|Published on||Published on||Medium|
|Date||Date||22 Apr 2022|
Community is always our starting point. As you know, VersaGames is the next-generation community-driven NFT-gaming ecosystem. We recently expanded on this concept with our new community structure (see https://medium.com/@VersaGames/announcement-versagames-new-community-structure-and-reward-mechanisms-314d6e075087 ).
Post the IDO, and in addition to formalizing community structure, we have held a Path of Survival fanart contest. We also partnered with DG Pals, holding another fanart contest where 3 winners will receive the highly sought after DGP Egg, and 3 winners will receive $VERSA. In line with the new community structure, our valued active community members called Versa Top Guns select the winners in exchange for a chance to win some $VERSA.
Additionally, one of our community members shared his positive view of Phantom Galaxies. After trying it out, and frankly loving it, we identified it as a promising partnership candidate. To test the community response, we gave out more than 25 Phantom Galaxies NFTs, allowing VersaGames members to try out the game as well.
Our community is one of gamers and we want to reward those who support our project for the long run- that’s why we decided to hold an NFT raffle for $VERSA stakers (snapshot will be taken between Apr 23 — Apr 30). There will be 10 winners, and a total prize pool of 15kusd worth of Game NFTs. We will implement a monthly $VERSA staking snapshot based NFT raffle, with secret snap times to reward those who are staking consistently.
Post the IGO, we have completed our smart contract audit with Paladin, and immediately following that, implemented staking on the VersaGames storefront. $VERSA holders can now stake their tokens and participate in treasury growth through the 40% APY paid on staking via xVERSA. The yield and airdrops that come with staking are the 1st reason to hold and stake $VERSA.
We are now hard at work implementing a treasury dashboard to give $VERSA holders full transparency on where the DAO allocates its resources, and what the treasury composition is. Following the dashboard, we will focus on creating a game partner portal page where studios can easily approach VersaGames for collaboration.
We raised 2mUSD from our IGO, of which 500k USDC was sent to our Dev/Ops wallet to give us a decent runway for platform development. The rest was primarily invested in liquidity pools on VVS to give $VERSA deep liquidity. As mentioned above, we are working on a Treasury Dashboard which will make it easier for you to track treasury assets. For now, our non-$VERSA composition consist of:
5mio SRV purchased at 0.02USD per token (payment pending)
The total treasury value in USD is 1513kUSD, with the USD gain of 13kusd coming primarily from the treasury participation in the VVS-$VERSA LP. Another source of return is our partnership with Single Finance where we have deployed 81kusd to their market neutral strategy in USDC-SINGLE, and 316kusd in CRO deposits.
Going forward, treasury gains will be increasingly derived by our Liquidity as a Service Model (LaaS).
The following scenario is to give a concrete example on how LaaS would work:
We continue providing our own Liquidity, say 1.5mUSD $VERSA, paired with 1.5mUSDC. This 3mUSD pool will earn trading fees of around 10%, resulting in 300kUSD worth of LP tokens after 1year. Say we have 3 partners, where the pool is 1mUSD each, so in total we are providing 1.5mUSD in $VERSA, and 1.5mUSD totally in game tokens which are borrowed from the 3 game partners (500k Game1,2,3). These 3 LPs are each incentivized with a 50% APR in the form of extra partner tokens. We would then make 1.5mUSD (500k in each Game1,2,3) and 300k in trading fees (150k in $VERSA, and 50k each in Game1,2,3). This results in a total treasury revenue of 1.8musd. This revenue will then be distributed to xVERSA holders, either through more $VERSA distribution, or through us opening an additional xVERSA staking option whereby you earn GameX token.
LaaS can be very profitable and scalable, and access to game tokens derived from LaaS partnerships will be the 2nd reason to hold and stake $VERSA. However, while VVS is our primary liquidity venue, implementation relies heavily on our ability to attract games to Cronos. Therefore, our main focus right now is to provide as much value add as possible from our platform and community, and incentivise great games to partner up.
Disclaimer: This projections above is a forward-looking statement. Such statements or information involve known, unknown risks and uncertainties which may cause actual events or results to materially differ from the estimations and results implied or expressed in these forward-looking statements.
Finally, when we talk to studios and come across great projects with strong potential, such as Path of Survival, we can directly invest at an early stage (seed or private round). This aligns our incentives and deepens the collaboration. It also means VersaGames treasury will have an increasingly diverse portfolio of promising game tokens. This is the 3rd reason to hold and stake $VERSA, as holders will participate in treasury investments via staking and DAO buybacks.To summarize the primary reasons for holding and staking $VERSA.
Participate in snapshots and distribution of exciting Game NFTs
Earn 40% APY in $VERSA, Stake xVERSA and earn Game Tokens
Get diversified exposure to different high quality Game Tokens
Paladin Audit: https://paladinsec.co/projects/Versagames/
The VersaGames IGO is done via the DEX of VVS Finance on the Cronos blockchain. This is one of the largest decentralized exchanges on the Cronos blockchain with a TVL of $1.7 billion. In this video, I explain how to participate in the IGO on April 12th. Although he is spoken in English, that should not be a problem.