Source: BITWU.ETH
Editor's Note: On February 8th, Binance announced the launch of the 46th new coin mining project, Pixels. Users can deposit BNB and FDUSD into the PIXEL mining pool on the Launchpad website after 8:00 on February 9, 2024 (UTC+8) to receive PIXEL rewards. A total of 10 days are available for mining PIXEL. Subsequently, Pixels announced a strategic financing of $4.8 million, with participation from multiple well-known capital firms. Cryptocurrency KOL BITWU provided a detailed introduction to the Launchpool project Pixels and made estimates on its launch price combined with on-chain data monitoring account AI Yee's speculation. BlockBeats has compiled the following:
Pixels is a free Web3 farming game. Binance has introduced a large number of Gamefi projects this year, indicating that games will definitely have a place in the new round of the bull market to some extent. Mavia Game, which I have been following for a while, has also been invested in by Binance and is currently experiencing a similar upward trend to a bulldozer.
The mining will last for a total of 10 days, and you can obtain the PIXEL token for free using BNB and FDUSD. I staked from the first day and currently have received 2017 tokens.
This article mainly analyzes the following through related track and project research:
1. What is Pixels exactly?
2. The token model of Pixels?
3. How much estimated return? Is it worth borrowing to mine?
4. How is the estimated launch price, and how to operate?
5. Binance related research report
I. What is Pixels?
Pixels is a Web3 farming game mainly focused on Play-to-Earn (P2E).
First, the game is free. It allows players to engage in familiar agricultural activities such as resource planting, food preparation, and goods trading. Players also have the unique opportunity to own and develop individual farmland plots.
Second, the game recreates the atmosphere of classic 16-bit role-playing adventures, allowing players to navigate in a pixel art world, interact with each other, cultivate land, play mini-games, and earn token rewards.
Additionally, it also allows holders of selected NFT profile picture (PFP) collectibles to use their owned avatars in the game, adding to the fun of the game.
The following content is from: @BlockBeatsAsia
Original: "Pixels two-year anniversary: Carrying the Metaverse Pixel Wind Farm Chain Game of Ronin Ecosystem"
For a P2E game to have a stable operational status, the team needs to have mature thinking. Pixels team's vision can be understood from the perspectives of game fun, interoperability, and decentralization.
In terms of game fun, Pixels' design allows all types of users to experience the fun of the game. Community KOL @0xPixelPenguin believes that Pixels' rich gameplay and ecosystem can meet the needs of different groups of people. Professional players can choose to spend money, decorate their Land NFT, and earn land taxes by allowing other players to plant on their land; ordinary players can "work" for professional players to earn wages. In addition, players can participate in periodic activities led by the team (such as Thanksgiving turkeys, Easter eggs, etc.) to earn rewards.
In terms of interoperability, Pixels leverages the unique advantages of blockchain games—Pixels has achieved the first NFT integration, allowing users to connect their Metamask wallet and roam in the Pixels world as their NFT. According to the Pixels team, more than 50 NFT collections have been integrated. "In our view, these discussions about the metaverse refer to: a grid composed of adventures, games, and spaces, where your digital identity can flow."
In terms of the concept of decentralization, Pixels takes a product-first approach and gradually achieves decentralization. Early decentralization mainly manifests in the ownership of game items on the chain, but many game mechanisms are executed on the server side, which can speed up development and shorten response time, thereby providing players with a better gaming experience. In the future, the actual implementation of the mechanism can be migrated to the chain and to contracts.
In February 2022, Pixels completed a $2.4 million seed round financing led by Animoca Brands, PKO Investments, and other investors including OpenSea.
Recently, Pixels has taken a strategic move to migrate from Polygon to Sky Mavis' Ronin network. The popularity of Pixels on the Ronin network has risen sharply, with a monthly on-chain transaction volume exceeding 1.5 million. Such high activity proves the attractiveness of the game and its ability to attract a large number of users.
II. Pixels Token Model
PIXEL is the native utility and governance token in the Pixels ecosystem, used for the following functions:
In-game currency:
NFT minting: All future NFT minting from Pixels will exist in the form of PIXEL.
VIP membership: Users will be able to purchase VIP Battle Pass with PIXEL.
Guild: Users will be able to use PIXEL to join new social network features (Guild).
Quality of life upgrades: Advanced game features will be sold at PIXEL prices.
Governance: PIXEL will ultimately be used to govern the community treasury.
As of February 8, 2024, the project has raised $4.8 million through 3 rounds of private token sales, with 14% of the PIXEL token supply sold at prices of $0.005/PIXEL, $0.009/PIXEL, and $0.012/PIXEL.
As of February 8, 2024, the total supply of PIXEL is 5,000,000,000, and the circulating supply after listing is 771,041,667 (approximately 15.42% of the total token supply).
In the past few days, Pixels announced that it will focus on PIXEL and gradually phase out BERRY. BERRY holders can exchange their tokens for PIXEL in proportion.
III. How is the estimated return, and is it worth borrowing to mine?
As mentioned above, the three rounds of private placement prices are: 0.005, 0.009, 0.012U.
Based on the highest private placement of 20-30 times, the initial circulation is about 185-277 million, and the annualized return is not particularly high. However, because it can be mined for 10 days, the personal feeling is that the rate of return is acceptable, with an annualized return of over 50%, which should be considered moderate.
As for whether to borrow coins, U can be used to exchange for FDUSD when the price is low. Whether to borrow BNB depends on the interest rate. If it is too high, it is not cost-effective.
IV. How is the estimated launch price, and how to operate?
I think the launch price can be observed through AI Yee's (@ai_9684xtpa) estimation method, which should be relatively accurate.
BEERRY > PIXEL exchange: The price of BEERY is $0.0027. Based on the calculation of 1000 BEERY = 7.6175 PIXEL, the cost of 1 PIXEL is $0.354.
Binance mining: The current BNB borrowing rate on Venus is 74%. The interest for 10 days is 2%. Currently, approximately 16 million BNB has been deposited. Each BNB can mine a total of 17.5 PIXEL in 10 days, with a cost of approximately $0.365 per BNB.
The above are the costs of purchasing BEERY to exchange for PIXEL and borrowing BNB for mining. The launch price should be higher than this price, estimated to be between 0.4-0.6, which is more reasonable.
If the opening price is low and rises, you can buy some around 0.3. If the opening price is high, it is recommended to wait and see for a while, as recently, tokens listed on Binance tend to consolidate after rising, so there is no need to worry about not being able to buy.
Binance Research Report
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