Tokenomics
Last updated
Last updated
The MOGA Tokenomics Evolution is here! That means we’re implementing a series of changes in order to increase the utility of Monster Galaxy’s tokens and make the entire system more transparent for the benefit of the community.
Key Takeaways:
We’ll break down all the details in the sections that follow, but these are the most important changes you can expect to see:
Throughout the first quarter of 2023, we’ll be rolling out major changes to MOGA’s Tokenomics. Our primary focus during this period will be to restructure the functions and utility of in-game tokens to further stabilize players’ earnings.
Monster Galaxy will immediately burn the 655 million GGM tokens that remain unvested. By April 1st, 2023, there will be 345 million outstanding GGM tokens remaining.
We will host several Buyback and Burn Events beginning on April 1st, 2023. During these events, we’ll buy back outstanding GGM at 15% of monthly revenue so they can be burned as well.
GCoin will be introduced and officially become the sole token used in all Marketplace transactions. Because GCoin is a stablecoin 100% backed by USD, the prices of NFTs and Game Items on the Marketplace will stabilize.
We’ll introduce MGold as the in-game currency designated for buying and upgrading items, using the Gacha feature, and playing mini-games. Users will also receive all of their gameplay-related rewards in MGold.
If you want to know more about our plans for the future of MOGA Tokenomics, you’ll find everything you need to know below. Going forward, our primary goals are:
I. Continuous Optimization of Monster Galaxy’s Tokenomics
1. For completing tasks, earning achievements, and participating in events, players will continue to receive Moga Fragments, and Equipment. However, MGold will replace GGMP as the currency used for reward distribution in the game.
2. Items that were previously available for purchase with GGM in the game will now be purchasable instead with MGold and Gcoin.
3. New tickets for the Gacha feature will be added. These tickets will allow players to pull from the Normal Gacha for free and can be obtained by completing in-game tasks.
4. The Top-Up system will be revamped. GCoin will replace GGM as the designated Top-Up Currency. Players can top up via Appstore, Google Play, or Paypal and then exchange their GCoin for MGold as needed.
6. GCoin will replace GGM for use in both in-game and web-based Marketplace transactions, including handling fees. As a note, storage fees will now be paid in MGold rather than Crystals.
7. Players will be able to exchange GGM for MGold at a rate of 1:1 via the bank.
8. GGMP will be automatically converted to GGM.
II. Major Expansion of Token Utility across the MOGA Ecosystem
The role of each currency in MOGA’s newly-evolved Tokenomics is outlined below, but a more detailed breakdown of Token Utility is also available here.
Gcoin is a brand new blockchain-powered USD-backed stablecoin that offers all the benefits of cryptocurrency (instant processing, store of value, privacy, and security) without any of the negatives (frequent fluctuations in value).
GGM, the original in-game currency, is now primarily a governance token that represents a stake in the MOGA DAO and gives holders the power to shape the MOGA community’s future.
MGold is the new dedicated currency for rewards (tasks, achievements, events) and purchases within the Monster Galaxy game.
III. Sowing the Seeds for Long-Term Growth
Monster Galaxy’s original Tokenomics involved a reserve of a significant amount of GGM that could be used to reward players for their in-game progress and business partners for their participation. However, if this GGM supply is issued as planned, millions of new GGM tokens will enter circulation and end up hindering P2E returns overall. In order to avoid this scenario, we decided to burn all remaining unissued GGM. To ensure that the quantity of outstanding GGM decreases consistently, we will offer monthly Buyback Events to token holders. The first Buyback and Burn Event will begin on April 1st.
“MOGA is already a great game, but it has always been our goal to constantly improve it. We are confident that the game will continue to be successful and we want to ensure that our GGM holders share in the profits. That’s why we’re dedicating 15% of the MOGA game’s monthly revenue to a series of Buyback events. These events are the best way to decrease the amount of outstanding GGM while simultaneously increasing the token’s value.”
— — James, Founder & CEO
IV. Fostering community engagement
The integration of Gcoin and the introduction of MGold will allow GGM to fulfill its intended role as a primarily governance-related token. And with the establishment of the MOGA Dao, token holders are more empowered than ever to actively participate in governance. These changes will also lead to increased community engagement enriched by the creativity of Moga Tamers around the world. MOGA DAO will enable not only its players but also its investors to be more hands-on in shaping the future of the MOGA ecosystem. For everything that’s on the horizon for the MOGA DAO and for Monster Galaxy more broadly, be sure to take a look at the latest additions to our Roadmap.
Monster Galaxy Official Linktree: linktr.ee/monstergalaxy
