great post and breakdown of these tokenomics! Something that I would point out as a piece to consider is this- if SMANA is to be used for creating NFT's that can be bridged to other blockchains- which seems to be a major part of the goals at this project- then the dev's have to deal with the reality that value is going to be removed from their ecosystem as those nft's move to other blockchains and the custody of the individual that minted them. At that point they can be sold or whatever and Styx has no value flow from those external transactions.
I think it probably makes sense for those tokens used to mint to be removed from supply for a certain period of time in order for the ecosystem to maintain value despite the movement of that NFT onto other chains. I don't think it makes sense to burn them for much the same reasons as you are stating @adamada. Maybe they should be locked in an account for a certain period following the creation of an nft? 3 or 6 month vesting or something. It would create a natural ebb and flow cycle of value. As NFTS are minted and value moves out of the ecosystem the SMANA needed to mint would become more scarce and the token value would increase temporarily- then when those tokens move back into the ecosystem after lockup it would enable users to mint their NFT's at a lower cost due to the supply expanding once again!
At that point they can be sold or whatever and Styx has no value flow from those external transactions.
True. That's why SMANA just recirculates back into the nyxlabs account whenever services to fund minting as and some service fee. The fees collected become the same pool users receive rewards from. I would also add a mechanism where more users means the SMANA printer decreases it's outflow so as not to introduce too much into circulation. I wouldn't be surprised if botting will be used by some that want to game the system. Maybe @zeroooc can set an arbitrary number that if X user activity threshold is reached, Y limit is enforced reducing activity reward from 5 mana to 3 mana, and further if more x users cross more threshold.
Maybe they should be locked in an account for a certain period following the creation of an nft? 3 or 6 month vesting or something. It would create a natural ebb and flow cycle of value.
I'm not convinced about the staking part. You would do that when there are additional perks added to keep your money locked up. I see some use in staking SMANA for governance and users deciding some direction to the platform rather than only few decision makers if we want to go with a decentralized route.
Also locking up some mana sort of goes against the ebb and flow principle. But that's just my take. I want SMANA to be a means to gauge value and not the end value. If people will hold it more than the digital assets it can be traded for then it becomes the main star and not the NFT's the River Styx creates.
To clarify I don't mean it should be locked up by the users- I mean that when an NFT is minted the cost for that mint would be locked up in the styx account for a period of time to help the ecosystem hold value when nfts are moved out to other chains and would still be part of the supply to fund rewards once that period was over.
That might actually enhance the ebb and flow- you'd potentially have a price cycle where users mint nfts when the price of SMANA is low and that would cause that portion of the supply to be locked up for a period. That in turn would cause the SMANA price to rise as there is less available which would encourage users to engage in exchanging the token for profit. Then when the lockup period is over SMANA would be less scarce again, the team could continue to fund itself with a portion of SMANA listed on the market and the rest increasing earned amounts and the cycle resets itself. As the user base grows over time each cycle would result in higher prices due to increased numbers of users too.
That's one interesting dynamic approach in controlling circulation and use. These mechanisms would only work if River Styx has plenty of content creators releasing their stuff on the River for people to use their SMANA on.
This has been a humbling experience.
You've put so much work into this and probably understand the whole shebang better than I do xD
I think the diagram is actually pretty accurate! You are right when you say that the challenge is two create two separate ecosystems (with different sets of rules) that are still "in sync" and "fair" while yet providing incentives and challenges that are compatible.
I thought of a compromise is just having a dedicated account to serve as a storage for SMANA. Whenever players use their SMANA in exchange for the assets, and other features from River Styx. The same account also issues the SMANA back in circulation when players earned them. I think it’s a failure of the game dev’s part if there are more people printing more money than more assets where that money can be exchanged for. The features found on River Styx where players can find a use case must also scale up with the demand for the token.
Here we had the idea of both a "Manaspring" account or several "Merchant" accounts (that can be stocked with rotating inventory). Another idea is to run the river in "seasons" and readjust Mana/River levels to match "the outside economy".
Some Mana will invariably be cast into "the aether" as some is deducted/expended for quest triggers, items, adaptables, achievements etc. This also needs to be repooled into the river when the "season" changes.
Basically still a million different things to work out. The good news is that we can (and are) deciding on a lot of these things together and the concensus + chaos approach seems to be working for now.
