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Uniswap's Major Buyback Proposal: Can UNI Trigger a Value Reassessment?
Uniswap’s latest governance proposal aims to transition the UNI token into a deflationary model by activating protocol fees and implementing a buyback-and-burn mechanism. These changes could profoundly impact UNI’s long-term value. Core Proposal HighlightsEnable protocol fees and use them to repurchase and burn UNI tokens, transforming UNI from a governance token into a productive asset backed by cash flow.Conduct a one-time burn of 100 million UNI tokens (16% of total supply), immediately bo...
Is Polymarket Considered Gambling? Legal Risks for Chinese Users
Polymarket is a blockchain-based prediction market platform that allows users to predict future events and profit by buying and selling related contract shares. This article analyzes the risks for Chinese users from a legal perspective: * How Polymarket Works: Users use stablecoins to bet on outcomes of future events like politics or sports, trading shares that represent the probability of a particular outcome. Settlements are executed via smart contracts once the event outcome is determined....
Can Stablecoins Break Visa and Mastercard's Duopoly?
Stablecoins have emerged as a potential challenger to the $1 trillion duopoly of Visa and Mastercard. These stablecoins offer the promise of significantly lower transaction fees, which could disrupt the current market dynamics dominated by Visa and Mastercard. However, the path to widespread adoption is fraught with regulatory and banking industry pressures.The Current LandscapeVisa and Mastercard currently charge merchants transaction fees of up to 2-3%, which is often the second-largest exp...
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The launch of the GUN token has sparked a frenzy, but due to the flagship game "Off the Grid" not yet migrating to the GUNZ mainnet, doubts about it being a "ghost chain" have emerged. Additionally, the token's low circulation, high market cap, and high VC holdings have sparked controversy.
On the evening of March 31, the GUN token, associated with the popular battle royale game "Off the Grid," officially launched. As the core asset of the GUNZ blockchain developed by Gunzilla Games, the GUN token caused a sensation on Binance Launchpool, attracting over 1.7 million participants and a total staking amount of $15.8 billion, the highest in nearly seven months.
This phenomenon not only reignited the call for a revival of blockchain gaming but also made GUN one of the most watched new coins recently. After the official launch, GUN surged to $0.115 but began to decline after hitting its peak. According to CoinGecko data, as of 6 p.m. on April 1, the token price was around $0.076.
No Set Date for "Off the Grid" Mainnet Launch
Along with the GUN token, the GUNZ mainnet quietly went live. However, the official did not widely publicize the mainnet launch; all content posted and shared on its official X account was related to the GUN token. When opening the GUNZ Main Explorer, one would find what appears to be a "ghost chain" with little activity. This might also be the reason why the official did not give much exposure to the mainnet—the flagship game "Off the Grid" has not yet officially launched on the GUNZ mainnet.
Currently, players of "Off the Grid" are still interacting with the GUNZ testnet. The game on PC, PlayStation 5, and Xbox has not transitioned from the testnet to the mainnet. As of April 1, over 14.7 million wallets had been created on the GUNZ testnet, with a total transaction volume of 490 million and a daily transaction volume of 2.5 million, mostly ranging between 2 to 3 million.
Additionally, the daily active user count of "Off the Grid" is around 500,000, significantly lower than the peak of 900,000 reached at the game's launch but still remarkable given the current downturn in the blockchain gaming industry. The initial unprecedented popularity was mainly due to the game developer Gunzilla inviting well-known game streamers, including Ninja, to promote "Off the Grid."
There has been no detailed disclosure regarding the specific timeline for the official launch of "Off the Grid" on the mainnet. According to a report by Decrypt, on March 31, Theodore Agranat, Gunzilla Games' Web3 director, told players in the GUNZ Discord server that "we are now working on migrating the game to the mainnet," without specifying an estimated time of arrival.
