PYR to token użytkowy ERC20 stworzony przez studio gier web3 Vulcan Forged. Vulcan Forged uruchomiło rynek NFT i ponad dziesięć gier, w tym grę MMORPG o nazwie VulcanVerse.
What Is Vulcan Forged (PYR)?
Vulcan Forged is a community-based project that claims to foster the development of world-class blockchain games by assisting creators through development programs, mentorship, and fundraising. The platform works as an NFTDApp ecosystem, a gaming studio, and a marketplace. The platform is designed as an easy-to-play and easy-to-build ecosystem. The platform is a one-stop shop for blockchain game enthusiasts, offering classic games and a large marketplace to trade digital assets in-game. Moreover, the platform aims to provide better NFT gaming experiences by proposing interactive and enjoyable games to contribute to the blockchain gaming revolution. Vulcan’s decentralized exchange (DEX) is solely dedicated to gaming tokens, allowing users to exchange and earn tokens. The ERC20-compliant PYR token is a cross-platform cryptocurrency used in the platform's game titles.
According to Vulcan’s whitepaper, the platform supports third-party developers by helping to convert their gaming ideas into reality. The platform also has a functioning game studio, environment, and leading NFT marketplace.
The PYR token is a tradeable portrayal of referenced functions specified in the platform's guidelines. It is used exclusively as an integrated utility token on the platform and throughout multiple game environments. Users can buy Vulcan Verse assets with PYR tokens achieved by winning the platform. 10% of each PYR transaction goes to reward pools for allocation to ecosystem collaborators. The token enables platform users to profit from their positive efforts, thereby significantly increasing user engagement. In addition, it is used for fee resolution, staking to benefit full enrollment in DeFi game launchpads. The token's goal is to enable users to fund the processes of third-party game developers only within the ecosystem by creating a liquidity pool for developer funding. The platform's foundation claims to hold a small margin of the loan interest rate in PYR and transfer the rest to the initial liquidity providers. Interest on the platform's trade financing guidelines is paid in PYR tokens, and the overall process is done automatically by secondary smart contracts. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain.
The token can also be used as a genuine channel introducing innovative users to any of the platform's DApps by benefiting them with loyalty points in the context of tokens, as well as providing funding to third-party DApps. Advertisers can choose to pay in PYR tokens and lock these tokens up for the duration of the advertisement.
The platform rewards users with Lava Crystals, an off-chain value connected to wallets, by just participating (spending) and interacting with any of the platform's produced or managed games. Users are given x PYR each month, where x is the percentage of PYR in the play-to-earn pool that the user has earned compared to the total number of Lava obtained by all users.
History of Vulcan Forged (PYR)
Vulcan Forged was founded in December 2020 with Jamie Thomson as the CEO. Vulcan's BVI company (Vulcan Forged Ltd) is the token issuer, responsible for holding and auctioning the digital tokens.
How Are Vulcan Forged (PYR) Tokens Created?
Together with their blockchain partner Polygon, Vulcan Forged meticulously created their ERC20 token. Polygon is an additional scaling option for Ethereum that works on top of an existing blockchain system instead of creating its own. The Vulcan Foundation supports two PYR incentive pools: the lava pool (play-to-earn) and a staking pool. 10% of the fee collected from every Vulcan marketplace transaction, 10% of the fee collected from direct asset sales, and 50% of the money collected from every land upgrading charge go into both these pools. Users can obtain PYR tokens from the staking (reward) pool for their beneficial acts. Leveling up land, where each plot has seven levels, is the most typical technique to stake the platform's token. However, PYR staking also has initiatives to give liquidity and gather seeds in exchange for Vulcan's Vault premium products.
