What is the $PYR token?
More information about the token $PYR and the possibilities you have owning this token
$PYR is an ERC-20 / Matic compatible token. This means those from the ETH community have access to buying it, but as we’re using a Layer 2 solution, there are next to zero gas fees involved in using it. It will be used across all dApps and games in the Vulcan Forged ecosystem.
What can I do with PYR? There are several utilities: buy/sell in our marketplace, stake in land plots, Titans or Olympians, stake and farm on Vulcandex, hold to become a dApp in our marketplace, earn it by simply playing, or stake it in order to join the philosopher's counsel. There are many more utilities coming but these will be the first main functions. $PYR powers the entire Vulcan Forged dApp ecosystem.
Vulcan Forged carefully crafted this token together with our blockchain partner Polygon (previously Matic). We believe that the $PYR token together with $LAVA will play a key role in our mission to revolutionize the play-to-earn concept in gaming. It can be earned in a myriad of ways just by playing the many Vulcan Forged dApps.
The primary use for $PYR will be as a form of currency in the Vulcan Forged marketplace (market.vulcanforged.com).
To interact with the Marketplace (auctions, trades, etc) you must first move PYR from “Main Wallet” to “Market Wallet”
The Vulcan Foundation will fund a staking PYR reward pool with 10M initial tokens released over a 48 month period. Along with the foundation’s contributions, the pools will be added to in four ways (for now), each time equally divided between the two:
- 50% of the fee taken from every Vulcan Marketplace transaction will go into the reward pool
- 10% of every fee taken from direct asset sales (Berserk cards, or Vulcanites for example) will go into the reward pool.
- 50% of every upgrade fee for land, Titans, and Olympians will go into the reward pool
- 10% of every prize pool and tournament fee setup in the Frenzy game goes to the reward pool.
Inside of the flagship game VulcanVerse, the major use case for $PYR is in leveling up and staking in your NFT land(s) and NFT God(s). Each level increase (up to level 7) will have a $PYR fee and also require a $PYR deposit in the form of token staking.
The fee is non-refundable but the staked coins can be removed at any time. Removing staked coins will, however; lower the level of your land or God to the corresponding amount of $PYR remaining staked (e.g. removing X amount could reduce your land from level 4 to level 2). Upgraded land is eligible for monthly $PYR rewards from the $PYR staking reward pool.
The level and quantity of your lands compared to the levels of all other lands in VulcanVerse will determine how much you will receive as part of the monthly $PYR reward pool dividends.
Leveling up your land allows for increased access to more building tools, better assets, and treasure pits worth greater value. Using $PYR to level up your God will not only change the dynamic nature of your NFT image (as there are unique images for each of the 24 God’s 7 levels), but will also do four critical things:
- A level 7 God will grant you access to Elysium, an exclusive area inside VulcanVerse where you can use your vulcanite to forage (search) for ultra-rare NFTs from the Vaults of Vulcan.
- Raise your percentage of the monthly reward pool by 10% per level increase (e.g. if you earned 100 $PYR, with a 10% increase, you would receive 110 $PYR). Larger reward pool earnings = more $PYR to use within the Vulcan Forged ecosystem!
- Raise your percentage of $LAVA won while playing Vulcan Forged games by a 10% per level increase. $LAVA is used for numerous purposes across Vulcan Forged dApps, such as leveling up your vulcanite’s stats.
- Reduce the seller’s fee in the marketplace reaching 0% at level 7. All of the NFT items you find while foraging, earn by completing quests, etc. in-game can be sold on the marketplace. Reduced seller’s fee = larger $PYR profits!