A deep dive into Pegaxy — a mythical horse racing play-to-earn game built on the Polygon blockchain.
Sounds like a win-win situation, right? Yes. And this is exactly what the Pegaxy team is building. It is a fairly new P2E game revolving around a horse racing metaverse.
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What Is the Pegaxy (PGX) P2E Game?
There are various randomized elements to each race, such as water, wind, fire and speed. Throughout the game, a mythology-inspired theme can be observed which adds to the uniqueness of the idea. Even the name ‘Pegaxy’ ought to be derived from the term ‘Pegasus’ — a mythical winged divine horse, according to Greek mythology.
What Makes Pegaxy Stand Out in the Blockchain Gaming Ecosystem?
With its unique idea of integrating a less-explored horse racing industry, Pegaxy is providing a platform for the niche population to grow, have fun and monetize their passion. Alongside, it appeals to the gaming masses with its economic model, tech features and more.
Here are some of the unique features of the game:
Trustless Rental System
Dual Token Model
Taking its inspiration from Axie Infinity, Pegaxy takes the premise of a player-driven economy to another level with its dual-token model. It has a governance token, $PGX (Pegaxy Stone) and a utility token $VIS (Vigorus).
$PGX lets players have more control, improves upon buying and selling features on the native marketplace and aids in-game Pega breeding fees. $VIS finds its use in purchasing in-game NFTs, rewarding top 3 placements, and as in-game Pega breeding fees.
Guild Model of Growth
Pegaxy encourages the formation of gaming guilds with a blend of investors, gamers and lenders. Guilds breed inclusiveness and collaboration amongst their members which furthers into cooperative efforts like lending in-game assets, sharing liquidity of assets, etc.
Scholars (members of the guild) are the fulcrum around which the guilds revolve. With guilds, new gamers have easier access to certain games that ask for a huge capital upfront. Also, the involvement of guilds and their pooled assets open up several economic opportunities for all.
From cross-chain lending to having a native NFT marketplace, the possibilities are endless.
Founders of Pegaxy Play-to-Earn Game
How Do You Play the Pegaxy P2E Game?
Here are the steps to play the game:
Step 1: Buy $MATIC and transfer it to your MetaMask wallet.
Step 2: Connect your MetaMask to Pegaxy on the Polygon network.
Visit https://pegaxy.io/ and hit on the ‘Play Now’ button. You will be redirected to the Pegaxy marketplace. Hit ‘Connect’ and then connect your MetaMask wallet.
Step 3: Rent or Buy Pega
To rent a Pega, click on ‘Renting’ and you have a variety of Pega to choose from. You can pick between male and female Pega. Also, you have 5 breeding types, from founding to rare, to choose from. In renting, you have two options, you can either pay a rental fee or share profits with the Pega owners.
To buy a Pega, click on ‘Marketplace’ and an assortment of Pega awaits you. From bloodline to rarity, there are multiple filters that you can add before finding the right Pega for you. Right now, Pegaxy allows you to purchase Pega using $USDT and $PGX only.
Note: Swap $MATIC that you had bought in step 1 for $PGX to rent or buy Pega.
Step 4: Start a Race Match
After renting or buying a Pega, it is time to race. Click on ’Racing’ and you can see a list of races that are going live on the Pegaxy platform. Pick one Pega and click ‘Start’ to find a match for you against 11 other players. Confirm your participation by signing using MetaMask.
Step 5: Race!
Currently, all races on Pegaxy are automated and your Pega’s performance is solely based on its stats and attributes. So, after you match with 11 other players, a race of around 2 minutes goes on and you can see the live progress.
Note: Pegaxy has concrete plans to transition into being a more skill-based game.
Tokenomics of Pegaxy (PGX) and Vigorus (VIS)
$PGX — Governance Token
Currently, $PGX tokens can be used to purchase Pega in the marketplace and pay breeding fees. Also, two key use cases of $PGS is that the token can be earned as part of tournament rewards in Pegaxy and can also be staked.
The $PGX token allocation is as follows: Community Developer Incentives — 160M; Ecosystem Reserve and Marketing — 300M; Team — 220M; Liquidity Provisions — 100M; #1 Private Sale — 100M; #2 Private Sale — 100M; IDO/IEO — 20M.
Note: Apart from liquidity provision and marketing efforts, each allocated token is attached with a vesting period ranging from 5 to 24 months.
$VIS — Utility Token
A balanced mint-to-burn ratio has been set by the Pegaxy team allowing the economics to be fair and just without the team wielding complete control. There is no cap on the number of $VIS tokens to be available on Pegaxy and is fully dependent on players and their racing journey. Apart from placing in the top 3 in races, there is no other way of minting $VIS.
Pegaxy Fabled Tokens
Alongside the two native tokens, Pegaxy also has a set of unique ERC-20 tokens called PFTs — Pegaxy Fabled Tokens. They are powerful tokens with the ability to evolve your Pega into Crowned Pega. PFTs can be earned by referring people to the Pegaxy platform and having them own at least one Pega.
The number of PFTs has been capped at 4000 and the attempts to evolve are set at 800. Also, there is a burning mechanism in place for Fabled Tokens which means the circulating supply will decrease over time and they become more scarce.
Roadmap of Pegaxy
To date, the Pegaxy team has delivered on the roadmap consistently. Moving deeper into 2022, let’s have a look at a few promising upgrades that need to be kept an eye on.
First of all, the 'Crowned Pega' release and the first 'Stadium Sale' event are the two mega-events that are being awaited by the whole community. Alongside, a community hackathon is being planned to incentivize developers with rewards to improve the Pegaxy ecosystem.
Later in the year, we can expect the introduction of Community Treasury with in-built $PGX staking. Also, more uses of NFTs and more importantly interoperable or cross-chain NFTs is something the Pegaxy team is gearing up for.
Future of Pegaxy and Price Prediction
The Pegaxy game development team will eventually move to a skill-based game rather than an auto-racer. While racing, players will need to manually control their Pega, giving skilled players an advantage.
Their mobile-gaming first approach keeps them in good stead as ease of access continues to be the number 1 priority for the majority of the population. This can be seen in their game and its seamlessness across both iOS and Android.
The updates are soon to be available in the following releases with 3D racing, in-game Pega equipment, and player-controlled racing in the pipeline. With its innovation in trustless rental systems, on-chain technology, and balanced economic models, Pegaxy stands to grow more in the P2E gaming community.
Considering the nascent stage of play-to-earn, and blockchain games in general, there is still much more room for growth for projects building in this space. Whether Pegaxy or Derace emerge as the sole winner or exist in healthy competition, only time will tell. As long as Pegaxy continues to deliver its roadmap and grow its guild of players, the influx of gamers and scholars could likely push the price higher than what it is now.