Token Refresh

Token Refresh

Welcome to our first official Landing Burn series devlog.

tl;dr We will be burning 100% of the not yet used VELORUM token, and renaming the SINGULARITY token to simply VEC. Keeping the vesting calendar and category distributions untouched for this one.

With the MECO event minigame launching very soon, it is time to look back at our original idea for the tokens supporting the service economy in all our games, and see if it needs some attention or can be improved. An idea that was based on two separate tokens $SINGULARITY and $VELORUM, the first one being the in-game utility token, and the second one becoming the governance token over time.

Read more about this in our whitepaper here.

We've been looking into governance schemes for crypto projects, especially web3 games, for a while now and increasingly during the current crypto winter. While we still believe in fully decentralized web3 games, we don't think the standard token ownership-based governance systems that are mostly used today are the right match.

And that includes our original idea.

Let me make this very clear, we want our community of gamers and creators to decide the evolution of the Velorum Galaxy metaverse, which includes the development of new features down the line.

But how do we achieve this goal when anybody who accumulates a governance token could just as easily control proposals by reaching majority ownership and dominating all votes? With the current governance systems, this has become a real issue.

It is a difficult one, but we have decided to not use a governance token. The original utility token $SINGULARITY will now simply be called VEC, keeping the same vesting categories and schedules. The original $VELORUM token which was supposed to become our governance one will be burnt, deleted, and not used at all.

Note VEC is the new name for our in-game currency, it stands for VElorum Coin/Cash.

Yes, this means the only change we need to address is renaming the old token with its new name. While this might sound simple, many things have changed in the Solana SPL ecosystem since we minted it back in November 2021, so stay tuned in our devlog (Landing Burn) and our discord server for more updates on the progress.

At the same time that this is happening, we also want to empower our community of gamers, so we are looking into more innovative governance approaches that do not involve custom crypto tokens, are more censorship-resistant, and give more voice to our players. You can be sure your voice will matter if you play the game.

Ok, that's it for now, we will be amending our whitepaper with these changes very soon, before the MECO minigame launches, so all the people participating in this event will get rewarded the new 'renamed' token.

If you have any questions, join our discord server, and feel free to ask me anything.

Thanks for reading, and fly safe!