A Brighter Future for Black Eye Galaxy
Welcome Citizens of BYG.
This article will inform players of updates to the MK2 Asteroid Hunter due to its impending release and will analyse the implementation of some economic features/updates that will be made to improve sustainability during current market conditions. The Black Eye Galaxy team wishes you to take a look and read the Axie Infinity and Star Atlas Economy Paper as the majority of inspiration for these changes derived from these projects, including the use of dynamic APR multiplier adjustments and the use of a mining efficiency decay system. This will give you a better insight into the Black Eye Galaxy projects goals with these changes and emphasises the positive use case for these features in other projects and their utility in Black Eye Galaxy.
These changes are currently being developed further, and we expect more details to be implemented into our GitBook, which can be found here. These changes and updates to be implemented are subject to adjustments based on what the team feels is necessary to ensure the success of the Black Eye Galaxy project, as well as feedback taken from our community. Some of these changes will be implemented immediately to ensure Black Eye Galaxy will survive during the current market. We hope that our community understands the importance of these. We would like to once again remind our community that we have great visions for the future of Black Eye Galaxy and these surpass years of development and gameplay. These changes and developments of new features have been made to ensure the prosperity of Black Eye Galaxy for years to come and also indicates the team’s commitment to the community to ensure the success of this project moving forward regardless of market fluctuations.
Economic Features
Dynamic APR
The team will be introducing multipliers on in-game rewards and in-game costs to better adapt to abrupt changes in market conditions. While market conditions are poor, a lower multiplier will be applied, and while market conditions are good, a higher multiplier will be applied. The target is to make the game accessible and optimal for the growth of the user base while providing a reasonable revenue for asset holders. Dynamic APR will be NOT be introduced immediately into the game. It will have no immediate impact on the Hermes Cargo or Explorer NFT spaceships. It is expected to be implemented for the MK2 Asteroid Hunter and Salvage Team but NOT at this time. This is simply an announcement of this feature that is yet to be implemented in-game but will be in the future.
Summary of changes for players:
- A possible multiplier to be added to the Salvage Team NFT spaceship at a later date (TBC) after implementation of mining efficiency decay. This is due to the current market conditions and nature of oracle giving out too many BYG tokens in rewards. The multiplier will be (when implemented) applied on scrap, for example. Common scrap with 21t (tonnes) when mining, if the multiplier is 0.9 then the scrap to be mined will collect 18.9t. The value of the scrap remains the same (1 tonne = $1.00) and the capacities for all ships also remain the same. The multiplier is applied at the time of mining.
- A possible multiplier to be added to the MK2 Asteroid Hunter after release.
For the time being, the multiplier (when implemented) will only apply to just the amount of each resource, e.g. asteroids and scrap. Future tax and multipliers will be applied and be adjusted as market conditions and project conditions dictate. In terms of the limit values for the multiplier, the bottom value can be as low as possible, but players will still be able to make profits. There is no upper limit. Multipliers will ONLY apply to the Asteroid Hunter and Salvage Team spaceships for the time being with this system being implemented to the MK2 Asteroid Hunter post-launch (after the launch of the MK2).
This is to help balance out the economy at the current time. These multipliers will be monitored and adjusted at first by the team, with community feedback taken into consideration. The team constantly monitors market conditions to ensure and evaluate whether the multipliers are balanced and fair. The multiplier details will be announced when it is released in-game and will be updated periodically every 10 days. Players will know what the multipliers are for their assets in-game, and also what their multiplier will be for the time period of 10 days by following our communications channels on Telegram and Discord. This will maintain certainty in what multipliers players are receiving. Dynamic APR or the multipliers will be implemented within 2 weeks. The multipliers will be announced when the team are ready to implement this feature. This is due to how it is linked to market conditions so there is no point in providing numbers now based on the current market when this could change by the release of the feature.
Mining Efficiency Decay
The team will be introducing a reward multiplier linked to selective ship capacities. Currently, this will exclude certain assets such as planets, explore spaceships. Every time an asset earns 100% ROI on mint value (purchasing new), a multiplier will be applied to reduce mining efficiency, which will gradually decrease the APR but not affect the total mining capacity for assets. Advantages of this model are that rewards will always be best for new assets and new players while the sell pressure gradually decreases as the player makes more and more returns, lower-earning rate equals higher realised gains on assets, so players receiving the lowest APR are the ones that have already received the highest ROI. The mining efficiency decay system will ONLY apply to the Salvage Team and MK2 Asteroid Hunter spaceship upon launch.
Without some kind of earning efficiency penalty, the inflow of funds has to exponentially grow to offset the outflow of funds. With this new model, we will see a steady decline of sell pressure over the lifetime of an asset while maintaining an appealing APR for players. Assets including planets, Hermes Cargo and Explorer NFT spaceships are excluded from the mining efficiency decay as these have earnings controlled in other ways. Therefore, at this stage, there is no point in applying a multiplier to these assets. As gameplay develops and updates release over time this could change in the future, but the point of this is to create a more robust economy and better flexibility. This feature will be implemented within 2 weeks as it is still in development.
Summary of changes for players:
- Faster ROI (return on investment) for players.
- The efficiency of APR reduces as the player earns more returns gradually.
