Burning of cryptocurrency is the process in which users can remove a certain number of tokens or coins from circulation, in order to reduce the number of tokens or coins in circulation. The tokens are sent to a wallet address that can only receive the tokens or coins. Crypto burning creates a "deflationary" event and this is expected to increase the value of the remaining tokens or coins since assets tend to rise in price whenever they become more scarce.
GameFi leader, Splinterlands continues to make bold moves in its development, marketing and innovation that keeps its assets afloat despite the enduring fall in the crypto markets. In a recent development, Dr. Jesse “Aggroed” Reich, Chief Executive Officer of Splinterlands announced that the community burned 43M DEC as at Wednesday 28th September, 2022. That huge amount of DEC burned were mostly buying potions and opening packs.
It's in the news that GameFi Leader Splinterlands made three consecutive NFT packs sell outs worth $4M in 2 weeks. The Card NFts sold out comprised presale packs of Riftwatchers, Tower Defense and whitelist spots for Runicore generative NFTs. Of the three sets of card packs, $DEC was the official currency for the presale of Tower Defense. Each pack cost $5.00 worth of DEC + 1 VOUCHER and all 250k presale allotments sold out in 12 hours. That would have taken 1.25B DEC off the market.
Dark Energy Crystals ($DEC token) is the in-game currency token for Splinterlands play-to-earn game. DEC is earned through gameplay or by sacrificing unworthy cards in a player's collection. It can be used to buy all sorts of great items in the Splinterlands shop!. DEC was formerly a reward token for Splinterlands gameplay. Moreover, DEC holding by investors was a passive earning option during the $SPS airdrop.
$DEC was designed to have a soft peg at $0.001 USD. Though this is not applicable in the open market such as on hive-engine, but within the Splinterlands game, $DEC is counted as a peg with 1,000 DEC valued as $1 USD. The Splinterlands is intentional about creating more usecases for the DEC token to help it regain its peg and serve its purpose as the stablecoin of the Splinterlands ecosystem.
Presently valued at around $0.0007, DEC is ranked #4265 in the crypto market and is on 11,896 watchlists according to coinmarketcap. It is interesting that with a huge market on Binance Smart Chain and Tron network, $DEC ranks high on the hive-engine market with s much as $52,635 in volume over the last 24 hours.
Tower Defense announced utility for DEC had triggered its price in the last two weeks and with the 43M token burn, DEC will become more scarce and the supposed peg would hold. presently, there is a huge arbitrage opportunity for DEC since the internal market values it at $0.001 whereas it is trading in the open market at $0.0007.
It is expected that more utility will be created for the DEC token and the eventual $0.001 could be obtainable in the open market.
Are you buying DEC?
Splinterlands game is termed the "next generation of collectible card games" in which allows players to collect, trade, and battle with provably scarce digital collectibles with real-world value. Battles on Splinterlands Unlike most trading card games, are fast and furious, and are usually completed within few minutes. The Splinterlands gameplay is simple and easy to learn viz: reviewing combat rules, making and submitting of the team and watching the battle unfold.
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