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What is Vulcan Forged (PYR) and how to make money playing it?

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What is Vulcan Forged (PYR) and how to make money playing it?

What is a play-to-earn crypto game?

Distributed technologies including blockchain and nonfungible tokens (NFTs) enable game developers and gamers a more interactive, immersive and incentivized experience than ever before through the new game model advertised by tech enthusiasts and named the play-to-earn (P2E) crypto games model.

P2E games, also known as blockchain-based or cryptocurrency games, gain significant attention from the gaming community and developers as they provide an opportunity to own data for in-game assets, fuel in-game economic systems and provide many other perks to facilitate the metaverse ecosystems.

Related: My Neighbor Alice: A beginner’s guide to the play-to-earn crypto game

With P2E games, players can own and trade various in-game inventory and objects such as characters, skins, weapons, virtual land and other digital accessories to achieve higher performance in the game as well as to receive financial rewards. Due to the P2E model, gamers are compensated for their skills, and developers and gaming projects have the potential to attract more players. P2E crypto games are a win-win phenomenon for emerging recently as a successful trend.

What is Vulcan Forged?

Designed as an easy-to-build and P2E ecosystem, Vulcan Forged incorporates a game studio dedicated to NFT games built on Ethereum, Polygon, and BNB Chain, as well as an NFT marketplace, launchpad, a decentralized exchange (DEX) called the VulcanDex, and a decentralized application (dApp) incubator that restlessly supports third-party game creators and procures NFT trading for its native Vulcan Forged ecosystem.

Related: Polygon blockchain explained: A beginner’s guide to MATIC

So far, the Vulcan Forged studio has created about a dozen video games, with each one allowing players to win, sell and upgrade their in-game items and NFTs to earn crypto. Among the series of games in the Vulcan Forged ecosystem, VulcanVerse is one of the most popular games.

VulcanVerse

VulcanVerse is the Vulcan Forged studio’s flagship product. It is a metaverse and a fantasy massively-multiplayer online role-playing game (MMORPG) backed by fighting-fantasy authors Jamie Thomson and Dave Morris, where users can explore, build, quest and earn crypto.

The game is based on Greek and Roman mythology. Land, Gods, Items and Vulcanites are the main assets to own in the VulcanVerse. Gods endow players with passive abilities that improve stats such as speed and attack. Other in-game items add utility as well, providing players with spells that temporarily activate different special powers.

Pet collectibles named Vulcanites also play a considerable role in VulcanVerse’s gameplay. They are companions that follow the player throughout the map and assist them in defense, battles, foraging and espionage. On top of that, players can use their Vulcanites in other games within the Vulcan Forged ecosystem. Vulcanites vary by stats, lore, and level and can be upgraded.

Moreover, VulcanVerse is a place where the Vulcan Forged community can purchase, exchange and construct land parcels as portions of the map in the form of NFTs. These land plots, each sized 20×20, can be bought on the game-native marketplace and start at Level 1. Players are able to move up the seven levels to reach a higher rank, unlock new features, gain better tools, obtain pet Vulcanites or even stake assets to earn passive income.

VulcanVerse gameplay is interesting even for an avid gamer, as it is entertaining and easy to play. Just follow the instructions.

What is the PYR token?

PYR is the native utility token of the Vulcan Forged community-based blockchain gaming ecosystem. It is a cross-chain ERC-20 token that powers the whole scope of dApps, which players can use across all studio’s games.

PYR can be used in the Vulcan Forged for various purposes including fees for marketplace settlement, upgrading and sustaining game asset levels, buying and selling NFTs on the Vulcan Forged marketplace, earning P2E benefits, launchpads for decentralized finance (DeFi) games and gaming pools. Also, users can stake Vulcan Forged (PYR) and other assets. Moreover, PYR provides access to Vulcan Forged game developers and the dApp incubation program.

