as a central currency that’s distributed and circulated across game aggregators and tournament platforms. On top of this, XGEMs are in the process of being accepted by major dining discovery apps. E-commerce activity will also see rewards in the form of crypto cashbacks when you shop online with XGEM partner merchants.
We are going to be holding another Twitter spaces to discuss our exciting plans for what lies in store for the future of XGEMs, but for now, we’re giving our free airdrops to ALL OF YOU. Please visit xgem.finance to claim your airdrops now!