Over time, the crypto space has earned itself a place amidst the leading spheres across the globe. In recent times, the industry enjoyed a rapid rise in its adoption. Despite the volatility associated with the sphere, millions of traders across the globe still adopt and use the assets to trade, make payments and receive value. Although cryptocurrencies are utility-driven, their most notable function is serving as a medium of payment and investment.Today, some of these crypto assets run to serve as native tokens to numerous virtual protocols, serving as instruments through which their users make payments for the services or transactions carried out. Worth noting that the PYR crypto is one of such crypto.
Nevertheless, it is pivotal that every reader of this content embrace and comprehend this article without misrepresenting its intent. Notably, this piece is not geared towards promoting the crypto asset, but only to make them understand the background, potential and peculiarity of PYR crypto in a bid to enable them make an informed decision. Therefore, consequential decision lies solely on the investor and not the responsibility of the author.
PYR crypto – General Overview
As a native token of its protocol (Vulcan Forged), the PYR crypto serves as an ERC-20 utility token. Since its native platform runs as an NFTDApp ecosystem, a gaming studio, and a marketplace, Pyr serves as an instrument through which users buy Vulcan Verse assets. Worth noting, the crypto powers and fuels the entire Vulcan Forged dApp ecosystem. According to its whitepaper, 10% of the crypto transaction is usually allocated to collaborators in the ecosystem through the platform’s reward pools. With this, collaborators on the ecosystem earn substantial rewards for their activities on the network. Also, 50% of the fee taken from every Vulcan Marketplace transaction usually goes into the reward pool. Likewise, 50% of every upgrade fee for land, Titans, and Olympians on the platform also goes into the reward pool.
Staking and fee settlement with PYR crypto
Meanwhile, the PYR crypto allows holders to make fee settlement and engage in staking without hitches. Through staking, Users usually obtain PYR tokens from the reward pool. Occasioned by Pyr crypto, users are able to sponsor the activities of game developers within the ecosystem. More so, the token allows innovative users to access all the decentralized applications on the platform. Through their engagement on these DApps, they earn loyalty points in form of the token. According to findings, Vulcan Forged initiated PYR crypto through the collaboration of its blockchain partner Polygon. The protocol sees the crypto as one capable of aiding its mission to “revolutionize the play-to-earn concept in gaming.” Users are at tendency to earn the token just by playing varieties of Vulcan Forged dApps.
Vulcan Forged as the native protocol of PYR crypto
As asserted, the native platform of PYR crypto, Vulcan Forged runs as an NFT game studio, marketplace, and dApp incubator. It possesses its own DEX, more than 10 games, about 100,000 community, and enjoys top 5 NFT marketplace volume. According to its whitepaper, the platform “promotes the development of world-class blockchain games by supporting developers through its development programs ‘incubation and crowdfunding.” It runs as a “one-stop shop for blockchain game enthusiasts where they can access popular games and a vast NFT marketplace to buy and sell digital assets in-game.” As designed, the platform’s ecosystem is powered and fuelled by its PYR settlement, staking, and utility token.
Over time, Vulcan Forged had indulged in numerous partnerships to facilitate its offerings. For instance, in 2021, it partnered Polygon which paves the way for the expansion of its community. The partnership helps to bridge “the NFT ecosystem to the Erc-20 network while virtually eliminating gas fees thanks to Matic’s fee delegation.” Reportedly, the partnership birthed the PYR crypto, a native token of the protocol using the “number one Layer 2 solution that fixes Ethereum’s scalability issue via an adapted version of Plasma with PoS-based side chains.” Occasioned by its ability to remove gas and crypto for game developers, Vulcan Forged has cemented its place as a leading gaming and NFT ecosystem.
Notable background of the project
The Vulcan Forged (PYR) was founded in December 2020. Its CEO is Jamie Thomson. Notably, the project mapped out numerous responsibilities to its entities. The Vulcan Foundation, for instance, is responsible for all token governance, issuance, and sales. Also, Vulcan Forged LTD will oversee game development and business operations. Likewise, Vulcan’s BVI Company is mandated to issue the token anz hold the digital tokens for the ILO. Generally, the platform hopes to provide the best NFT gaming experiences. It intends to achieve this by offering “engaging and entertaining games capable of revolutionizing the blockchain gaming space.”
