ON–101: Polygon Mega Issue (Part 2)
Coverage on Polygon Ecosystem.
Dec 10, 2021
- Back in June, Sandbox announced their plans to migrate to Polygon PoS. While this transition is not complete, their SAND utility token has been bridged over and is available on Polygon. Currently, there is a supply of about 85,750 tokens which at the a current price ~$5.5 is over $450,000 market cap. This has been accompanied by the # of addresses holding SAND increasing 10x since October.
- With more discussions around the Metaverse, Sandbox has received a lot of attention as one platform building towards this future. This has led to the SAND token gaining momentum - going from < $1 to ~$8 at its peak during the month of November. Currently, it hovers around $5.
- On Polygon, SAND is trading on Sushi & Quickswap, but Sushiswap accounts for more than 70% of the trading volume. Though average # of daily swaps went from ~400 to ~200 in the past month, the average volume in USD has almost doubled from ~$15,000 to a little under $30,000.
- MVI is a basket of tokens, designed by @indexcoop to capture the trend represented by the buzzword of 2021 - Metaverse. The team has been actively working to offer index products on Polygon, a network that provides significant gas savings compared to the Ethereum mainnet. At the time of writing the unit supply on Polygon represents 4% of total MVI unit supply, with around 28% of all active MVI addresses now living on Polygon. This is just the beginning.
- 65% of the addresses are wallets, which also hold an equivalent share (67%) of MVI unit supply. The rest is held in contracts, in which SushiSwap LP has a balance of 1621, making up 20% of the MVI unit supply on Polygon. This is in contrast to DPI where >70% of the unit supply is in contracts.
- Trading volume looks bimodal - one peak was around end of October to early November, coincided with the timing when Facebook renamed itself Meta; the other peak was towards the end of November, riding the momentum with other gaming and metaverse related tokens. Currently, almost all trades are executed on SushiSwap.
👥 Peter
- Crypto Raiders is a play-to-earn utility RPG game where players own the assets. These assets provide some attribute values to the raider characters which can be purchased by players and used to fight against monsters as well as raid for additional items. As of Dec. 9th 2021, Crypto Raiders had 2,262 players who are noted to be relatively balanced in terms of their experience on the Polygon chain.
- Traction gained for the Crypto Raiders game is promising. As of Dec. 9th 2021, in-game activity suggests that about 25.2 million tokens (RAIDERAURUM) have been exchanged within the game so far. (Note: this excludes the two major token sale events that took place on Aug. 9th and Sept. 6th).
- In the 3rd week of November for the Crypto Raider economy: 21m AURUM ($633,750) were spent on recruitment. 1.32m AURUM ($39,600) were spent on dungeon runs. In total, $673,110 of in-game transactions were made in a week.
- At the time of writing, a total of ~4M Matches have been played on ARC8 by ~190k unique players — a metric that is inclusive of all the transactions that have happened on the polygon chain. A brief peak of ~240k Matches per day was observed on Nov. 2nd, but the numbers seem to have stabilized around 65k matches per day.
- The chart below shows the distinct players topping up their account from their ARC8 wallet. This number has fallen from the highs of ~1k (in Late October)to ~100 (First week of December).
- The trend in the total amount of GMEE tokens added as the Top-up is shown in the chart below. The ATH volume of 28k GMEE tokens was reached on October 28th.
- Play-to-earn GameFi projects often require users to do a lot of transactions for them to live up to their potential and Cometh is no different. This is why Cometh, a GameFi project originally released on Ethereum, very quickly switched to Polygon. Tracking MUST, the game's native token, makes for a good indication of players' movement. 70% of MUST tokens were moved to Polygon within the first 4 months, with the current amount residing on Polygon representing 75% of the total token supply.
- Cometh has a built in staking contract called the tube. Staking rewards users with another token called DUST, a token that can be used to redeem various in-game NFT items. The percentage of staked MUST on Polygon has been steadily rising since the game's release — now representing over 38% of the total supply.
- Up until October, Cometh saw a steady increase in the amount of daily in-game transactions on Polygon. Due to popular demand Polygon's fees have recently risen, leading to a reduction in game-related transactions. Cometh Beyond, the next update to be released on December 20th, should help drive renewed interest amongst players.
👥 Rantum
- ZedRun features over 43,000 stable owners with 162,000 horses. Digital horse racing hodlers now average 3.73 horses per wallet.
- The median price of ~$290 USD is well above the floor price of $13, a contrast from many projects and perhaps a suggestion that quality is more important in play-to-earn games.
- Breeding has leveled off at ~450 mints/per day, even as number of horses increases.
- SynFutures is a derivatives platform designed for any blockchain. The platform doesn’t feature any tokens yet but the stats of the platform are very impressive. Its volume has already surpassed 1.5 Billion.
- SynFuture’s daily volume has reached over $30M dollars.
- The annualized fees in the past 30 days are over $25M and the annualized fees for the past 30 days are over $4M dollars.
- Its all time user base count has surpassed over 50,000 users, with their average for 7-day active users at over 6,000 users.
- Over the past 90 days Polygon has been a dominant trading pair.