- Will be applied to Salvage Team spaceships
MK2 Asteroid Hunter News
The team have decided to delay the release of the MK2 Asteroid Hunter. The expected release for the MK2 Asteroid Hunter is February. The team are currently finalising the testing phase, once this is done we will be able to provide the community with a more definite date for release. The decision to delay release has been influenced by more than one factor, but primarily because our smart control audit being conducted with Certik is still underway, expected to finish soon. The team believes it is not worth the risk of releasing the MK2 Asteroid Hunter on a new earning model without having a completed audit. As a result of the recent market conditions and potential for an extended bear market, the risk, and reward for oracle based assets is no longer a viable long-term option for the project. The oracle was originally implemented for two reasons:
- Scalability: As the price of the token rises, the economy will need to function, and thus an entry-level NFT asset is required for new players.
- Simplicity: Oracle allowed an easy development feature to implement and control upward momentum in a healthy market and offer safer payouts for players.
In light of the recent market conditions, including the abundance of oracle play-to-earn projects failing and the bearish macro market (BTC), the team have decided the simplicity of the oracle model presents too much risk. The extra features required to lower that risk negates any potential benefit of using an oracle earning model. As far as scalability is concerned, the team have decided that we will release constant limited iterations of an asset, rather than to have a single infinitely scalable asset. As such, the MK2 Asteroid Hunter will not be oracle based and instead will be non-oracle based, utilising both the mining efficiency decay and dynamic APR multiplier to ensure sustainability for the future of the in-game economy.
Example of oracle criticism: MK1 Asteroid Hunter released at 1,400 BYG earning 600% APR. At $0.48 the MK1 Asteroid Hunter was prohibitively expensive for new players to enter the game. At a price of $0.04 the MK1 Asteroid Hunter earnings barely cover the cost of gas fees. Oracle solved this particular problem, however, introduced a new problem that during poor market conditions oracle would increase sell pressure to an unsustainable level.
The MK2 Asteroid Hunter will release onto the marketplace in February. The team will release 500 MK2 Asteroid Hunters onto the marketplace every week until the team decide to release a new iteration or discontinue the ship. We will inform the community a week beforehand of these changes. The MK2 will release subject to the new economy updates outlined throughout this article. The MK2 Asteroid Hunter will release on a non-oracle model, they will be mintable using the BYG token and will mine asteroids with BYG token rewards. As the game progresses, the team will be releasing new assets in a controlled manner, for example, releasing a certain amount of units o0f an asset per week on the marketplace. This allows the team some periodic checkpoints to reevaluate the asset sales and earnings without the risk of misleading by adjusting already announced set limits.
The price of the MK2 Asteroid Hunter at launch this month will be 5,400 BYG (see gitbook for more details). The team decided to lower the entry price for the MK2 Asteroid Hunter to support the buy pressure of this asset and support community sentiment due to MK2 delays. We will release further iterations of the asteroid hunter at other predetermined price points:
- MK3 Asteroid Hunter will be released and priced based at $0.20.
- MK4 Asteroid Hunter will be released and priced based at $0.55.
(subject to change).
You can find more information on the MK2 Asteroid Hunter on non-oracle by clicking here.
In regards to the swapping of the MK1 Asteroid Hunter NFT spaceship, a staking button will be implemented in-game this month for MK1s that will allow players to stake their MK1 Asteroid Hunters. The team will provide players with the MK2 Asteroid Hunter swap when market conditions are better. Players will have 1 week to decide and stake their MK1 Asteroid Hunter/s into this contract. If players decide not to do this then they can keep their MK1 Asteroid Hunters, however, a capacity of 7,000 BYG will be applied as well as the mining efficiency decay feature. The logic here of the mining efficiency decay will have a 600% APR based on the original price of the MK1 Asteroid Hunter which was 1,400 BYG. Although the models will be changed on the MK2 Asteroid Hunter, it will release with the same APR. In addition, if players decide to keep the MK1 and not stake for the MK1 — MK2 swap, players can expect off-chain transactions to be implemented in the next quarter for the MK1 Asteroid Hunter(expected and could be sooner) which will decrease the gas fee costs and increase earnings compared to current gas fee conditions.
Summary of changes to the player:
- MK2 Asteroid Hunter will release using off-chain transactions. The only gas fee to pay for is claiming the rewards which drastically increases profits in the current market.
- MK2 Asteroid Hunter will release on the marketplace in February.
- MK2 Asteroid Hunter will have its economic model adjusted from oracle to non-oracle which will also be reflected in the Gitbook soon for players.
- MK2 swap will be made available but will not initiate until better market conditions. If players do not want to commit to this swap they can keep the MK1 Asteroid Hunter with the outlined measures explained above.
With the release of this information, we would like to fall on our previous promise to offer 2 additional options for players. These were outlined in the google form poll that was given to the community to decide the future of the MK2 Asteroid Hunter (see picture below).
Players can now submit requests for these options using the links below. Please use the links below to find the google form submissions. Players can mix and match how they want to swap their total number of MK1 Asteroid Hunters e.g. only swapping 8 of their MK1s for a Class D planet and the rest for the special MK2 Asteroid Hunter.
Click here for Option 3. (MK1 > Planet swap).
Click here for Option 4. (MK1 > token refund + memorial card NFT).
MK2 Asteroid Hunter Competition
The team will be releasing a type of competition very soon open to our dedicated players that will reward 5 players with the new MK2 Asteroid Hunter for testing purposes and for data/feedback collection. This will take place on our Discord server and will require Level 5 or above to be entered into the competition. More details are to come very soon.
Thanks for your time.
BYG TEAM.
