My DeFi Pet Builds DAO to Give Players Voting Rights

My DeFi Pet has formed a DAO structure to vote on future issues of the game. Each DPET owned gives one vote.
  • DPET owners can have voting influence in proportion to their number of tokens held.
  • My DeFi Pet still locks up most user funds, causing discontent for early investors.
  • DPET value slid to $0.32, far from the peak above $9.30.

My DeFi Pet will be the next P2E game where the direction of development will hinge on the decision of players. The game announced the creation of a DAO (Decentralized Autonomous Organization) with voting rights. 

Voting will happen with a full blockchain record, and hinges on owning the DPET token. 

The first issue of My DeFi Pet is whether to unlock tokens according to schedule or extend the holding period to 2024, with another 12 months of lockup. One DPET token grants one vote, meaning large-scale owners may sway the results. Voters will then get a percentage of a reward for engaging with the voting mechanism. 

Some users may not agree with the very long waiting period, as their tokens remain inaccessible. DPET is now trading around $0.32, after a steep period of losses. In the summer of 2021, DPET reached almost $9.30, at a time of outsized hype for P2E games.

My DeFi Pet held its IDO token sale a year ago, at a price of $0.08 per DPET. As usual, the token was locked to avoid rapid selling. 

DPET is a Binance Smart Chain token, held in 183,078 addresses. Some of the tokens are staked or used to buy pets, and the initial investors have been left out of their liquidity. DPET has managed to secure a listing on KuCoin, though still having very slim trading volumes under $1M.

How My DeFi Pet is Moving

My DeFi Pet is a game resembling the mechanism of Axie Infinity. Players can find, breed and upgrade their pets, then participate in tournament events. The next step on the roadmap would be the battle mode, where playable characters would compete against each other.

The game is still in limited beta mode, with most features still ahead on the roadmap. According to DappRadar data, the game has less than 700 players as of April 2022. At the peak in the summer of 2021, My DeFi Pet once managed to attract more than 20.1K players in a single day. 

The game has yet to prove itself as a contender for a leading position. There are calls for the project being a scam and a money grab, as the game team have raised significant funds and have lagged behind in game development and P2E potential.

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