Gaming protocols, Non Fungible Tokens (NFTs), and the Metaverse’s daybreak in 2021 have been matters Crypto Exchanges all over and they are conforming to be greater in 2022.
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Projects related to Metaverse and NFTs are bouncing off so quickly from the downturn of the market at large with Vulcan Forged (PYR) being part of this week’s top mover. The project is an NFT marketplace and a blockchain game studio that is presently being developed out of the ecosystem of VulcanVerse.
Vulcan Forged began in December 2020 as a small-scale platform of digital art NFT. Since then, it has grown into a game studio, a multi-dApp platform, and a launchpad for people who desire to propose a dApp idea or an NFT game in exchange for marketing and technical support, and grants.
The company in partnership with Polygon (also known as Matic Network) is known for eliminating gas fees. Apparently, Vulcan Forged users do not pay gas fees for trading, selling, and buying NFTs or for PYR transactions.
Uses of PYR
- It is used on VulcanDex to contribute to the liquidity pool thereby earning liquidity rewards.
- It is used in staking PYR thereby upgrading their in-game land NFTs.
- Selling and buying NFTs, trading.
For every transaction carried with PYR, 10% is sent to reward pools. This is distributed to the contributors of the ecosystem.
According to data from Tradingview and Cointelegraph Market Pro, it revealed that after reaching a low in January of $6.59, PYR’s price rallied on the 1st of February with a percentage of 119% to an intraday high of $14.43 amid a surge of 141% in its daily trading volume.
According to a 4-hour price chart of PYR/USDT from Tradingview, it showed three reasons for PYR price recovery. These are the Elysium test net launch, 100 plots of land listed for sale in the Vulcanverse, and the PYR bridge launch between Polygon and Ethereum.
Elysium test net launch
The sector of protocol hosted on the community has been a thorn with the excessive charges on the Ethereum community. This has led to the migration of many tasks to new networks or in a bid to decrease fees for customers, launch their options.
Vulcan solid subscribed to the latter and therefore launched their Blockchain called Elysium blockchain which is referred to by Vulcan solid as the blockchain for Metaverses. In conformity with the bulletins made with regards to the challenge, a partnership with Netherlands-based decentralized carbon credit exchange Coorest will make Elysium become the first in the world to have a carbon-neutral blockchain through a means of the partnership.
The completion of this will be accomplished by offsetting emitted CO2 by the blockchain of Elysium with tokenized bushes. Charges from transactions known as gas fees will be used in the planting of trees on the land owned by Coolest which is about 7,000 acres.
Along with this environmentally-friendly strategy, other protocols’ attention is being attracted by the network with the announcement of Vulcan Forge revealing the intention of three metaverse projects showing interest to launch on Elysium.
Land sales go live
Another reason for PYR’s bullish move in the past week is the finite listing of 100 plots of land within Vulcanverse. The plots of land are available for buyers with PYR. This has made some traders accumulate the token to be able to buy thereby leading to an increase in the price of the token and the demand for it.
In addition to offering its holders for the next four years a 35 PYR monthly yield, plots of land in the VulcanVerse can be used to earn by hire or gameplay.
PYR assist on Polygon
The success of VulcanDex is the third reason for the bullish move of PYR’s price. VulcanDex is a decentralized exchange of Vulcan that presently operates on Ethereum and Polygon networks.
Along with VulcanDex, on the 29th of January, the protocol exceeded a total locked value worth $10 million with an increase in its value as the price of PYR rallies.
VulcanDex is currently working on incorporating a cross-chain bridge between Polygon and Ethereum into a part of Dex known as “My Forge” which allow simple and easy transfer between both networks.