How Vulcan Forged turns passion into money
Vulcan Forged like many other projects in the space are aiming to attract more users while pushing their gospel of their visions. However, the protocol serves as home to a collection of blockchain-based games. These games exist in the ecosystem without creating unhealthy competition. Instead, games on Vulcan Forged gives game enthusiast a variety of options, thus, establishing the protocol as a force to reckon with among its peers. These games include Vulcan Runner, Tartarus, Vulcan Verse, Berserk, Vulcan’s Poker, Battle Chess, Tower Defense, etc.
Beyond any reasonable doubt, this variety of games tends to suit different player across their diversity of choice. The tendency of the platform to host numerous games makes it an ideal destination for game lovers. Due to that, the project has been able to attract about 115,917users, with 104,858 as active users. As a protocol with a play-to-earn posture, Vulcan Forged doesn’t make fortune off gamers’ passion. However, game lovers earn more on their preferred game choice due to the variety of games at their disposal.
Likewise, it’s sacrosanct to mention Vulcan Forged among top projects that champions the push away from web2 to web3 games. The project doesn’t only support the exodus, in fact it’s doing well more than other play-to-earn projects. This admirable stride is evident in the growth of PYR crypto and how it has grew over the years. The token remain among the few assets in the cryptocurrency space that endured pressure from the crypto winter.
Is $LAVA different from PYR crypto?
Yes! Investors and cryptocurrency enthusiasts should take note that both $LAVA and PYR crypto are different tokens. Though they exist in the same ecosystem but they play different roles on Vulcan Forged. While PYR crypto functions as the native token of the protocol, the play-to-earn model of Vulcan Forged lies on $LAVA. The two tokens have their jurisdiction within the ecosystem but PYR crypto has more usage cases than $LAVA. This is because the latter is only relevant in the gaming sector of the ecosystem.
Gamers earn $LAVA on Vulcan Forged through the Experience Points they garnered while playing games on the platform. Though, a player is mandated to warn at least 10,000 XP before they become eligible to earn $LAVA. Game enthusiasts can want $LAVA through numerous means like Foraging, Battling, Spying, and defending game space. Also, they can earn $LAVA on the platform by visiting landmarks, trading material, completing quests, and winning games.
There are different models of distributing earned $LAVA, most of these methods pegged different ratios for XP/LAVA. Nevertheless, the central distribution model evolves around calculating $LAVA rewards every hour. Then, subjecting the distribution to the based XP percentage every player want. Meanwhile, Vulcan Forged DEX provides a $LAVA/PYR crypto pair. Due to its importance to the entirety of the Vulcan Forged ecosystem, PYR crypto is more value and well eatablshised than $LAVA on general crypto market.
Edge over other projects
To some extent, PYR crypto is enjoying a privilege above its, peers. The token has enough utility cases that has helped it’s growth and stability in the crypto market. Its protocol runs NFTs initiative, Play-to-Earn, Marketplaces, and a Decentralized exchange.
The variety on projects on its ecosystem gives PYR crypto an uneven the advantage over others. Meanwhile, many are expected to come as Vulcan Forged has engaged in numerous programs to facilitate more use cases for the token. The impact of these collaborations are starting to emanate lately and it coincides with a glorious period, where PYR crypto has, enjoyed good atmosphere.
Conclusive Submission
Obviously, the variety of projects on Vulcan Forged has attracted users to the platform. According to it’s Web page, the project has recorded a whopping $2,612,477.12 in trading volume. This healthy figure helped PYR crypto to maintain its stand despite the prevailing market condition. Worth noting, that despite that, the PYR crypto didn’t suffer much panic sales among holders as its market cap didn’t really stagger.
Nevertheless, more is expected to come from the project. Investors must be beaming with the hope for a prosperous future, because the project will attract more users due to its numerous features. More users will bring more good tidings for PYR crypto resulting in good market resistance. If Vulcan Forged could maintain this structure, define it the sky is definitely a starting point for the project.
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