I could go on...and will...but first have a big THANK you and of course some
!PIZZA
Happy to help and glad things like this are already are put into consideration. I still stand firm on the burn bad approach. SMANA isn't an investment token so burns don't suit the fun element to it especially when the supply is finite, eventually it will run out when scaled but that would be suffering from success events which will be another set of problems that could have been resolved before they happened now. :>
That is an interesting discussion about token burning and inflation. I don't know enough about game inflation to make an informed comment but it does affect the supply and demand. I learned something new today... !LUV
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great post and breakdown of these tokenomics! Something that I would point out as a piece to consider is this- if SMANA is to be used for creating NFT's that can be bridged to other blockchains- which seems to be a major part of the goals at this project- then the dev's have to deal with the reality that value is going to be removed from their ecosystem as those nft's move to other blockchains and the custody of the individual that minted them. At that point they can be sold or whatever and Styx has no value flow from those external transactions.
I think it probably makes sense for those tokens used to mint to be removed from supply for a certain period of time in order for the ecosystem to maintain value despite the movement of that NFT onto other chains. I don't think it makes sense to burn them for much the same reasons as you are stating @adamada. Maybe they should be locked in an account for a certain period following the creation of an nft? 3 or 6 month vesting or something. It would create a natural ebb and flow cycle of value. As NFTS are minted and value moves out of the ecosystem the SMANA needed to mint would become more scarce and the token value would increase temporarily- then when those tokens move back into the ecosystem after lockup it would enable users to mint their NFT's at a lower cost due to the supply expanding once again!
!PIZZA
!LUV
!BEER
True. That's why SMANA just recirculates back into the nyxlabs account whenever services to fund minting as and some service fee. The fees collected become the same pool users receive rewards from. I would also add a mechanism where more users means the SMANA printer decreases it's outflow so as not to introduce too much into circulation. I wouldn't be surprised if botting will be used by some that want to game the system. Maybe @zeroooc can set an arbitrary number that if X user activity threshold is reached, Y limit is enforced reducing activity reward from 5 mana to 3 mana, and further if more x users cross more threshold.
I'm not convinced about the staking part. You would do that when there are additional perks added to keep your money locked up. I see some use in staking SMANA for governance and users deciding some direction to the platform rather than only few decision makers if we want to go with a decentralized route.
Also locking up some mana sort of goes against the ebb and flow principle. But that's just my take. I want SMANA to be a means to gauge value and not the end value. If people will hold it more than the digital assets it can be traded for then it becomes the main star and not the NFT's the River Styx creates.
To clarify I don't mean it should be locked up by the users- I mean that when an NFT is minted the cost for that mint would be locked up in the styx account for a period of time to help the ecosystem hold value when nfts are moved out to other chains and would still be part of the supply to fund rewards once that period was over.
That might actually enhance the ebb and flow- you'd potentially have a price cycle where users mint nfts when the price of SMANA is low and that would cause that portion of the supply to be locked up for a period. That in turn would cause the SMANA price to rise as there is less available which would encourage users to engage in exchanging the token for profit. Then when the lockup period is over SMANA would be less scarce again, the team could continue to fund itself with a portion of SMANA listed on the market and the rest increasing earned amounts and the cycle resets itself. As the user base grows over time each cycle would result in higher prices due to increased numbers of users too.
That's one interesting dynamic approach in controlling circulation and use. These mechanisms would only work if River Styx has plenty of content creators releasing their stuff on the River for people to use their SMANA on.
@adamada! I sent you a slice of $PIZZA on behalf of @dibblers.dabs.
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This has been a humbling experience.
You've put so much work into this and probably understand the whole shebang better than I do xD
I think the diagram is actually pretty accurate! You are right when you say that the challenge is two create two separate ecosystems (with different sets of rules) that are still "in sync" and "fair" while yet providing incentives and challenges that are compatible.
Here we had the idea of both a "Manaspring" account or several "Merchant" accounts (that can be stocked with rotating inventory). Another idea is to run the river in "seasons" and readjust Mana/River levels to match "the outside economy".
Some Mana will invariably be cast into "the aether" as some is deducted/expended for quest triggers, items, adaptables, achievements etc. This also needs to be repooled into the river when the "season" changes.
Basically still a million different things to work out. The good news is that we can (and are) deciding on a lot of these things together and the concensus + chaos approach seems to be working for now.
I could go on...and will...but first have a big THANK you and of course some
!PIZZA
Happy to help and glad things like this are already are put into consideration. I still stand firm on the burn bad approach. SMANA isn't an investment token so burns don't suit the fun element to it especially when the supply is finite, eventually it will run out when scaled but that would be suffering from success events which will be another set of problems that could have been resolved before they happened now. :>
There shall be no Mana burns.
We'll find a better way.
Fun is a core tenet
:D
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That is an interesting discussion about token burning and inflation. I don't know enough about game inflation to make an informed comment but it does affect the supply and demand. I learned something new today... !LUV
Just some case samples, River Styx has some parallels with Gaiaonline minus the crypto tech.
<><
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