White Paper 2.0 | Section 3 Review | Economy & Funding
In January 2021, Vulcan Forged released their PYR whitepaper, announcing the advent of the PYR token. At this time, LAVA was an off-chain value only, later becoming the secondary token of Vulcan Forged. In this first whitepaper, the valuation of the PYR token was approached through the lens of the quantity theory of money, specifically the equation of exchange. This methodology aimed to estimate the fair price of the PYR token based on its utility value within the Vulcan ecosystem.
Vulcan Forged: Overcoming Challenges and Building a Strong Ecosystem
Since the release of the original whitepaper in January 2021, Vulcan Forged has demonstrated remarkable resilience and dedication in the face of challenges, solidifying its position as a leading player in the blockchain gaming and metaverse space. Throughout this period, Vulcan Forged has not only addressed unexpected obstacles but has also introduced groundbreaking developments that have significantly strengthened its ecosystem.
Navigating the Hack and Swift Recovery:
In December 2021, Vulcan Forged encountered a major setback when it fell victim to a hack that resulted in the theft of 4.5 million PYR tokens, constituting 9% of the total supply. The magnitude of this incident posed a significant challenge to the platform’s integrity and investor confidence. However, Vulcan Forged responded with remarkable speed and transparency. A day after the hack, the company utilized its own reserves to refund $140 million worth of PYR tokens to affected investors, ensuring that their trust remained intact. This immediate action not only showcased Vulcan Forged’s commitment to safeguarding its community but also its agility in the face of adversity.
Strategic Measures for Recovery and Growth:
Following the hack, Vulcan Forged implemented a series of strategic measures to mitigate the impact and lay the foundation for future growth. These measures included:
Token Fork and Buyback Campaign:
To thwart the hacker’s efforts and protect the community, Vulcan Forged executed a token fork, rendering the stolen PYR tokens useless. In addition, a buyback campaign was launched, successfully recovering over 100 ETH from centralized exchanges.
Snapshot and Troy Land Airdrop:
The platform took a snapshot of user holdings before the fork and airdropped Troy Land, an additional island in the VulcanVerse, to select PYR holders. This initiative not only rewarded the community’s loyalty but also reinforced Vulcan Forged’s commitment to its users.
Building for the Future: Elysium and Beyond:
Throughout 2022 and 2023, Vulcan Forged intensified its efforts to build a robust ecosystem that leverages the potential of blockchain technology. The introduction of the Elysium blockchain marked a pivotal moment in this journey. Elysium is tailored for metaverses and gaming, boasting dynamic NFTs and an extensive suite of tools, including ElysiumSwap (a decentralized exchange), token bridges, token trackers, explorers, cloud wallets, and the Agora marketplace. This comprehensive infrastructure is designed to empower developers and users within the Vulcan Forged ecosystem, enabling seamless transactions and interactions.
Empowering User-Centric Creation: MetaScapes:
Vulcan Forged’s commitment to democratizing the metaverse experience was underscored by the announcement of MetaScapes. This metaverse builder empowers individuals and businesses to create their own virtual realms from scratch. This initiative aligns with Vulcan Forged’s philosophy of fostering creativity and ownership within the community, opening up new avenues for user-driven innovation.
Strengthening Flagship Games and Community Engagement:
Even as Vulcan Forged embarked on transformative initiatives, it continued to dedicate resources to enhancing its flagship games, such as VulcanVerse and Berserk. The development process for these games has been characterized by a strong collaboration with the community through the Game Council. This approach has led to the introduction of new features, enhanced gameplay, and an immersive experience for players.
Future-Ready on the Elysium Blockchain: Security and Growth
With the introduction of the Elysium blockchain, Vulcan Forged has taken a significant leap toward a future that is characterized by enhanced security, scalability, and user-centric experiences. This migration marks a strategic shift from the previous Polygon network and the use of Venly (formerly Arkane) wallets to the Elysium blockchain, where users will engage with the ecosystem using MetaMask wallets. This transition is not just a technological upgrade but a testament to Vulcan Forged’s commitment to being future-ready.
Seamless Transition to Elysium:
The migration to the Elysium blockchain signifies a forward-looking approach that aligns with Vulcan Forged’s growth trajectory. By leveraging the Elysium blockchain, Vulcan Forged is better positioned to offer enhanced functionalities, including dynamic NFTs, an advanced suite of tools, and a more immersive gaming experience. Moreover, the transition to MetaMask wallets simplifies user interactions within the ecosystem, fostering broader adoption and a more intuitive onboarding process.
Enhanced Security Through Aegis Protocol:
Vulcan Forged is well aware of the critical importance of security in the blockchain space. As part of its commitment to safeguarding user assets and maintaining the integrity of its ecosystem, Vulcan Forged employs the Lossless Aegis protocol. This protocol provides continuous monitoring of all smart contracts within the Vulcan Forged ecosystem, ensuring that vulnerabilities are identified and addressed promptly. The 24/7 surveillance provided by Aegis contributes to a proactive approach to security that is essential for protecting user investments and maintaining confidence in the platform.
A Strong Foundation for Growth:
The combination of migrating to the Elysium blockchain, adopting MetaMask wallets, and implementing the Lossless Aegis protocol establishes a solid foundation for Vulcan Forged’s future growth. This strategic approach is designed to enhance the user experience, facilitate widespread adoption, and foster an environment of trust and security. By embracing these technological advancements, Vulcan Forged is not only future-ready but also well-equipped to adapt to the evolving landscape of blockchain technology and metaverse ecosystems.
Updated: Distribution and Release Schedule
The new release schedule and distribution of PYR has been adjusted to take into account the security breach (hack) in 2021 as well as exchange listings, market maker loans, acquisitions, conferences and additional development costs.
The four tables below show the initial distribution overview, current staking pool and payouts, current distribution and projected distribution for when the land staking program has finished.
Initial Distribution and Overview
Current staking rewards are at:
- Staking rewards run from April 2022 to April 2026 with 204000 released monthly.
- Following this date, PYR wll be continued if 5-10% of PYR is reclaimed, otherwise $LAVA and other benefits will replace it.
Current Detailed Supply As of 16/08/2023:
- From the 13m treasury, we reserve a maximum 3m PYR unlocked that can be used for future exchange listings and security deposits, acquisitions, arranged warrants/options at PYR Price points, extra market maker loans. Do note that our USDT/FIAT reserve is able to to carry us for 4 years minimum currently at current expenditures. It’s highly unlikely this PYR will allt be used but we have set out a maximum for transparency and expectations.
Projected Supply on 15/04/2025 (when staking ends)
* Based on 3m PYR not being used until then as well as no additions to the Great Acquisition wallet. Both of which are unlikely and also variable (cannot be predicted).
Upcoming PYR Acquisition Routes
It’s important to note that 70% of all sowing fees, and a % of all Vulcan led NFT sales, market transactions and multiple other $PYR incoming routes are now moving to the Great Acquisition wallet. This is with an aim to extend the staking period.
Also please note, and if you managed to read this far, there is something coming that will allow all PYR holders, especially those with a Loyalty Achievement badge, and WRYON holdings, to get on the ground floor of something very very exciting. It will not only benefit PYR holders, but will both take PYR off the market on every transaction, and at the same time be a revenue share for those involved in it.
Please wait for Part 4 of the whitepaper for more clues. But right now, holding PYR, getting that Loyalty badge, and holding WRYON is a holy trinity.