Genesis League Sports Tokenomics
It's barely 90 days since Splinterlands creators launched the tokenomics System on its emerging Sports-based Play2Earn Platform called Genesis League Sports. The announcement was made on Tuesday, November 8, 2022 by Jesse "Aggroed" Reich, who doubles as CEO of GLS and GameFi leader, Splinterlands.
The GLS tokenomics system would now allow for users to interact/engage the Official Cryptocurrencies of the GLS Platform viz: Genesis League Governance Token (GLX), Genesis League Game Time (GLGT), and Genesis League Stable Token (GLUSD).
That development marked the beginning of an open trading for GLX on hive-engine. LeoDex and Tribal Dex. Prior to then, GLX was only earned as an airdrop rewards for staking SPS. Today, more usecases has been added to GLX such as staking and pooling in Diesel pools on TribalDex
Today is another 8th, the 8th of February 2022 and more improvements would be made on the tokenomics of Genesis League Sports. This improvement would be featuring Stablecoin Minting among other tweaks.
StableCoin on Play2Earn is Powerful!
Stablecoin is a cryptocurrency that pegs it value to something else. Stablecoins can be backed by holdings of other assets called a reserve. The most popular is to peg the stablecoin to the US Dollar by having cash and/or cash equivalents in reserve.
We all know how important stablecoins have been in the crypto space and earning them on a gaming platform can be awesome. $GLUSD, the stablecoin for the Genesis League Sports platform would start being mined today and the value is expected to be pegged to 1 USD.
Below are the list of updates relating to the tokenomics of enesis league Sports platform as announced in the Discord Channel:
GLUSD minting(!!!): Users will be able to burn GLX in order to receive GLUSD. 1 GLUSD will be the equivalent of $1 USD (similar structure to DEC in Splinterlands). Burning GLX will be the only way to mint GLUSD. GLUSD can be used to purchase packs going forward.
GLUSD and GLGT bridged to Hive Engine: Everyone will be able to transfer GLGT and GLUSD between the platform and Hive Engine. This will allow everyone to buy/sell the tokens on Hive Engine and send them back into GLG.
GLGT for bonus packs and discounts: GLGT will be available to use in purchasing packs, allowing for everyone to receive discounts on packs (up to 50% currently) when using GLGT as part of the purchase. GLGT can be obtained via staking GLX.
Elsewhere, I shared how GLGT Rewards: Best Deals for Staking $GLX. Yes. staking GLX over the last three months has not only yielded GLX to the stakers but also mints GLGT. The value of GLGT tokens can be compared to VOUCHERs in the Splinterlands game.
Today, the GLGT accumulated by many GLX investors would begin to gain value, especially as it would give up to 50% discount for buying Genesis League Goals packs.
Exciting times are here again for investors in the splinterlands platform as there would be another price buzz in the $GLX, $GLGT and $GLUSD markets.
- How many GLX and GLGT do you have?
- How much GLUSD would you mint on Day 1?
You want to learn more about Splinterlands, SplinterGlossary is a hot reference center for you.
Splinterlands game is termed the "next generation of collectible card games" in which allows players to collect, trade, and battle with provably scarce digital collectibles with real-world value. Battles on Splinterlands Unlike most trading card games, are fast and furious, and are usually completed within few minutes. The Splinterlands gameplay is simple and easy to learn viz: reviewing combat rules, making and submitting of the team and watching the battle unfold.
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