A deep dive into Pegaxy — a mythical horse racing play-to-earn game built on the Polygon blockchain.
Did you know that the global horseracing industry is worth over $300 Billion? Imagine this money being carried forward into the blockchain gaming sector — more popularly known as play-to-earn (P2E). Apart from the huge financial influx into blockchain gaming, we could also witness a niche, but lucrative, industry like horseracing growing by multifold.
Sounds like a win-win situation, right? Yes. And this is exactly what the Pegaxy team is building. It is a fairly new P2E game revolving around a horse racing metaverse. Let’s dive into the Pegaxy (PGX) ecosystem and understand their project in detail.
What Is the Pegaxy (PGX) P2E Game?
Founded in February 2021 by a team of three, Pegaxy is a player-vs-player (PvP), mechanical horse racing peer-to-peer (P2P) game. Quite a mouthful, but you basically get to racehorses against other players. It is built on top of the Polygon (MATIC) blockchain — an Ethereumlayer-2scaling solution. Players of Pegaxy, Pegaxians compete against eleven other players to try and secure the top three positions in a bid to earn Vigorus (VIS) tokens — Pegaxy’s utility token.
There are various randomized elements to each race, such as water, wind, fire and speed. Throughout the game, a mythology-inspired theme can be observed which adds to the uniqueness of the idea. Even the name ‘Pegaxy’ ought to be derived from the term ‘Pegasus’ — a mythical winged divine horse, according to Greek mythology. Racehorses, known as ‘Pega(s)’, are non-fungible tokens (NFTs) that players can own or rent in order to participate in the races. Players can leverage strategic upgrades, food and skills to enhance their Pega’s performance. Not only can players race their Pega, but they can also rent, breed and sell them. This makes it an ideal platform for avid gamers, laidback horse racing enthusiasts, and everyone in between. From cyberpunk to mech, the game has undergone several design iterations and has ultimately led to what players see today. In October 2021, 5000 “founding” Pega were sold in conjunction with the initial dex offering (IDO) launch of the PGX platform. Almost every Pega in the game after #5,000 has been minted through breeding and possesses four different levels of rarity: Zan, Klin, Campana, and Hoz — which is the rarest.
What Makes Pegaxy Stand Out in the Blockchain Gaming Ecosystem?
With its unique idea of integrating a less-explored horse racing industry, Pegaxy is providing a platform for the niche population to grow, have fun and monetize their passion. Alongside, it appeals to the gaming masses with its economic model, tech features and more.
Here are some of the unique features of the game:
Trustless Rental System
The Pegaxy rental system is the first-of-a-kind trustless rental system with an automated rental and payout process. Pegaxy offers three different rental options within the game. They are ‘fixed rent,’ ‘profit share’ and ‘direct rental,’ each with its own rules between the ‘scholar‘ (renter) and ‘manager’ (Pega owner) to assure both benefits. For each rental agreement, Pegaxy maintains an escrow account to receive all rewards and distribute them based on the rental profit share (e.g., 70% Scholars, 30% Managers). Rental agreements can be created by the manager while Pegaxy acts as an escrow. This acts as a great source of passive income for hard-working scholars willing to monetize their game time.
Dual Token Model
Taking its inspiration from Axie Infinity, Pegaxy takes the premise of a player-driven economy to another level with its dual-token model. It has a governance token, $PGX (Pegaxy Stone) and a utility token $VIS (Vigorous).
$PGX lets players have more control improves upon buying and selling features on the native marketplace and aids in-game Pega breeding fees. $VIS finds its use in purchasing in-game NFTs, rewarding top 3 placements, and as in-game Pega breeding fees.
Guild Model of Growth
Pegaxy encourages the formation of gaming guilds with a blend of investors, gamers and lenders. Guilds breed inclusiveness and collaboration amongst their members which furthers into cooperative efforts like lending in-game assets, sharing liquidity of assets, etc.
Scholars (members of the guild) are the fulcrum around which the guilds revolve. With guilds, new gamers have easier access to certain games that ask for a huge capital upfront. Also, the involvement of guilds and their pooled assets open up several economic opportunities for all.
From cross-chain lending to having a native NFT marketplace, the possibilities are endless.
Founders of Pegaxy Play-to-Earn Game
Ken Pham is the CEO of Pegaxy. He has a master’s degree in International Business and is an experienced team builder. He has tons of experience working with MNCs based out of China. Steve Nguyen is the CTO, leading all technical and engineering efforts at Pegaxy. He has extensive experience in blockchain programming and the gaming industry. His current position is Chief Technology Officer at Appota. Appota, along with its sister company Gamota, has a user base of over 55 million in Vietnam. Corey Wilton is the CMO at Pegaxy, leading the worldwide expansion and development of the Pegaxy community and user base. Based in Australia, Corey has over seven years of experience in the digital marketing and customer service realm. Besides managing the marketing and customer support teams, he also handles brand design.
How Do You Play the Pegaxy P2E Game?
Here are the steps to play the game:
Step 1: Buy $MATIC and transfer it to your MetaMask wallet. First, buy $MATIC using any CEX or DEX. Then, add the Polygon network to your MetaMask wallet. Transfer the $MATIC to your MetaMask wallet. This is required to swap with $PGX later in the gameplay to buy or rent Pega.
Step 2: Connect your MetaMask to Pegaxy on the Polygon network.
Visit https://pegaxy.io/ and hit on the ‘Play Now’ button. You will be redirected to the Pegaxy marketplace. Hit ‘Connect’ and then connect your MetaMask wallet.