PYR is available on both the Ethereum and Polygon mainnet. Although Vulcan Forged initially launched on Ethereum, most of the features offered by the project utilize the Polygon version. For instance, the NFT marketplace executes transactions denominated in PYR/Polygon (MATIC) exclusively. By porting PYR over to the Polygon network, which is a layer-2 scaling solution, the team has significantly reduced transaction fees. As a result, Vulcan Forged seamlessly executes high-speed transactions at a low cost.

As for Vulcan Forged tokenomics, 50 million PYR have been created. 20 million of them are in max circulation, and another 10 million will be used for play-to-earn pools, staking and more. For now, PYR is available at Uniswap, Quickswap and other platforms. Users can trade PYR on Kucoin, Gate.io, Binance and Bittrex exchanges.

The secondary token of the Vulcan Forged ecosystem is named LAVA. Players can earn it by staking PYR and playing Vulcan Forged games. LAVA can also be used as an in-game currency for land building and NFT upgrades.

How to earn money in Vulcan Forged?

Vulcan Forged is designed to reward users with tokens at every stage of the gameplay, significantly increasing their involvement in the game. Rewards can be received through a fight with another player or by befriending a user, through guest completion and map navigation, hunting for things and even by taking screenshots of one’s area.

Basically, Vulcan Forged P2E reward system revolves around staking and improving the land by spending PYR and LAVA. Staking Vulcan Forged tokens on various in-game assets is considered to be the most profitable P2E option. This method programmatically locks crypto to improve gameplay functionality and special rights.

To unlock staking functionality, players need to “SOW” their land, which comes down to paying a one-time fee that allows upgrading a piece of land to the next level. Once gamers upgrade their land to the second level, they can start staking their tokens. They can level up a plot of land only seven times, with each level corresponding to the amount of staking rewards that can be earned.

By upgrading a land to the seventh level, players maximize their PYR rewards. Users’ PYR tokens can be unstaked at any moment and restored to the land owner. Still, the seeding investment will be lost, and LAVA will be burned.

In addition, the LAVA Appreciation Program allows Vulcan Forged players to earn LAVA tokens by holding PYR. The program is divided into eight stages, each of which is awarded by LAVA based on the number of PYR tokens held. The only ones eligible for this program are users who have PYR in their Vulcan Forged marketplace wallets.

Other ways to staking PYR tokens include collecting seeds in exchange for special items from Vulcan’s Vault, offering liquidity using PYR staking programs and staking a pool.

What is the future of play-to-earn crypto games?

Highly popular among metaverse enthusiasts and gamers, Vulcan Forged is one of the major gaming ecosystems alongside video games and virtual worlds that gamers play for crypto token rewards such as Axie Infinity, Sandbox, Sorare, Illuvium and others that are notably contributing to the new digital economy. The numbers speak for themselves, as the P2E gaming market is growing at a fast pace, generating billions in revenue.

Furthermore, the renaming of Facebook to Meta, the acquisition of Activision Blizzard by Microsoft, the Ubisoft launch of the Quartz platform for playable and energy-efficient NFTs and other recent massive events in the industry indicate that the traditional IT and gaming industries are serious about the implementation of blockchain innovations into mainstream gaming.

Even if P2E does not completely overtake the traditional gaming industry, all these developments and the support from the community strongly suggest that the P2E crypto games are one of the major directions in the future of gaming.

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Fed Chair Powell: We’re Not Seeing Significant Macroeconomic Implications From Crypto Sell-Off

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Fed Chair Powell: We’re Not Seeing Significant Macroeconomic Implications From Crypto Sell-Off

Fed Chair Powell: We Are Not Really Seeing Significant Microeconomic Implications From Crypto

Federal Reserve Chairman Jerome Powell says the central bank is “not really seeing significant macroeconomic implications” from crypto’s volatility. The Fed chair stressed that there is a need for a better crypto regulatory framework.

Fed Chair Powell Says Crypto Needs Better Regulation

Federal Reserve Chairman Jerome Powell testified before the Senate Committee on Banking, Housing, and Urban Affairs on “the semiannual monetary policy report to congress” Wednesday.

