Polyient Games, the unique investment ecosystem dedicated to the non-fungible token (NFT) asset class, is expanding upon its collaboration with Avalanche to pioneer the first cross-chain token reward.
Together, both teams will be introducing a special wrapped version of Avalanche’s token (AVAX) on the Ethereum network, called “pAVAX”, as an exclusive reward for participants within the Polyient Games Ecosystem.
We are excited to introduce a new wrapped ERC-20 token standard to facilitate our goal of creating a cross-chain, interoperable token ecosystem.
Called “pToken”, this new token wrapper will become the primary means by which users interact with the various protocols developed for the Polyient Games Ecosystem, including the Polyient DEX and upcoming Particle Bridge, the ERC-721 to ERC-20 fractionalization smart contract system.
To start, pTokens will enable Polyient Games to introduce assets from different blockchain networks into a single Ethereum-based trading system on the Polyient DEX. This system will enable a larger breadth of token interactions that otherwise would not be possible.
From there, we will expand the use cases of the pToken standard to unlock additional DeFi protocol opportunities centered around the wrapping process.
To kickstart the pToken standard, we will be launching pAVAX, the wrapped ERC-20 compliant version of the AVAX token.
AVAX is the native token of Avalanche and thus is unable to interact with the current protocols within the Polyient Games Ecosystem. While we plan to release v2 of the Polyient DEX on Avalanche to leverage a more scalable and efficient decentralized environment, the introduction of a bridge between Avalanche and Ethereum is an important intermediate step.
With pAVAX, we can build out liquidity pools on the Polyient DEX and other Polyient Games Ecosystem DeFi protocols while opening the door for an efficient method of broader cross-chain interactions between Avalanche and Ethereum, including the very first cross-chain reward system.
The initial release of pAVAX will arrive via our first cross-chain reward mechanism and will be available exclusively to holders of the upcoming PolyAnt King NFT collection.
This limited-edition collection features original artwork from Polyient Games’ Cody Robertson and includes NFTs of various rarities. These NFTs will be the first within the Polyient Games Ecosystem that are purchasable using Polyient Games Unity Token (PGU), the newly added rewards ERC-20 token that is emitted from Polyient Games Founder’s Keys (PGFKs) and Polyient DEX liquidity provider tokens (PGLPs).
PGU is set to be approved today by the PG governance body as an upgrade to the PGFK reward mechanism. PGU can be earned by holding PGFKs or by providing liquidity on the Polyient DEX — you can learn more about PGU here.
Each rarity of the PolyAnt King NFTs will have a specific PGU cost and amount of pAVAX reward associated with it. The rarer the NFT, the more pAVAX that the collectible item will be able to redeem when the wrapped token is launched in Q1 2021. In total, Polyient Games is giving away $20,000 in pAVAX via this unique cross-chain NFT redemption model.
Once redeemed, users will be able to actively trade pAVAX on the Polyient DEX, provide liquidity and earn PGU rewards in addition to a share of the transaction fees, or simply unwrap it to bring the tokens back to the Avalanche network.
Additionally, as with other Polyient Games Rewards NFTs, the PolyAnt King collectible items will have specific yield boost properties that will impact reward outcomes with the upcoming launch of our Vault system early next year.
Note: All PGU proceeds of the PolyAnt NFT sale will be distributed to the Polyient Games DAO Treasury. This treasury functions to fuel the growth of the decentralized Polyient Games Ecosystem long-term, and soon Polyient Games Governance Token (PGT) holders will be able to stake their tokens to earn a percentage of the treasury as a reward for their participation in governing the Ecosystem. Learn more.
Full technical details and how-to guides regarding the special NFT reward, using PGU, and the pToken standards will be available in the coming weeks.
January 2021: Enable the purchase of special Avalanche PolyAnt King NFTs using PGU
Q1 2021: Launch pToken wrapping station, enabling special NFT holders to redeem pAVAX and convert it into AVAX
Q1 2021: Propose listing of pAVAX on Polyient DEX to PG DAO participants and if approved, launch the pAVAX-pETH swap market
Q2 2021: Finalize the conversion of all Polyient Games Ecosystem into the pToken wrapped standard, opening the door to a wider range of DeFi applications
Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Developers who build on Avalanche can easily create powerful, reliable, and secure applications and custom blockchain networks with complex rulesets or build on existing private or public subnets.
About Polyient Games
Polyient Games, a subsidiary of investment group Polyient, is a unique investment ecosystem focused on the NFT and decentralized finance (DeFi) markets. Polyient’s portfolio includes leading NFT startups such as Nonfungible.com, Blockade Games, and Cargo.