GuildFi Project Updates: What’s Next in 2023?

Published in

GuildFi

7 min readJan 12, 2023

Summary

GuildFi is making significant progress towards becoming a leading web3 ecosystem and platform for games, entertainment, and communities. In the coming year, we have a number of exciting new platform upgrades and product launches planned, including the launch of our new staking program in January 2023. Additionally, we are pleased to report that most of our venture capital investors are committed to supporting our long-term vision and will be staking their tokens, which will result in a minimal increase in token emission in 2023. We also provide a succinct H2 2022 financial update regarding the GuildFi Treasury.

The Direction and Growing Use Case of the GuildFi Platform

GuildFi aims to evolve towards becoming an interactive social gaming platform that provides interoperability for gamers between web2 and web3. Since launching in late 2021, GuildFi has established a significant number of reputable partnerships within the gaming industry including Netmarble (MarbleX), LINE Games (Luxon), BORA Network, and many other promising blockchain partnerships such as with kpop studio Modhaus.

We have run notable campaigns, like Questober, which brought in a record-high users count of 330,000. In addition, we have also partnered with games like Ni no Kuni, Apeiron, Birdie Shot, Shrapnel, ArcheWorld, and Desperado B218. Moreover, in December alone, we hosted 2 campaigns, i.e. World Cup Prediction Campaign and the Christmas Carnival Campaign.

Despite extremely adverse market conditions and a multitude of notable black swan events, the GuildFi team continues to build, expand and upgrade our platform for our ever-growing user base. We recently upgraded to v1.5 to improve the general user experience, and also introduced three brand new features, i.e. Inventory, Leaderboard, and Achievements.

As time progresses, we will continue to iterate, ultimately phasing out GuildFi v1 and upgrading to our fully fledged platform codename — Z.

Firstly, GuildFi v1 has provided for a great experimental ground for our team, the most notable one being the Quest system.

Game partners that ran Quest campaigns through the GuildFi platform managed to acquire users to test and play their respective games. On the other hand, users get to enjoy the interactive social element in a variety of different games while getting rewarded for their time. With more than 3.3 million quests claimed in 2022, we are privileged to have our community’s support to help us become the leading meta-game content provider in the web3 gaming space. With the benefit of having product-market fit, we have been planning, building and simulating the different possibilities for what GuildFi’s next phase of growth would look like. This leads us to Z.

Project Z

There are more than 3 billion gamers worldwide and it is clear to us that gaming is slowly but surely becoming a way of life. As gamers ourselves, we are building a platform at the intersection of gamers and consumers. For gamers by gamers. To do this, we will work towards becoming the largest meta-game content hub and the largest creators of daily interactive entertainment content more broadly. Z’s users will also be able to uncover unique collectibles and rewards within Z’s universe.

There are many other building blocks that are currently in the works. Our vision is not possible without the support of our existing and forthcoming stakeholders. We will continue to build and, as always, welcome new community members, partners and investors to join us in our quest.

More information will be provided in 2023, we have been hard working for months and couldn’t be more excited to share with our community.

This will change everything you know about GuildFi and will be worth the wait.

The New GF Staking Program

The GuildFi v1 staking program is set to end at the end of this year, and the v2 staking program launched on 10 January 2023. The new v2 staking proposal was designed, put up for discussion with the community, and then 3 proposals put up for voting for a week in December 2022.

The community then decided to proceed with the following proposals:

Proposal 1: Launching v2 staking, with a reward allocation of 30m GF tokens split 30:70 amongst GF single and LP staking (57.21% voted in favour)
Proposal 2: GF-ETH liquidity pool for staking (79.73% voted in favour)
Proposal 3: A maximum lock period for staking to be 52 weeks (87.55% voted in favour)

Seed Partners and the GuildFi Team Strengthen our Commitment and Long Term Support for the Project

Our focus on web3 gaming is a key part of our long-term vision. We believe that this industry has enormous potential for growth and are confident that GuildFi is well-positioned to capitalise on these trends and emerge as a leader in the space.

To demonstrate our commitment to our long-term vision, all our team members and most of our venture capital partners, including Hashed, Defiance Capital, Coinbase Ventures, Coin98 Ventures, Sky Vision Capital, Play Ventures, Vessel Capital, and Coin Operated Group, have committed to staking their tokens for another year. For any additional supply that does not end up staking, we have made arrangements to offer OTC purchases to new investors. This service is available to external investors who are interested in taking a position in the GF token, and we are prepared for token buybacks from the GuildFi Treasury if need be.

Thus, there will be little to no selling of GF tokens in the public markets from seed investors or the GuildFi team, and there will be no direct price impact.

H2 2022 Financial Update

This update is representative of H2 2022 where the investments are of reference to the Assets Under Management (AUM) as of January 2023.

The current treasury value of GuildFi remains strong at 97,365,644 USD.

Overview

The crypto industry has seen its fair share of ups and downs over the past year, with a number of high-profile implosions and bankruptcies shaking investor confidence. In H1 2022, the Luna implosion was followed by the bankruptcies of 3AC, Celsius, and other centralised lending firms. In H2 2022, we witnessed the grand finale of implosions with FTX.

The implosion of Alameda/FTX caught even the most seasoned industry players off guard. At GuildFi, we were prepared for such a scenario and took necessary precautions by withdrawing all of our operating funds to cold wallets as rumours started to surface. Our CEO and Co-founder, Jarindr, discussed this in further detail in this twitter thread.

Despite these challenges, the GuildFi treasury remains extremely healthy. It consists of all assets currently held by GuildFi, including investments in different tokens, NFTs, and general reserves. This strong foundation allows us to weather any market volatility and continue building and improving our platform for the long term.

We are committed to transparency and will continue to provide regular updates on the status of our crypto treasury. This ensures that GuildFi’s investors have the information they need to make informed decisions about their investments.

Reserves Balance

Our reserves consist of highly liquid stablecoins, BTC and/or ETH that may or may not be earning yield from low-risk lending and/or liquidity providing.

Token Balance

Our token holdings consist of high-performing or high-potential cryptocurrency tokens based on strong metaverse/game projects that add value to the GuildFi Treasury and Ecosystem.

NFT Balance

The NFT section consists of Non Fungible Tokens (NFTs) from leading games in the space in the form of land sales, digital avatars, and gaming elements from game partners for current or future use by the GuildFi community.

GuildFi’s Wallets

GuildFi’s wallets can be tracked here:

https://whitepaper.guildfi.com/treasury-zone/transparency

Financial Strategy

We continue to be very conservative on general crypto asset prices from a longer term perspective but are also aware of the extremely adverse macro conditions along with potential contagion risks from the implosion of FTX/Alameda.

As referred to in the H1 2022 Mid Year report, our main position is ETH-USDC in Uniswap V3. This helps us accrue yield farming rewards as the market continues to go sideways and outperform simply holding ETH while also being extremely liquid with our reserves.

Likewise, the GuildFi treasury is extremely healthy and can withstand further downside in crypto asset prices while maintaining a more than 10 years runway for our team.

About GuildFi

GuildFi aspires to create an interconnected ecosystem of games, digital collectibles, and communities, to maximise players’ benefits and enable interoperability across the web3 gaming landscape. GuildFi solves the discovery and access problems for players while enhancing their performance and maximising their rewards. Players’ engagement and achievement are no longer discarded and limited to specific guilds or games, but instead, contribute towards their ranks and elevate their benefits in the long run.