Moreover, in an interview with GamesBeat, Agranat also stated that currently only 20% of "Off the Grid" is live and it is only an early version. "We are very satisfied with the onboarding so far, which has allowed our user base to grow steadily. With each update, our retention and conversion rates improve," Agranat added.
Is GUN a "Super VC Coin"?
Gunzilla Games has publicly disclosed two rounds of funding, totaling $76 million, with investors including Republic Capital, Griffin Gaming Partners, Animoca Brands, Jump Crypto, Blizzard Fund under Avalanche, and CoinFund, among other well-known institutions.
In the previous cycle, such VC-favored star projects would easily be embraced by the masses, but now they are often labeled as "VC coins" by the community. The native token of the L1 blockchain GUNZ, GUN, is currently undergoing such scrutiny. Especially with its initial circulation of only 6.05% and a fully diluted valuation exceeding $740 million, it is a typical case of "high market cap, low circulation."
According to the official whitepaper, the total supply of GUN tokens is fixed at 10 billion, allocated as follows:
Private Sale (37.8%): 3.78 billion GUN were sold to GUNZ partners through SAFT agreements from 2021 to 2024, divided into four pools:
Private A Round: 1.25 billion GUN (12.5%)
Private B Round: 2 billion GUN (20%)
Strategic Round: 500 million GUN (5%)
KOL Round: 300 million GUN (0.3%) — allocated to top Web3 KOLs supporting the project
Funds (13%): 1.3 billion GUN, for ecosystem development, partnerships, infrastructure development, and unforeseen operational needs
Community Incentives (4%): 400 million GUN, distributed to early adopters, active community members, and promotional activities for TGE (Token Generation Event)
Liquidity Pool (3%): 300 million GUN, to maintain GUN liquidity on centralized and decentralized exchanges, ensuring smooth trading
NFT Validator Staking (5.1%): 510.5 million GUN, locked in validator NFTs, used to mint in-game assets over time, reducing circulating supply
GUNZ Foundation (9%): 900 million GUN, allocated to the GUNZ Foundation, to fund ecosystem expansion, governance, and infrastructure development
Founders and Team (12.8%): 1.2805 billion GUN, reserved for the founding team and core contributors, and to incentivize long-term success according to vesting schedules
Advisors (5.29%): 529 million GUN, distributed to the technical advisory team conducting blockchain R&D to enhance the GUNZ ecosystem
Platform Rewards (10%): 1 billion GUN, to incentivize gameplay, competitions, and in-game economic activities, ensuring a player-driven economy
According to this tokenomics, VC and project team holdings of GUN tokens will exceed 50%, with its private sale proportion being the highest among recent Binance launches. Additionally, according to the GUNZ project report released by Binance on March 31, 2% of the GUN total supply (i.e., 200 million tokens) was allocated for liquidity/market making. The report also specifically noted: "Tokens have not yet been distributed to market makers, and additional address information will be provided later."
However, on-chain analyst @ai_9684xtpa detected a large-scale transfer of 191 million tokens from a suspected GUN market maker address at 3 a.m. on March 31. Moreover, from 1 a.m. to 8 a.m. on April 1, the token continued to conduct high-frequency small sell orders, with an average of about 10 transactions per second, each amounting to approximately $6, equivalent to selling about $216,000 worth of tokens per hour. The analyst later added that the above situation could also be due to a large holder who participated in Launchpool setting up a bot to automatically sell tokens. According to calculations, if the large holder triggered the BNB reward pool cap and mined for 3 days, they would indeed receive the corresponding 32 million tokens.
What Are the Utilities of the Unairdropped $gun?
"We launched a game, and mainstream players commented that they only play Off the Grid. Therefore, we thought it was the right approach to develop enough games to go live on the world's leading exchange, Binance, which has 250 million users," said Theodore Agranat, who claimed they believe they have launched the largest Web3 game project and the largest Web3 AAA game ecosystem ever.
