Pegaxy has been losing players over the last months and the project’s assets also lost pretty much all their value. But the game just got a few updates which might be a game-changer for the top horse racing simulator in NFT Gaming. But will it be enough?
In the last months, Pegaxy’s team has been implementing a lot of changes to the game to revert its economical situation but they did not succeed. Nevertheless. Pegas NFTs, $VIS, and $PGX are still worthless.
Recently, another wave of updates was implemented in Pegaxy as another attempt to revert its catastrophic economic decline. Starting with Pledge Racing. To participate in races players have to spend their Pega’s energy and also pay a fee in $VIS. 10% of those fees will be burned, and the remaining 90% will be used to reward the top 3 players in that race.
This means that $VIS is from now on deflationary. Besides that, the token can not be minted anymore since the $VIS earned in races comes from the participants.
Then there is also Drop Racing where players pay a ‘Flat Fee’ of 60 $VIS to participate. In Pledge Racing the fee and reward depend on the class of the participating Pega, while in Drop Racing the fee and reward are always the same.
Tokenomics update
Besides that, Silver Locked $VIS was added to the ecosystem. Now there’s Gold $VIS which is On-Chain and there’s Silver $VIS which is Off-chain. This will allow a better gameplay experience since there are not as many on-chain transactions as before.
Exchanging between the two tokens can be done at a fixed rate of 1:1 and each token has a different utility:
Gold $VIS
- Breeding
- Fusing
- Crafting
- Name change
- Apply Food
- Reroll services currently
Silver locked $VIS
- Race entry fees
But exchanging these tokens can not be done at any time. When depositing Gold $VIS it turns into Silver Locked $VIS. On the other hand, Silver Locked $VIS can only be exchanged for Gold $VIS every 15 days.
Renting, Scholarships and Running a Guild in Pegaxy
Obviously, with all these changes, scholarships and the renting system were also affected.
Before the update, renters could only define how to split the profit from races. But now, Pega owners can also define how to split the fees necessary to participate in races if renting through ‘Public Share’, ‘Direct Rent(Private)’ and ‘Paid Rent Fee’.
Public Share: The owner will determine the reward share percentage and amount paid for race entry fees. The amount of reward share and entry fee payment can be different, for example, 50% reward share but the owner pays 80% of all race entry fees. If the owner runs out of Silver VIS for pledge racing, the renter will be prompted and given the option to return the Pega.
Direct Rent (Private): The owner will determine the reward share percentage and amount paid for race entry fees. The amount of reward share and entry fee payment can be different, for example, 50% reward share but the owner pays 80% of all race entry fees. If the owner runs out of Silver VIS for pledge racing, the renter will be prompted and given the option to return the Pega.
Paid Rent Fee: Renter will pay 100% of the entry fee in Drop Racing and Pledge Racing.
You can find more detailed information about the update on the official post on the Pegaxy website (the whitepaper has not been updated yet to reflect these changes).
Will it be enough?
Pegaxy’s ecosystem was desperately needing an update like this. It changed completely its economic model and the supply of $VIS will decrease over time. Personally, I do not see Pegaxy as a project succeeding in a bear market. This update changed its tokenomics but did not change the fact that Pegaxy is not a fun game.
Since a fee is required for every race there’s a chance that players will lose money while racing with their Pegas and this will cause people to leave. Add the possibility of losing money to a boring game and you have the perfect cocktail for complete failure.
I think Pegaxy will only stand a chance if they introduce fun and competitive gameplay where players have real control over their horses.
What is Pegaxy?
Pegaxy is a horse racing simulator on the Polygon blockchain. Players can either buy or rent Pegas, which are mechanical horses that exist in the form of NFTs. These can be used to participate in races.
In each race, the top 3 players are rewarded with the utility token $VIS. Every time a Pega is used to race it loses 1 energy and when its energy reaches 0 it will not be able to race.
Besides racing, players can also use their Pegas to breed a new offspring by burning $VIS and, the governance token, $PGX. As another $VIS sink, there’s also fusing where players can merge two Pegas of an inferior rarity to get a Pega of a superior rarity.
In the last months, Pegaxy’s assets have been losing their value and a lot of players saw their investment going down. The $VIS token went from its all-time high of 25 cents of a dollar to 0.0000176 cents of a dollar.
