Update on DEFY Alpha Tokens and Future Plans

Published in

DEFY Labs

6 min readAug 9, 2022

Note: This article has been updated as of 28 August 2022 to reflect changes in the start and end dates for Alpha Missions 4 and 5.

Operatives,

As you will have seen, we recently announced our IEO & IDO plans with Bybit and Polkastarter respectively. In order to clarify how this will impact our existing user base and to answer some key questions, the DEFY team would like to provide the following update.

Context

The market conditions in general and in the Crypto/GameFi markets in particular have changed immensely in the last few months since we launched our closed Alpha in April. The impact of the various scandals in the crypto space, combined with general market conditions, have resulted in two key outcomes that impact us — specifically pertaining to listing on exchanges and valuations.

Firstly, it has become significantly harder to secure an IEO on major exchanges in the current market conditions as they focus on other areas of their business and become more conservative with launching new tokens. Despite this, the team believed strongly that launching the token as soon as possible is in the best interests of the game and the community. We are thrilled to be working with Bybit and Polkastarter and believe this is a huge vote of confidence in the community and the long term vision of the team.

Secondly, valuations have been reduced across the board, with GameFi valuations in particular being hit hard. This impacts everyone, including our seed investors who have given us their backing to list at 2.4c despite them investing at 2.5c. Starting at a lower valuation is not a bad thing, as it provides us with greater opportunity for growth if the team is able to execute on its vision.

As previously stated, the team could have chosen to not list the token and await better market conditions. However, we do not believe this to be in anyone’s best interests. Unfortunately, despite the teams best efforts, we were unable to secure priority allowlist/whitelist status for existing mask holders.

Updates to Alpha Rewards

We value feedback received from the community and understand the concerns previously raised around the period of token unlock planned for Alpha rewards as per our article in June.

We have since adjusted the vesting periods downwards, to recognise the fact that some missions went longer than we expected and to ensure that our early adopters have their tokens unlocked in a predictable manner.

Changes

$DEFY earned during Alpha Mission 1 will be unlocked three months after the Token Generation Event (TGE) instead of four months.
Note: TGE has taken place on 27 July 2022.
Missions 2, 3, 4, and 5 (brand new mission begins post-IEO/IDO) will have each of their rewards unlocked 15 days after the previous unlock.
Tokens unlocked will be emitted daily over the span of 1 month.
E.g. If you earned 6,000 $DEFY in a particular mission, you will have 200 $DEFY unlocked daily over the span of a month.
Note: Tokens will be airdropped to the wallet connected to your Operative account.

Here is a table reflecting an overview of the new unlock dates for Alpha rewards.

In this lock up period, the team will be aggressively working towards increased gameplay development, token utility and user growth — with the aim to create value appreciation for the token where possible.

Rewarding Early Adopters

Despite our best efforts, we were unable to secure allowlist/whitelist spots for all of our early adopters. As such, we will be putting in place the following structure to allow our early adopters the opportunity to increase their earning potential through the remaining Alpha Period.

To enable this, there will be a new (final) Alpha mission.

Mission 4: Seek & Destroy will end on August 22nd
Mission 5: Electric Feel will commence on August 23rd

Early adopters will be airdropped special badges which grant a special pledging rate to all masks linked to the account based on the number of missions the Operative has taken part in:

Participated in 1 Alpha Mission: 40:1 pledge rate
Participated in 2 Alpha Missions: 35:1 pledge rate
Participated in 3 Alpha Missions: 30:1 pledge rate
Participated in All 4 Alpha Missions: 25:1 pledge rate

Note:

New Operatives will have a standard pledge rate of 50:1 in mission 5.
The special badges are non-transferrable.
The special pledging rate will apply exclusively throughout Alpha mission 5 (existing Uprising badge with boosted pledge rate will expire after mission 4)
Users would have to pledge at least 1 FCOIN to count as having partook in previous missions.

$DEFY Tokens attached to Genesis Masks

$DEFY Tokens attached to Genesis Masks will unlock (with no vesting period) on 15 August inline with the IEO/IDO.

You can see the number of tokens attached to your mask by: following these steps:

Step 1: Visit the PolygonScan contract address here For DEFY Genesis Masks https://polygonscan.com/address/0xfD257dDf743DA7395470Df9a0517a2DFbf66D156#readContract

For PG x DEFY Masks: https://polygonscan.com/address/0x76D2Bc6575D60D190654384Aa6Ec98215789eF43#readContract

Step 2: Scroll down to №15/16 “getTotalBondedTokensForMask”

Step 3: Type in your mask number under ‘tokenId (uint 256)’

Step 4: Click ‘query’ The value that comes out is the number of $DEFY tokens attached to your mask.

Post IEO/IDO — Moving to Beta

From our Beta launch onwards (current target: end Q3 2022), any new tokens earned in game will be immediately unlocked and on chain.

Opportunities to use your Alpha $DEFY Pre-Unlock

Over the coming weeks and months, there will be new opportunities to use the $DEFY tokens earned in Alpha Missions 1–4 as an alternative to being locked to the periods mentioned above.

The remaining 8000 Uprising Virtual Private Masks will be made available for minting exclusively via $DEFY tokens (both Alpha $DEFY rewards and purchased via centralised/decentralised exchanges). Tier 1 invites will continue to operate as before, providing a 50% commission to the original holder of the invite if used for minting an Uprising VPM.
More in-game consumables including EMPs, Capacitors, and more.
Personal drones. Players will soon have the ability to acquire drone chassis; the fundamental building block to having a personalised drone. Stay tuned for more information on this later this month.

We need your help, Operatives.

As early adopters of DEFY, you have already played a significant role in helping us develop our closed Alpha game.

We could use your help as we move towards the next phase and want to encourage all Operatives to be active in helping DEFY build the most active, vibrant, and positive community of gamers in the blockchain gaming space.

Here are some ways you can help us on our mission:

Introduce DEFY to your network and help us recruit new Operatives. We will soon be creating a referral bonus system that will incentivise you to bring new Operatives into the revolution.
A new comprehensive and beginner-friendly guide to understanding DEFY has been published for ease in sharing about the project to new people. Click here to read it.
Note: This article will be continually updated over time as more features and changes occur within the gameplay.
Keep your suggestions coming via our Discord #suggestions channel. The team regularly reads these and has already implemented a number of community suggestions.
Share DEFY and your experiences playing the game on social media. Word of mouth is the most powerful form of marketing and we love to see Operatives sharing DEFY for the world to see.

About DEFY Labs

DEFY Labs is passionate about building the next generation tools and platforms that allow users to view and interact with NFTs and other digital collectibles in the real world. DEFY Labs’ vision of the metaverse is one that involves merging the virtual and physical worlds in a compelling and inspiring way.