While the scale of Web3 gaming might still be debatable, Gunzilla's approach to player incentives is undoubtedly unique—players did not receive airdropped tokens as rewards. With the official launch of the $GUN token, Gunzilla will burn testnet tokens, but the weapons and prosthetics players minted will migrate from the testnet to the mainnet, and players will eventually be able to withdraw items from the game and sell them on OpenSea.
In terms of token utility, $GUN will be used to access the GUNZ platform, which provides blockchain-native infrastructure for game developers, as well as to purchase in-game items, pay for custom items, and consumables from the in-game marketplace. In the future, Gunzilla plans to add other games and projects to the ecosystem, and the utility of the GUNZ ecosystem and its token may correspondingly grow.
"Our goal is to provide the best, most immersive, and most engaging gaming experience," Agranat said, emphasizing that their true aim is to entertain players and not to try to change anyone. "What we are trying to do is to
The launch of the GUN token has sparked a frenzy, but due to the flagship game "Off the Grid" not yet migrating to the GUNZ mainnet, doubts about it being a "ghost chain" have emerged. Additionally, the token's low circulation, high market cap, and high VC holdings have sparked controversy.
On the evening of March 31, the GUN token, associated with the popular battle royale game "Off the Grid," officially launched. As the core asset of the GUNZ blockchain developed by Gunzilla Games, the GUN token caused a sensation on Binance Launchpool, attracting over 1.7 million participants and a total staking amount of $15.8 billion, the highest in nearly seven months.
This phenomenon not only reignited the call for a revival of blockchain gaming but also made GUN one of the most watched new coins recently. After the official launch, GUN surged to $0.115 but began to decline after hitting its peak. According to CoinGecko data, as of 6 p.m. on April 1, the token price was around $0.076.
No Set Date for "Off the Grid" Mainnet Launch
Along with the GUN token, the GUNZ mainnet quietly went live. However, the official did not widely publicize the mainnet launch; all content posted and shared on its official X account was related to the GUN token. When opening the GUNZ Main Explorer, one would find what appears to be a "ghost chain" with little activity. This might also be the reason why the official did not give much exposure to the mainnet—the flagship game "Off the Grid" has not yet officially launched on the GUNZ mainnet.
Currently, players of "Off the Grid" are still interacting with the GUNZ testnet. The game on PC, PlayStation 5, and Xbox has not transitioned from the testnet to the mainnet. As of April 1, over 14.7 million wallets had been created on the GUNZ testnet, with a total transaction volume of 490 million and a daily transaction volume of 2.5 million, mostly ranging between 2 to 3 million.
Additionally, the daily active user count of "Off the Grid" is around 500,000, significantly lower than the peak of 900,000 reached at the game's launch but still remarkable given the current downturn in the blockchain gaming industry. The initial unprecedented popularity was mainly due to the game developer Gunzilla inviting well-known game streamers, including Ninja, to promote "Off the Grid."
There has been no detailed disclosure regarding the specific timeline for the official launch of "Off the Grid" on the mainnet. According to a report by Decrypt, on March 31, Theodore Agranat, Gunzilla Games' Web3 director, told players in the GUNZ Discord server that "we are now working on migrating the game to the mainnet," without specifying an estimated time of arrival.
Moreover, in an interview with GamesBeat, Agranat also stated that currently only 20% of "Off the Grid" is live and it is only an early version. "We are very satisfied with the onboarding so far, which has allowed our user base to grow steadily. With each update, our retention and conversion rates improve," Agranat added.
Is GUN a "Super VC Coin"?
Gunzilla Games has publicly disclosed two rounds of funding, totaling $76 million, with investors including Republic Capital, Griffin Gaming Partners, Animoca Brands, Jump Crypto, Blizzard Fund under Avalanche, and CoinFund, among other well-known institutions.
In the previous cycle, such VC-favored star projects would easily be embraced by the masses, but now they are often labeled as "VC coins" by the community. The native token of the L1 blockchain GUNZ, GUN, is currently undergoing such scrutiny. Especially with its initial circulation of only 6.05% and a fully diluted valuation exceeding $740 million, it is a typical case of "high market cap, low circulation."
