Use cases for $PYR
How $PYR is utilized inside the VulcanVerse Universe.
$PYR is the native token for the Vulcan Forged Universe. It will be available on several cryptocurrency exchanges in April of 2021, and will also be able to be earned in a myriad ways just by playing the many games from Vulcan Forged Studios. This article is about how to use the $PYR you will earn.
The primary use for $PYR will be as a form of currency in the Vulcan Forged marketplace (market.vulcanforged.com). In order to make purchases, you must exchange your $PYR for the intermediary token FIRE once inside the marketplace. $PYR and FIRE will always be tethered at a 1:1 ratio.
Inside of the flagship game VulcanVerse, the major use case for $PYR is in leveling up and staking in your NFT land(s) and NFT God(s). Each level increase will have a $PYR fee, and also require a $PYR deposit in the form of token staking. The fee is non-refundable but the staked coins can be removed at any time. Removing staked coins will, however; lower the level of your land to the corresponding amount of $PYR removed. The level and amount of your lands compared to the levels of all the other lands in VulcanVerse will determine how much you will receive as part of the monthly reward pool $PYR dividends.
All lands and Gods will start at level 1 and have the possibility to reach level 7. Leveling up your land allows for increased access to more building tools, better assets, and treasure pits worth greater value. Leveling up your God will not only change the dynamic nature of your NFT image (as there are unique images for each of the 24 God’s 7 levels), but will also do four critical things:
- Raise your percentage of the monthly reward pool by 10% per level increase.
- Raise your percentage of LAVA won while playing Vulcan Forged games by 10% per level increase.
- Reduce your commission rate in the marketplace by 10% per level increase.
- A level 7 God will grant you access to Elysium, a special area inside VulcanVerse with ultra-rare NFT foraging options.
There is even a $PYR development pool aimed at de-fi loans for third party developers on the Vulcan Forged platform. As per the official $PYR white paper: “$PYR will allow token holders to fund the operations of game developers for the Vulcan ecosystem via a liquidity pool. Vulcan Foundation will keep a small margin of the interest rate on those loans and pass the remaining to the liquidity providers. Interest in the trade financing protocol will be payable in $PYR tokens.”
Vulcan Forged has its own use cases for $PYR as well. The Vulcan Foundation will fund two PYR reward pools, with 10M initial tokens, released over a 24 month period. One pool is the ‘LAVA Pool’ (Play-to-earn) and the other a Staking Pool. Along with the foundation’s contributions, the pools will be added to four ways (for now), each time equally divided between the two:
- 10% of the fee taken from every Vulcan Marketplace transaction will go into the pools.
- 10% of every fee taken from direct asset sales (Berserk cards, or Vulcanites for example) will go into both pools.
- 50% of every upgrade fee for land, Titans and Olympians will go into both pools.
- 10% of every prize pool and tournament fee setup in the Frenzy game platform will go into both pools.
Also per the white paper: “While not the main function of the PYR token, it still can be used as a pure medium of getting users attention to any Vulcan dApp by way of rewarding users in loyalty points and also bring financing to third party dApps. Advertisers are given options of paying in PYR tokens and lock-up for the period of advertising.”
So even before its release, $PYR is brimming with use cases for both the public and for the Foundation. With games being added to the Vulcan Forged Platform all the time, the use cases for $PYR will surely increase as well.