Gods Unchained has released a significant update to the blockchain game concerning the circulation and supply definition for $GODS, its in-game currency.
The move aims to improve transparency and visibility across the $GODS community.
Gods Unchained x $GODS
$GODS is the native ERC-20 token of the Gods Unchained universe. Players use $GODS to craft NFTs, purchase packs from the Gods Unchained marketplace, and earn rewards via Immutable X. The currency also represents voting power, enabling players to participate in governance proposals influencing the game’s destiny.
The game itself revolves around trading cards:
“(TCG) with a dash of blockchain flavor. The cards may be tradable NFTs, and players with no prior blockchain experience can jump right in. It is also completely free to play. It’s one of the most well-knownplay-to-earn (P2E) card games on the blockchain to date.” – P2E Diary.
Update: No New Tokens
*NO NEW TOKENS* are coming out to market. The only change is that the reported circulating supply will be consistent with the whitepaper schedule across CMC, CoinGecko, and others to include unlocked $GODS that haven’t yet been used.
Gods Unchained’s move not to release new tokens aligns with definitional updates across the Immutable ecosystem. Based on the whitepaper unlock schedule, the current circulating supply for $GODS is ~142m tokens as of this latest 28-day unlock epoch (started 30 Sept 2022).
An important update, thus, will result in a one-off increase in supply. To reiterate, *no new tokens* are coming out to market – this is just a change in reporting. So why the change? In short, this is a more consistent, simple, and transparent way to write supply.
Circulating Supply For The Immutable Ecosystem
Historically, no industry standard has ‘circulating supply‘ as its definition.
One view excludes unlocked but unused tokens from the circulating supply and aligns better with the idea that these tokens are not publicly available. Hence, Gods Unchained won’t include these tokens in the circulating supply.
Working with the Digital Worlds Foundation and token issuers toward greater supply transparency for token holders:
- On-chain balances: We will propose split treasury wallets to clearly show balances for each whitepaper allocation (rewards, developer, etc.) and split locked vs. unlocked & unused
- Review unused tokens: As it becomes transparent what unused balances are, we will explore strategies for surplus tokens (e.g., propose relocking to enhance community confidence further)
But excluding these tokens has several drawbacks:
Inconsistency: Excluding unlocked, but unused tokens result in a different treatment between held tokens vs. already circulating tokens that are bought and then held again. The former won’t count in circulating supply, while the latter will despite both being ‘held.’
Complexity: This approach also creates complexity in accounting for circulating supply. It can’t simply be based on the unlocked tokens but on whether they have previously been in use. This complexity makes it harder for token holders to understand what is happening with the circulating supply.
Lack of Transparency: An inconsistent and complex circulating supply obfuscates transparency. Even though the community could inspect the whitepaper to observe the timing of unlocks, the commonly reported circulating supply figure would not reflect this.
Gods Unchained will include unlocked tokens (regardless of past use) in the circulating supply. We believe this creates a more consistent, simple, and transparent system for all token holders and aligns with our core values of the brand, trust, and legitimacy, which are crucial in web3.
Conclusion
“For us, transparency is our overriding non-negotiable: brand, trust, and legitimacy are crucial in web3.” – Immuatable Tokenomics.
This initiative is a high-priority opportunity to drive transparency within the community. By including unlocked but unused tokens in the circulating supply, the NFT card game encourages token foundations to reflect and report on why tokens held by the foundation have not been used.
Tokens in the Immutable ecosystem (Immutable X, Gods Unchained, Guild Of Guardians) will adopt this new standard to include all unlocked tokens in the circulating supply.
