We’re primed for great things!
On January 25, Parallel dropped their groundbreaking Prime Proposal, gracing us with a bonus Echelon Whitepaper outlining the broader ecosystem they’re creating (and related tokenomics). If you’re not ready to read these long pieces, check out these tl;dr versions created by our friends at Yunt Capital: Prime Proposal Redux and Echelon Foundation Whitepaper Redux.
The future laid out in these papers is nothing short of extraordinary, and confirms the Parallel team is creating something much, much bigger — with innovative and creative solutions to further bootstrap the early-stage blockchain-powered gaming ecosystem and metaverse, and a focus on community at the heart of everything. But who would have expected anything less from the Parallel team?
In this post, we outline a few key reasons why we’re excited about what we see in these papers, focused on:
🚀A ParagonsDAO treasury that’s primed for growth
🔭Parallel’s Play-to-Earn (P2E) vision
👑Echelon governance
The Echelon Paper outlines the governance model of the broader Echelon ecosystem being developed. Of course, it’s always been our intention to play a key role in the governance of Parallel — now, we have an incredible opportunity to expand those aspirations into the broader Echelon ecosystem to make sure our voice (and therefore, your voice) is heard as Echelon and Parallel take flight.
Primary NFT Assets (right now, just Prime Keys) are the tickets in to influence the earliest stages. Community members who’ve acquired Prime Keys have the chance to influence and decide every major step in the future of the Parallel game and Echelon ecosystem.
We are stoked to see such complete decentralisation from Day 1 and with our many Prime Keys, we plan to play a significant role in this governance. We’ll also need to decide, with our community, how to use the PRIME we’ll receive to ParagonsDAO’s treasury (e.g. what goes towards Echelon governance vs. potential PDT staking rewards etc.)
We also loved the concept of Emissary Primes. From the Echelon Paper:
To better carry out Echelon’s mandate, the ecosystem’s initial governance unit is composed of 11 individuals with the knowledge, abilities and perspectives needed to adequately execute the mandate in the ecosystem’s early stages and enhance its rapid development.
Could ParagonsDAO be an Emissary Prime? Imagine all Paragons’ voices, directed through our DAO’s governance, representing a seat at the table for the Echelon ecosystem — where you play a fractionalized role.
🚀A ParagonsDAO treasury that’s primed for growth
We’re very pleased to see that our investment and card accumulation strategy is working out — the papers confirm many of the rewards that we’ll receive that will continually build our treasury value and finance our contributions back to the ecosystem. And they contained a few nice surprises, too!
While rewards for a certain cards have been perceived with mixed reviews (e.g. Catalyst Drives and The Core, which both dropped in market value since the paper release), we’re confident the long-term potential of these assets outweigh any short-term disappointments.
We’ll be among the top recipients of the initial allocation of PRIME rewards, given our current (growing) Parallel collection provides us vast exposure to all channels of PRIME revenue outlined in the Echelon Paper. That’s why ParagonsDAO is primed for success on the heels of the Prime Proposal and Echelon Paper.
Parasets/PRIMEsets: Through our Initial Bonding Event we collected 150 Parasets. To collect our Parasets, we offered the community the seed valuation of $0.34/PDT in exchange for bonding certain Parallel cards to us. There are currently 1,677 PDT holders; Paragons who are central to our community and our path forward.
Through this collection, we’re entitled to:
- a healthy percentage of the one-time drop for PRIMEsets (of 2.25% total tokens)
- staking rewards (a portion of 2% of the initial allocation plus heavy ongoing redistributions)
- PRIME distributions for each individual card (a portion of the 4.25% allocation)
ParagonsDAO possesses a custom-made smart contract (powered by Olympus Pro) that allows us to repeat the card bonding event any time, therefore we can efficiently multiply the number of cards in our treasury while expanding our community of PDT holders. Building this technology (the first of its kind) took months of effort and resources, allowing ParagonsDAO to be the first in history to bond NFT cards via smart contract in exchange for ERC-20 token. We’ll announce details about the next card bonding event in the first half of February!
Masterpieces: We’re pleased to see our original assets will produce the rewards we expected of them (1% of secondary market sales), and that they’ve indeed been accumulating rewards since inception (this will give us a hefty initial boost when we receive these rewards). As an added bonus, we’ll receive PRIME tokens earmarked for “all Echelon-approved assets“ for these extremely rare 1/1 pieces.
Catalyst Drives: We’re incredible well positioned for the future earnings potential of Catalyst Drives (when turned into Prime Drives), although slightly disappointed the proposal doesn’t recognize Catalyst Drives that haven’t yet been combined with Prime Keys. A proposal to improve Catalyst Drives is now being discussed in the Echelon governance, which could improve the short-term value of Catalyst Drives.
We own 12 (a staggering 8% of the total supply) — if we turn all of these into Prime Drives (it doesn’t appear Catalyst Drives have any independent function yet), that gives us 0.27% of all in-game throughput for game sinks (8% of total supply/3% of throughput).
Keep in mind that Prime Drives receive value from the sinks across the whole Echelon ecosystem (Parallel, inb0x and other Echelon games/apps). As such, Prime Drives are going to be the holy grail of the Echelon ecosystem in the long term.
Prime Keys: Wow, these are valuable. From early governance voting power, pack drop reservations, a major chunk of the initial PRIME allocation (11%) to the valuable in-game mechanics for P2E, there’s so much utility. We’ve acquired several more since we read the papers, and currently own 54 (or 3.6% of the total supply).
The Core: These provide a return to stakers of 1% of total secondary market sales on Assets, however, that reward is split amongst all stakers of The Core. We’re pleased to hear The Core has been accumulating rewards retroactively, like Masterpieces. We currently hold 7, or 1.4% of the total supply.
Similar to Catalyst Drives, the community has raised a concern about the utility of The Core being low relative to its price. We understand there are good proposals in discussion how to improve The Core’s utility and/or rewards and we look forward to participating in the debate.
Galaxy Keys: These are shaping up to be an important aspect of in-game P2E mechanics, which is a nice surprise. Given there are only 414 Galaxy Keys, we suspect these will be in high demand closer to when the game is launched (or maybe sooner, depending when the Galaxy Faucet first opens and what you can pull from it). Oh, and the Galaxy Faucet looks like it opens periodically, not just once. We currently have a modest collection.
Overclock Keys: We didn’t learn anything new about these keys, but we did learn about the Key Framing environment surrounding them (which sheds light on how powerful they may actually be). With a limited run of 494 Overclock Keys, and the ability to unlock more Key Framing slots (using Prime Keys), it’s realistic to think competitive players will want to load up on Overclock Keys to multiply their earnings. These will probably see a lot of use in “Bonds” (i.e. guilds) who can share cards. We currently have a modest collection.
🔭Parallel’s Play-to-Earn (P2E) vision
The P2E vision laid out in the Prime Proposal is exquisite, and is exactly why we at ParagonsDAO are doing what we’re doing.
You may have seen hints on our Discord about our ParagonsPro and Paragons P2E teams. Both of these teams will earn PRIME (a whopping 30% of the initial PRIME allocation is earmarked for P2E rewards), building value for all PDT holders — so it’s in all Paragons’ interests to help us recruit the best players!
We have so much more coming in this space, and the Prime Proposal is a perfect complement to our plans. You’ll hear more about a little further down the road. But for now, we want to hear your ideas, strategies to on how we can build on Parallel’s P2E strategy, player recommendations (bring your other trading card game (TCG) friends!) and anything else you’d like to discuss in our TCG areas on Discord.
