- Pegaxy is trying to rebuild its value model by clawing back more VIS from the market.
- The game is now ranked 57 on Polygon, down from reaching the Top3 games.
- Pegaxy still uses simulated racing with additional fees to join.
Pegaxy is one of the examples of a once hot and successful play-to-earn game, which unfortunately fell victim to its own success. At one point, the game was drawing in above 30K players per day, including automated competitive bots.
This led to over-production of the in-game NFT, the Pega, as well as oversupply of VIS tokens. In its newest update, Pegaxy will introduce a new system to account for all remaining VIS, which will also deal with idle accounts.
The game aims to move more of the VIS into the game and diminish the pressure on the market. Currently, players own two types of VIS – Gold, which is held in a wallet and Silver, which is deposited into the game.
VIS May be Locked for Inactivity
Silver VIS is further split into Claimable and Locked. Only Locked VIS can be used for in-game purchases, pledge racing, upgrades and other tasks. The biggest change is that all Silver VIS will move to Locked status for accounts not active since September 2022.
All accounts that have not raced in 30 days will also have their VIS locked. Claimable VIS will still have a 15-day withdrawal period to turn into gold VIS and trade on exchanges. Accounts can prevent locking by renting out their Pega NFT. But the rented horses must also race within 30 days, or else the VIS will become Locked.
VIS Goal is to Remain Off the Polygon Blockchain
Claimable VIS can only be earned by participating in races. The new scheme will add to the VIS burns and possibly repair the use cases and the value of the token. However, Pegaxy still has relatively low earnings, especially compared to peak valuations. Pegaxy is one of the few games with idle play and automated rewards, which has not organized tournaments or paid events. Pledge racing is also not bringing new liquidity, as it is mostly used to burn VIS tokens.
Because most VIS is off-chain, Pegaxy now has 262 players per day, a far lower number compared to previous peaks in activity. Pegaxy NFT have also fallen to 541,464K, as some of the players gave up and burned their NFT. Fusion has also cut into the numbers and new breeding is also slowed to a halt.