Senator Kyrsten Sinema (D-AZ) asked him whether the Fed has been tracking crypto activities given the recent market volatility, and what implications crypto has on the broader economic outlook and monetary policy.

“We are tracking those events very carefully, of course,” Powell replied, elaborating:

[We are] not really seeing significant macroeconomic implications, so far.

“The principal implication is really what we’ve been saying, and others have been saying for some time, which is that in this very innovative new space, really, there is a need for a better regulatory framework,” he emphasized.

Powell continued:

The same activity should have the same regulation no matter where it appears and that isn’t the case right now.

In March, the Fed chair said: “Our existing regulatory frameworks were not built with a digital world in mind … Stablecoins, central bank digital currencies, and digital finance more generally, will require changes to existing laws and regulation or even entirely new rules and frameworks.”

Powell also told the Senate banking committee on Wednesday that the central bank is determined to bring down inflation which he believes the Fed can make happen. “At the Fed, we understand the hardship high inflation is causing. We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so,” he said.

Regarding the U.S. economy possibly sliding into a recession, he stressed: “It’s not our intended outcome at all, but it’s certainly a possibility, and frankly the events of the last few months around the world have made it more difficult for us to achieve what we want, which is 2% inflation and still a strong labor market.”

What do you think about Fed Chair Powell’s comments? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Canadian Regulator OSC Takes Action Against Crypto Trading Platforms Kucoin and Bybit

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Canadian Regulator OSC Takes Action Against Crypto Trading Platforms Kucoin and Bybit

Canadian Regulator OSC Takes Action Against Crypto Trading Platforms Kucoin and Bybit

The Ontario Securities Commission (OSC) has taken action against two cryptocurrency trading platforms. Kucoin is permanently banned from participating in Ontario’s capital markets. Bybit has promised to take steps to comply with regulations and register with the OSC.

OSC Sanctions 2 Crypto Trading Platforms

The Ontario Securities Commission (OSC) announced Wednesday the outcome of enforcement actions against two foreign cryptocurrency trading platforms operating in its jurisdiction.

The first is Bybit, a crypto trading platform operated by Bybit Fintech Ltd., incorporated in the British Virgin Islands. The other is Kucoin, operated by Mek Global Ltd., incorporated in the Republic of Seychelles, and Phoenixfin Pte. Ltd., incorporated in Singapore.

“Bybit and Kucoin both operate unregistered crypto asset trading platforms and allowed Ontario investors to trade securities without a prospectus or any exemption from the prospectus requirements,” the Canadian regulator explained.

Regarding Kucoin, the announcement states:

The OSC successfully obtained orders permanently banning Kucoin from participating in Ontario’s capital markets and requiring Kucoin to pay an administrative penalty of CAD $2,000,000.

Kucoin must also pay a further CAD $96,550.35 ($74,497) towards the costs of the OSC’s investigation.

As for Bybit, the regulator settled with the exchange. The OSC explained that, unlike Kucoin, Bybit responded to its enforcement action, maintained an open dialogue, provided requested information, and committed to engaging in registration discussions.

The Canadian securities watchdog described:

As part of a settlement agreement, Bybit has disgorged USD $2,468,910 and paid a further CAD $10,000 towards the cost of the OSC’s investigation.

“Bybit has also given an undertaking to the OSC, which holds the firm accountable for taking steps to bring its operations into compliance,” the regulator added. The exchange will also require existing Ontario retail investors to wind down their positions in certain restricted products.

In March last year, the OSC told crypto trading platforms that offer derivatives or securities trading in Ontario to start registration discussions with it by April 19, 2021, or face enforcement action. The Canadian regulator noted:

Despite this warning, Bybit and Kucoin did not contact the OSC by the deadline and continued operations in Ontario.

What do you think about the OSC taking action against Bybit and Kucoin? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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“Play to Earn” to Own Remitano Network’s RENEC Token

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“Play to Earn” to Own Remitano Network’s RENEC Token

press release

PRESS RELEASE. “Play & Earn” is no longer a strange term for most GameFi believers. Recently, Remitano Network, Remitano’s blockchain network, has launched a novel airdrop in the format of “Play to Earn”, allowing users to own the network’s RENEC token in the form of “group mining”.

