Illuvium Completes Land Sale with No Gas Fee Competition

Illuvium is a closely watched game that for now relies mostly on GameFi.
  • The Dutch auction continued for four days, packing above $72M.
  • ImmutableX saved more than 4K ETH in fees.
  • Still no Beta launch date for Illuvium’s main game.

Illuvium took four days to complete its on-demand land sale, without causing a gas minting war. At its current stage, Illuvium is a GameFi earnings hub, which will now expand to Land relisting, resale and down the line, passive income from the game. 

Illuvium remains tied to the Ethereum network, and uses ImmutableX for its NFT mints, avoiding gas constraints. ImmutableX is a second-layer solution that settles on Ethereum, an alternative to other L1 solutions like Solana or Avalanche. 

The land sale also included a Dutch Auction that slowed down the process a bit and tempered the competition. Additionally, ImmutableX saved up 4,082 ETH to be redistributed to land stakers along the line. The Illuvium community was happy to avoid the approach of YugaLabs, which had no scaling solution for its land sale on Otherside Meta, and ended up with a gas war and $5,000 fees.

After the finished sale, ILV recovered to $293.39, on track to erase this week’s gains. ILV remains a high-priced asset for long-term staking. ILV/USDT on Binance is one of the most liquid trading pairs belonging to a P2E game, with a liquidity score of 881. This is mostly due to the early arrival of Illuvium, as well as the game’s prominent status and high quality. 

Illuvium Works on DEX Capacity

There is still no set date for the Illuvium beta launch. The game team is currently trying to launch the IlluviDEX, after resolving problems with the Ethereum Ropsten testnet. Currently, the IlluviDEX is the most actively developed upcoming project, which will build up on Land-based NFT.

More than $592M in ILV is staked on the Illuvium protocol. ILV is still being minted based on Epochs, with a diminishing schedule of new tokens minted. ILV can be staked by itself, or in the ILV/ETH pool, with a minimum lockup period of 1 month and a maximum of 12 months. The game also uses sILV, which moves within the game and may be used to purchase items.

Only 21 Illuvium items are resold on OpenSea, with most just images or emotes, at a floor price of 0.18 ETH.

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