Inspired by Robux, Gigaverse reveals fixed-rate GIGABIT currency

Onchain RPG Gigaverse has announced its ambitious GIGABIT currency.

It will be used to buy NFTs in the marketplace, as well as consumables from the shop, gain entry to competitions, and finally as the payment system for PVP games and wagers.

More strikingly, however, it’s been designed to overcome the biggest challenges that have impacted all blockchain gaming tokens.

The first is price volatility.

GIGABIT handles this by enforcing a fixed buying exchange rate of 100 tokens for $1 of USDC, balanced by a fixed cash-out rate of 100 tokens for $0.80 of USDC.

The remaining $0.20 is split, with $0.15 going to player rewards and the final $0.05 to the game’s developer, GLHFers.

In this way, Gigaverse hopes to mirror the stability of a web2 ecosystem currency such as Robux, while gaining the advantages of blockchain’s immediate payments, also fuelling the game’s high-risk, high-rewards treasury by taxing players who cash out.

It’s also notable that GIGABIT has no maximum supply, no vesting, no complex tokenomics or availability on exchanges. This is why GLHFers describes it as being more like a rewards engine than a payment system.

The other challenge GIGABIT has been designed to overcome is accessibility.

With Gigaverse currently live on Abstract, requiring players to spend $20 in Abstract-bridged ETH to create an account and start playing, GIGABIT is designed to support all blockchains, as well as web2 gamers who will be able to spend fiat currency without having to worry about wallets.

The currency is going live alongside Gigaverse’s one-year anniversary competition and is part of what GLHFers is calling its Gigaverse 1.0 update, which will include “a long-term version of the game, which includes new game modes, a long-term economic model and the open world experience”.

Read more about GIGABIT here.

Source: https://www.blockchaingamer.biz/news/41737/inspired-robux-gigaverse-gigabit-currency/