Notice of Pilot Operation of Measures to Stabilize the DEP Ecosystem
Recently, we have been receiving an increasing number of concerns from some of the DEP holders regarding the price of DEAPcoin (DEP). The PlayMining team is deeply sorry for causing such worries.
Up until now, the PlayMining team has been committed to providing users with a high degree of freedom in terms of moving DEP out of PlayMining ecosystem while adhering to the principle that the price of DEP is determined by the market, with the mission of planning and creating new entertainment experiences using Web3.
In order for people to enjoy entertainment with peace of mind and experience that it can lead to the increase of assets, stabilization of DEP prices is a necessary element. Recognizing this again, we have decided to revise some of our policies and implement a pilot program of measures aimed at stabilization.
Thereafter, we will take the multiple measures described below to encourage more stable DEP prices.
[Recognition of the current situation as DEA]
The demand to convert DEP earned by users in the PlayMining game into FIAT currency has been increasing, and as a result, “selling pressure” in the market has been stronger.
In addition, we believe that this is due to the fact that, after more than three years since the DEP started to be distributed in the market, there has been a shift from a composition of holders, mainly “investors” in the crypto currency DEP in the early launch period, to “GameFi users” who enjoy Play-to-Earn.
As we consider “providing new entertainment experiences” to be the essence of our business, we recognize that this movement itself is very good for the democratization of GameFi, and we have decided to implement the following measures with the aim of stabilizing the ecosystem in this context.
[Two major measures to stabilize the DEP ecosystem]
(1) Limit the amount of money transferred from PlayMining Wallet to external Wallets
When transferring DEAPcoin from the service’s wallet (PlayMining Wallet) to other crypto wallets or crypto currency exchange accounts, the following two types of money transfer limits will be implemented.
【Introduction timing of transfer limit】
Wednesday, August 23, 16:00 SGT
【Details of transfer limit】
-The maximum amount that can be transferred per day will be limited to 3 million DEP per PlayMining Wallet.
-The maximum amount of money that can be transferred to a single destination wallet (a crypto wallet or crypto currency exchange account other than the PlayMining Wallet) is limited to 3 million DEP per day.
*There are no transfer limits when transferring between PlayMining Wallets.
*There is a possibility that the transfer limit amount may be changed in the future. If there is a change, we will announce it each time.
(2) DEP Buyback Program Restrictions Lifted
As previously announced, we have been implementing a continuous DEP buyback program since January 2023.
The Buyback has been capped at 40% of PlayMining’s sales. However, for the purpose of stabilizing prices, we have decided to temporarily remove this 40% cap, and will continue to operate the buyback program in a flexible manner for the time being.
We will continue to disclose BuyBack results in the “DEP Buyback Vault”（0xDe6dEe53E99F2Ef914AD79575B83079892cd0543） and in our monthly reports.
PlayMining will continue to make every effort to provide new entertainment experiences utilizing Web3.
Thank you for your continued support.