Starting from the free daily RENEC solo mining at Remitano.com, users can now mine together in groups to receive a larger amount of RENEC token airdrop as a reward. Each mining pool is called a mining room, and after 24 hours, the team members will split a larger amount of RENEC than the solo mining effort.

This is a fairly new form of airdrop in the market, making the traditional airdrop less boring.

Participation is quite simple. You just need to sign up for a free Remitano account and start mining solo or in groups.

Try RENEC mining for free here!

Refer to the official RENEC Whitepaper.

The RENEC mining program is limited to a maximum of the end of Q3 of 2022, so the sooner you join the better your chances of owning more of the exchange’s tokens.

Remitano Network Launches Testnet

At the beginning of April 2022, the Remitano Network Team successfully launched a test network (Testnet) that promises strong moves of Remitano, a 9-year-old crypto exchange, in the world of blockchain.

The Testnet network launched with the appearance of the Testnet RENEC wallet which allows registered users to receive 100 testing RENEC into the wallet. You can also register to receive 100 RENEC to Testnet wallet here.

The RENEC mainnet is expected to launch sometime between the end of Q2 and Q3 of 2022, which is also the time when the RENEC airdrop program ends.

The potential of Remitano Network

In addition to taking advantage of owning RENEC Token from now on, perhaps what the community is most interested in is which applications will appear first on the network.

Although the development team has not officially announced the first applications to run on the network, with recent observations based on Remitano’s activities, we can predict their next steps. Here’s what we’ve been able to observe in recent times:

Firstly, a decentralized exchange will appear on the Remitano Network this year according to the development roadmap mentioned in the RENEC whitepaper. This is the basic step and premise of many blockchain networks today.

Also in the whitepaper, Remitano talks about bringing P2P transactions between cryptocurrencies and fiat on the blockchain, along with a decentralized KYC service. Imagine, RENEC will become the first blockchain to support on ramp off ramp and users do not need to go through centralized exchanges.

What does this mean for developers of decentralized applications (dApps)? Take, for example, popular play-to-earn games like AXEI, STEPN. New users have to go through multiple registrations on various exchanges to be able to convert between fiat and crypto, before they can start participating in the app. This creates a huge barrier for new users, making developers limited in terms of audience.

With Remitano Network supporting decentralized KYC on the blockchain, P2P fiat crypto trading can take place right in decentralized applications. Allows users to cash in cash out easily right in the app without having to move around or need a lot of blockchain knowledge. For app developers, this means reaching out to the general population, easily reaching new users.

It seems that NFT5, BombCrypto and ToCom will be the pioneer projects for this approach.

However, what few people notice is that in 2022 it is Remitano that has entered into a strategic alliance with NFT5.io. Thus, it can be predicted that NFT will be one of the prominent applications on this blockchain network in the near future.

At the same time by the end of 2021, Remitano also has a strategic cooperation with BombCrypto, an NFT game in the Play to Earn genre.

And according to an unofficial source, a GameFi community in the form of Play to Earn will be invested and developed by Remitano to promote community interest in blockchain and crypto in general. A website shared recently by the GameFi community called https://tocom.io/ is said to be developed by Remitano.

Linking the above facts, we can imagine the future picture of Remitano Network Blockchain. Do you think the growth potential of the network is extremely large?

About Remitano

Remitano is one of the largest peer-to-peer (p2p) cryptocurrency trading platforms in the world, currently serving users in more than 30 countries. The platform provides an escrowed p2p crypto marketplace allowing users to buy bitcoin and cryptocurrency easily and safely. Remitano is a market leader in the p2p platform space, featuring an intuitive and user-friendly interface, 24/7 customer support, and boasts some of the lowest fees in the industry.

Got Questions?

Reach out to Remitano via:

E-mail: [email protected]

Socials: Fanpage, Group, Instagram, Twitter


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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