TL;DR
We are preparing a Tokenomics Revamp for Genopets to align incentives, simplify on-chain mechanics, and reward early adopters. We want your feedback.
Qubit:GENE: $GENE will become the backing currency of Qubits, connecting in-app demand directly to the governance token.
Energy 2.0: Aligning the Energy system with active lifestyle best practices, reducing cheating, and introducing new ways to acquire Energy.
Harvesting Rework: Reworking Harvesting to align incentives with value-generating actions and simplify the system for greater adoption.
Join our Discord to share your thoughts and help shape the future of Genopets!
As part of the next chapter along the Genopets journey—Genopets Reborn—we are excited to share three new proposals for a Tokenomics Revamp. These initiatives are designed to reshape our game's economy to support our ambitious plans for the future and provide a more immersive experience for you, our dedicated players.
Since its debut in 2022, our Tokenomics system has seen some modifications, but its fundamental structure has remained largely unchanged. With the upcoming launch of V1 of the app and the start of this new chapter, we believe now is the perfect time to implement these updates.
Key Background Info
Definitions and Uses of $KI, $GENE, and Qubits
Before diving into the specifics of our Tokenomics Revamp, let's first understand the three key tokens in our ecosystem:
$KI Token: $KI Token is an in-game utility token Habitat owners can Harvest by converting Energy from steps each day. $KI is burned when used and has a max daily earning cap.
$GENE Token: The governance, staking, and utility token used for Genesis NFT sales, seasonal drops, and in-game crafting of valuable items. Players can stake $GENE for rewards and in-game perks.
Qubits: The in-game currency that players can spend at the in-app shop to purchase items such as Augments, Cosmetics, Energy Boosts, and more.
Our Objectives
Our objectives and guiding principles for this revamp:
Update the current unbounded mint model of $KI: Address inflation and ensure that the structure provides maximum value to our ecosystem.
Align the value accrual of $GENE and $KI: Optimize efficiency and maximize growth potential.
Remove barriers of entry for the Web3 side of the game: Simplify the underlying Tokenomics supporting the Web3 aspects of Genopets so that we can bring Web3 into the app.
Reward early adopters: Recognize and reward community members and stakeholders who have been with us since the beginning.
These objectives led to the development of three key initiatives that are poised to benefit the Genopets economy.
Initiative 1—Qubits:GENE
The first initiative, Qubits:GENE, is a significant step towards aligning the in-game economy with the governance token, $GENE. Under this initiative, $GENE will become the backing currency of Qubits within the app. This means that whenever a player buys or spends Qubits, $GENE will be bought and utilized to facilitate transactions on the back end. This connection between Qubits and $GENE ensures that in-app demand and purchasing volumes directly support the accrual of the governance token.
Initiative 2—Energy 2.0
The Energy 2.0 Initiative outlines essential changes to Energy meant to ensure a fair and balanced gameplay experience for all players as Genopets grows and features are added.
The goals of this proposal are to:
Align the system with active lifestyle best practices: By reworking the framework of Energy, we aim to make it more reflective of real-world activity and encourage healthier habits among players.
Reduce cheating: The proposal seeks to address loopholes in the current system that allow players to exploit the step system, ensuring a more level playing field.
Prevent unbounded Energy inflation/accumulation: By introducing measures to limit the accumulation of Energy, we can maintain a stable in-game economy and prevent excessive hoarding.
Introduce new ways to acquire Energy: The proposal aims to provide players with more varied and engaging methods to earn Energy, enhancing the overall gameplay experience.
Based on the goals of this Energy rework, we propose the following changes to Energy acquisition:
Energy becomes the points system of Genopets: This reworking of the framework aligns Energy more closely with the point systems used in other Web3 games and dapps, creating a more familiar gameplay experience.
Increased Step Efficiency decay: This change encourages players to maintain an active lifestyle within the game while rewarding consistent activity the most.
Additional Energy rewards for placing on Leaderboards: Introducing rewards for leaderboard placements incentivizes competitive gameplay and adds a new dimension to the game.
Energy Leaderboard will reward premium tokens and times
Emphasis on streaks for earning bonus Energy: By rewarding players for consistent activity through streaks, we promote sustained engagement with the game.
Overall, the Energy 2.0 Initiative is designed to enhance the gameplay experience, promote healthy habits, and ensure a fair and balanced environment for all players.
Initiative 3—Rework of Harvesting $KI Token Earnings
The Harvesting Rework Initiative addresses the foundational element of Genopets' move-to-earn model. This rework is crucial to adapt to the evolving landscape of the game and ensure that the rewards system remains aligned with the value-generating actions we want players to take. It also aims to simplify the system for greater adoption and ensure that rewards are distributed fairly based on each player's contribution to the network.
Goals of the proposal:
Align incentives with value-generating actions: The proposal aims to ensure that the incentives offered by the Harvesting system are directly tied to actions that contribute value to the Genopets network.
Dynamic reward token emissions: By making reward token emissions dynamic and responsive to the value being added to the network, we can ensure a fair distribution of rewards.
Simplify the system: The rework seeks to simplify the harvesting system, making it easier for players to understand and participate in, thereby encouraging greater adoption.
Reward-based on investment: The proposal aims to ensure that individual players' share of rewards is primarily determined by how much they have invested into the network, incentivizing long-term engagement and investment.
Based on those goals, we believe the following changes are necessary.
Harvesting will no longer based solely on a per-Habitat basis: To align the Harvesting framework with broader ecosystem changes, the Total Harvestable $KI will now be a function of the sum of all active Habitats' levels.
Simplified Habitat Maintenance: The proposal eliminates complex elements like Repair, Lifespan, Durability, or Decay, making Habitat Maintenance more straightforward and intuitive.
Active Habitat definition: A Habitat is considered active if it has $GENE "Stored" inside of it, allowing for clearer guidelines on which Habitats are contributing to the network.
Individual Habitat owner’s share of THK: The formula for determining individual share of THK will be (Individual Habitat Level x $GENE Stored) / (Sum of All Habitat Levels x Total $GENE Stored), ensuring that rewards are distributed based on contribution.
By implementing these changes, we aim to create a more sustainable economy, make the Web3 side of the game more approachable for new players, and build the foundation for in-app Web3 functionality.
The proposal for this initiative has been submitted for community review and feedback on Discord. Please take a look and leave your feedback!
Closing Thoughts
The Genopets team invites the community to join their Discord to share feedback on these initiatives and help shape the future of the game. Your input is invaluable as Genopets continues to evolve and grow. Come along with us as we begin this next chapter.
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Summon your Genopet and start moving to begin exploring and evolving together. Stay tuned for future updates, and join the conversation in our community channels below. See you in the Genoverse!
About Genopets
It’s time to step up your game. Genopets is the world’s first Free-to-Play, Move-to-Earn NFT mobile game, making it fun and rewarding to live an active lifestyle. A Genopet is your digital pet whose evolution and growth are inextricably linked to your own. The steps you take every day power your journey through the Genoverse as you explore, battle, and evolve — earning crypto while you play.
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Important Notice
This post and all other materials provided by us are subject to this notice (“Notice”). Please familiarize yourself with the terms of the Notice, as it contains important information, limitations, and disclaimers regarding Genopets and our Genoverse and digital assets, forward-looking statements, and other representations and warranties from you in accordance with the digital assets. By accessing Genopets, the Genoverse, the digital assets, or any of our material, you accept and agree to the terms of this Notice. The sale of tokens is not available to U.S. Persons (as defined by Regulation S under the Securities Act of 1933) or to persons located in a sanctioned country as provided by OFAC.