Step 3: Rent or Buy Pega
To rent a Pega, click on ‘Renting’ and you have a variety of Pega to choose from. You can pick between male and female Pega. Also, you have 5 breeding types, from founding to rare, to choose from. In renting, you have two options, you can either pay a rental fee or share profits with the Pega owners.
To buy a Pega, click on ‘Marketplace’ and an assortment of Pega awaits you. From bloodline to rarity, there are multiple filters that you can add before finding the right Pega for you. Right now, Pegaxy allows you to purchase Pega using $USDT and $PGX only.
Note: Swap $MATIC that you had bought in step 1 for $PGX to rent or buy Pega.
Step 4: Start a Race Match
After renting or buying a Pega, it is time to race. Click on ’Racing’ and you can see a list of races that are going live on the Pegaxy platform. Pick one Pega and click ‘Start’ to find a match for you against 11 other players. Confirm your participation by signing using MetaMask.
Step 5: Race!
Currently, all races on Pegaxy are automated and your Pega’s performance is solely based on its stats and attributes. So, after you match with 11 other players, a race of around 2 minutes goes on and you can see the live progress.
Note: Pegaxy has concrete plans to transition into being a more skill-based game.
Tokenomics of Pegaxy (PGX) and Vigorus (VIS)
Fundamentally strong tokenomics is a feature of any credible and successful project. Pegaxy features a dual tokenomic model, similar to that of the extremely popular P2E game — Axie Infinity, with $AXS and $SLP tokens.
$PGX — Governance Token
The Pegaxy Stone or $PGX token is an ERC-20 token built on the Polygon (MATIC) blockchain. Their total supply has been capped at 1 billion with an aim to catalyze game development, community growth and overall ecosystem building.
Currently, $PGX tokens can be used to purchase Pega in the marketplace and pay breeding fees. Also, two key use cases of $PGS are that the token can be earned as part of tournament rewards in Pegaxy and can also be staked.
The $PGX token allocation is as follows: Community Developer Incentives — 160M; Ecosystem Reserve and Marketing — 300M; Team — 220M; Liquidity Provisions — 100M; #1 Private Sale — 100M; #2 Private Sale — 100M; IDO/IEO — 20M.
Note: Apart from liquidity provision and marketing efforts, each allocated token is attached with a vesting period ranging from 5 to 24 months.
$VIS — Utility Token
Vigorus is the utility token of Pegaxy. All major earning and spending activities of Pegaxy can only be done using $VIS tokens. Unlike most utility tokens, $VIS is never pre-mined by the team. It is created or minted whenever players finish in the top 3 of a race. Similarly, $VIS faces a burning mechanism when it is used to breed Pegas.
A balanced mint-to-burn ratio has been set by the Pegaxy team allowing the economics to be fair and just without the team wielding complete control. There is no cap on the number of $VIS tokens to be available on Pegaxy and is fully dependent on players and their racing journey. Apart from placing in the top 3 in races, there is no other way of minting $VIS.
Pegaxy Fabled Tokens
Alongside the two native tokens, Pegaxy also has a set of unique ERC-20 tokens called PFTs — Pegaxy Fabled Tokens. They are powerful tokens with the ability to evolve your Pega into Crowned Pega. PFTs can be earned by referring people to the Pegaxy platform and having them own at least one Pega.
The number of PFTs has been capped at 4000 and the attempts to evolve are set at 800. Also, there is a burning mechanism in place for Fabled Tokens which means the circulating supply will decrease over time and they become more scarce.
Roadmap of Pegaxy
To date, the Pegaxy team has delivered on the roadmap consistently. Moving deeper into 2022, let’s have a look at a few promising upgrades that need to be kept an eye on.
First of all, the ‘Crowned Pega’ release and the first ‘Stadium Sale’ event is the two mega-events that are being awaited by the whole community. Alongside, a community hackathon is being planned to incentivize developers with rewards to improve the Pegaxy ecosystem.
Later in the year, we can expect the introduction of Community Treasury with in-built $PGX staking. Also, more uses of NFTs and more importantly interoperable or cross-chain NFTs is something the Pegaxy team is gearing up for.
Future of Pegaxy and Price Prediction
The Pegaxy game development team will eventually move to a skill-based game rather than an auto-racer. While racing, players will need to manually control their Pega, giving skilled players an advantage.
Their mobile-gaming first approach keeps them in good stead as ease of access continues to be the number 1 priority for the majority of the population. This can be seen in their game and its seamlessness across both iOS and Android.
The updates are soon to be available in the following releases with 3D racing, in-game Pega equipment, and player-controlled racing in the pipeline. With its innovation in trustless rental systems, on-chain technology, and balanced economic models, Pegaxy stands to grow more in the P2E gaming community. At the time of writing, $PGX is trading at $0.1887, after hitting a high of over $2.2 briefly in December 2021. Pegaxy’s closest competitor, Derace (DERC), has also been hit equally as bad, dropping from a high of over $8 to $1.65 at the time of writing. However, Pegaxy has been grabbing eyeballs on social media and amongst the blockchain gaming community. And how this translates to price action depends on how the team delivers on the roadmap and on the technical upgrades.
Considering the nascent stage of play-to-earn, and blockchain games in general, there is still much more room for growth for projects building in this space. Whether Pegaxy or Derace emerge as the sole winner or exist in healthy competition, only time will tell. As long as Pegaxy continues to deliver its roadmap and grow its guild of players, the influx of gamers and scholars could likely push the price higher than what it is now.
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