Mine Empire — Cosmic Cash Weekly Accounting and Transparency Report: Week 1
Mine Empire is an NFT based GameFi app on the Fantom network. Cosmic Cash is the game currency and can be traded on Beets.fi. Cosmic Cash is emissionless: we don’t incentivize any liquidity mining opportunities at the cost of hyper inflating the token. Instead, CSC liquidity is owned by the protocol. View Cosmic Cash tokenomics here.
The protocol gets CSC as income from minting and upgrading drills. Going forward, an article will be published every Sunday going over all of the CSC income the protocol generated, the amount we burned and other information to promote transparency of our tokens.
Before we dive into the report, we must disclose a few extra details that the first week had. During this first week, we minted the initial supply and created the initial liquidity. We had to move funds around frequently as we set up for launch. The treasury was minted an initial amount of 250,000 CSC. In a last minute, we decided to reduce the minting cost of the Asteroid Drill from 100 FTM to free. Now, with the absence of FTM as income, there was nothing to pair all of that CSC in our treasury. We decided to burn 200,000 of it.
The Numbers
Users spent a total of 1,219 CSC on the game during the first week from July 9th to July 17th. Here is the google sheet containing all of the relevant transactions. The treasury burned 75% of this amount for a total of 914 tokens. Transaction has can be found here.
Users earned a total of 108 CSC by playing the game. We estimate over 90% of these earnings to come from the free drills, which are capped and cannot be scaled. This represents a large part of the current user earnings now, but will be dwarfed by the play to earn earnings in the future.
Overall, 108 new CSC has entered the circulating supply and 914 was burned for a net reduction of -806 CSC from the circulating supply. That’s a -1.612% week over week inflation rate. Going forward, we expect this deflation rate to rise (more CSC burned than minted) as more people mint the premium drills and then fall (more CSC earned than burned) in the long term as more people enter the earning pool.
Conclusion
Mine Empire had a quiet launch, but we are gaining traction as more users start playing our game. We expect our user base to grow over the next few months as we expand our game into the Fantom DeFi ecosystem and provide more features within the game. Cosmic Cash circulating supply should stay deflationary over the next couple of weeks, but will eventually have a positive inflation rate as the game grows.
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