Introducing Polyient Games Governance Token (PGT)
It’s been a hectic few weeks for Ethereum users, as high-demand for new DeFi protocols has caused a massive run-up in network congestion.
These fees have undoubtedly impacted the NFT market the greatest, where almost all applications (Minting, Gaming, etc.) have halted altogether. The 3–4 figure fees associated with most normal activities is not sustainable.
What It Means for the PGFK Sale
Through our collaboration with Polyient portfolio company, Cargo, we are able to leverage batch minting and batch transfers of PGFKs, which are ERC-721 NFTs.
This means users can come and purchase 1 or 100 PGFKs for the price of a single transfer. This is a major advantage relative to other NFT transfer mechanisms that require individual transfers or are limited in the scope of the batch.
However, given that the Ethereum gas fees have hit the 400–500 Gwei range, we are anticipating a high-fee environment for the sale that could result in fees upwards to $100 per PGFK bundle purchase.
We want to make the PGFK sale as engaging as possible to offset the weight of the gas fees, so we are accelerating the launch of Gamified Participation.
Gamified Participation Defined
Users who purchase PGFKs will experience the first installment of Gamified Participation, a new system where users are rewarded in Polyient Games-native Tokens for participating in Polyient Games-specific protocols.
For the PGFK Gamified Participation, users will receive Polyient Games Governance Token (PGT), proportionate to their purchase amount. Each user’s account will receive PGTs via a drop-redemption immediately after the conclusion of the PGFK sale.
PGT will be the main voting currency for the future Ethereum-based Polyient Games DAO, a decentralized organization that will be tasked with decision making related to the protocols within our Ecosystem.
While Gamified Participation will be first introduced for the PGFK sale, we plan to extend these concepts to other major transactions within the Polyient Games Ecosystem, including the Particle Bridge Transactions (converting between PGFK and XPGP).
The official responsibilities of the DAO, which will be centered around reward and yield adjustments for PGFKs, will be announced in a separate post, but PGT will be immediately available for users to swap on the PG DEX.
PGT Supply and Distribution
There will only ever be 20,000 PGTs available (1 PGT for each PGFK initially minted). These will not be available for direct purchase and have no value beyond serving as a voting mechanism for the PG DAO.
The PGT distribution matches the PGFK distribution and is as follows:
- PGFK Sale: 62.50%
- PG Team and Partners: 16.8%
- PG (For Marketing & DEX Liquidity): 20.7%
Our goal is to facilitate the successful launch of the PG DAO and eventually distribute the full amount held by PG to the community via our decentralized swaps.
We will publish regular announcements to make sure that each PGFK holder is fully prepared to receive the PGTs.
Ethereum PG DEX Defined
As we previously announced, we will be building a new decentralized exchange on Ava Labs’ Avalanche network. This DEX is designed to facilitate scalable swap interactions for tokens from our startup portfolio and third-party ecosystem partners.
To kickstart liquidity following the PGFK sale, we will be launching a fork of the Uniswap protocol for the Ethereum version of the PG DEX. The purpose here is to leverage the polished and audited work from the Uniswap team to function as an MVP for our Ecosystem-driven liquidity engine.
The first immediate pair will be a PGT-ETH and PGT liquidity will come directly from the PG DEX liquidity distribution outlined above. All PGFK sale participants will be able to join this swap market via active trading or by adding liquidity to the pools.
This is just the beginning of what will be an extremely active and exciting remainder of 2020. We plan to ramp up our Ecosystem growth, both from a user and third-party partner perspective.
Additionally, we will soon unveil the drop mechanisms that will incentivize locking-up PGFKs to earn rewards.
This will start slow to assure proper functionality and will be kicked-off by the drop of Cargo Gems, the platform utility token that functions as a governance token and future payment option on the Cargo platform. 5% of the supply goes to PGFK holders and Gems can be staked inside of NFTs for token rewards.