According to the official whitepaper, the total supply of GUN tokens is fixed at 10 billion, allocated as follows:
Private Sale (37.8%): 3.78 billion GUN were sold to GUNZ partners through SAFT agreements from 2021 to 2024, divided into four pools:
Private A Round: 1.25 billion GUN (12.5%)
Private B Round: 2 billion GUN (20%)
Strategic Round: 500 million GUN (5%)
KOL Round: 300 million GUN (0.3%) — allocated to top Web3 KOLs supporting the project
Funds (13%): 1.3 billion GUN, for ecosystem development, partnerships, infrastructure development, and unforeseen operational needs
Community Incentives (4%): 400 million GUN, distributed to early adopters, active community members, and promotional activities for TGE (Token Generation Event)
Liquidity Pool (3%): 300 million GUN, to maintain GUN liquidity on centralized and decentralized exchanges, ensuring smooth trading
NFT Validator Staking (5.1%): 510.5 million GUN, locked in validator NFTs, used to mint in-game assets over time, reducing circulating supply
GUNZ Foundation (9%): 900 million GUN, allocated to the GUNZ Foundation, to fund ecosystem expansion, governance, and infrastructure development
Founders and Team (12.8%): 1.2805 billion GUN, reserved for the founding team and core contributors, and to incentivize long-term success according to vesting schedules
Advisors (5.29%): 529 million GUN, distributed to the technical advisory team conducting blockchain R&D to enhance the GUNZ ecosystem
Platform Rewards (10%): 1 billion GUN, to incentivize gameplay, competitions, and in-game economic activities, ensuring a player-driven economy
According to this tokenomics, VC and project team holdings of GUN tokens will exceed 50%, with its private sale proportion being the highest among recent Binance launches. Additionally, according to the GUNZ project report released by Binance on March 31, 2% of the GUN total supply (i.e., 200 million tokens) was allocated for liquidity/market making. The report also specifically noted: "Tokens have not yet been distributed to market makers, and additional address information will be provided later."
However, on-chain analyst @ai_9684xtpa detected a large-scale transfer of 191 million tokens from a suspected GUN market maker address at 3 a.m. on March 31. Moreover, from 1 a.m. to 8 a.m. on April 1, the token continued to conduct high-frequency small sell orders, with an average of about 10 transactions per second, each amounting to approximately $6, equivalent to selling about $216,000 worth of tokens per hour. The analyst later added that the above situation could also be due to a large holder who participated in Launchpool setting up a bot to automatically sell tokens. According to calculations, if the large holder triggered the BNB reward pool cap and mined for 3 days, they would indeed receive the corresponding 32 million tokens.
What Are the Utilities of the Unairdropped $gun?
"We launched a game, and mainstream players commented that they only play Off the Grid. Therefore, we thought it was the right approach to develop enough games to go live on the world's leading exchange, Binance, which has 250 million users," said Theodore Agranat, who claimed they believe they have launched the largest Web3 game project and the largest Web3 AAA game ecosystem ever.
While the scale of Web3 gaming might still be debatable, Gunzilla's approach to player incentives is undoubtedly unique—players did not receive airdropped tokens as rewards. With the official launch of the $GUN token, Gunzilla will burn testnet tokens, but the weapons and prosthetics players minted will migrate from the testnet to the mainnet, and players will eventually be able to withdraw items from the game and sell them on OpenSea.
In terms of token utility, $GUN will be used to access the GUNZ platform, which provides blockchain-native infrastructure for game developers, as well as to purchase in-game items, pay for custom items, and consumables from the in-game marketplace. In the future, Gunzilla plans to add other games and projects to the ecosystem, and the utility of the GUNZ ecosystem and its token may correspondingly grow.
"Our goal is to provide the best, most immersive, and most engaging gaming experience," Agranat said, emphasizing that their true aim is to entertain players and not to try to change anyone. "What we are trying to do is to
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