Spider Tanks is being quite careful when it comes to its economy and the $SILK token. To make sure their token and economy don’t crash the same way as many other web3 games like Axie Infinity and Pegaxy, Spider Tanks just introduced the Honor System. This is a system that will reward ‘supportive activity’ and penalize ‘unsupportive activity’. In a nutshell, the Honor System exists to avoid massive cash outs and a drop in $SILK’s value.
The GALA title, Spider Tanks, recently introduced the $SILK token. When a player who owns an NFT tank wins a match he is rewarded with $SILK, putting this game into the play-and-earn category. But, in web3 gaming, we have seen several titles’ economies falling because of players cashing out and taking liquidity out of these ecosystems. The Spider Tanks’ team wants to avoid this at all costs and for that, they introduced the Honor System.
The Honor System’s main purpose is to avoid massive cashouts. Those who seek to just remove $SILK from the ecosystem to dump it on exchanges will lose honor points which will result in those players not getting the full amount of Victory Points after each win.
Honor goes from 0 to 1,200. A player who has 900 Honor will only get 75% of Victory Points after winning a match. Victory Points are exchanged by $SILK at the end of the day. So, those who have low Honor will have a hard time farming $SILK. Low honor can be recovered and high honor can be lost either by performing honorable or dishonorable actions.
Honorable, Negative and Redeeming Actions
Spider Tanks considers as honorable actions:
- Playing Spider Tanks daily and winning. The amount of Honor points depends on the highest level of Tank or Part used.
- Running a Spider Tanks planetary node increases Honor by 6 every day.
- Bridging-in $SILK from Ethereum to Project GYRI. For every 100 $SILK bridged-in players will get 2.4 Honor up to a maximum of 240 Honor.
Spider Tanks considers as negative actions:
- Bridging-out $SILK from Project GYRI to Ethereum. The amount of lost Honor will depend on the % of $SILK bridged out. For example, if a player with 1,000 $SILK bridges out 500 $SILK, then he will lose 50% of his honor points. For players with a high amount of $SILK, the honor loss will be based on a flat rate of 20% per 10,000 $SILK bridged out.
- Sending $SILK to another Project GYRI wallet
Last but not least, Spider Tanks considers as Redeeming Actions:
- Spending $SILK in the Gala Games Store. If a player bridges out 50% of his $SILK tokens and purchases an NFT with 40% of those $SILK tokens, then he will only lose 10% of honor. All $SILK spent on the store will not have a negative impact on honor. The bridged-out $SILK will have to be spent on the same day to avoid an honor loss.
Last Thoughts
Spider Tanks came up with an innovative idea to avoid its NFTs and tokens losing all their value. If the Honor System works out I believe we will see many other projects in the industry adopting a similar strategy to maintain a healthy economy. So far $SILK is holding a healthy price of 0.8 USD and their ‘play-and-earn’ system started around 2 months ago. This could be an indicator that the team’s strategy is working.
Nevertheless, at the core of every sustainable and healthy economy is a fun game. Without a fun game, the only reason people will spend time in that ecosystem is to remove liquidity from it. That is also not a problem for Spider Tanks which has engaging gameplay that will hook players for hours to their screens.
If you want to know more about the project make sure you watch the video we have done below.
