#19 - November 2022 DAO Progress update
#19 - November 2022 DAO Progress update
Welcome to the 7th official newsletter from the Merit Circle DAO
Welcome to the official newsletter from the Merit Circle DAO.
In our previous newsletter, we dove into an update of our portfolio projects, shared the one-year anniversary article for the DAO and introduced Xeric. Since then, we’ve launched our new staking platform, burned a significant amount of MC and formed exciting new partnerships with promising games.
Read on as we summarize what’s been happening and what’s to come.
Portfolio update
We’re proud to work with dozens of amazing partners across the world who are all contributing to the web3 gaming space in their own way. We’re regularly receiving updates from these partners on development, market analysis and everything in between. To give our community some more insight, we will be highlighting three portfolio projects in each newsletter.
Pixion
One of our partners, Pixion, has recently hosted a pre-alpha Playtest allowing people to get a first glimpse of the game. Among other partners, the Merit Circle DAO participated in the playtest and we had close to 100 gamers from our side compete to take home the trophy. Over two weekends, 550 people played, completing more than 30,000 raids and destroying close to 140,000 buildings and monsters.
After such a fruitful playtest, the team is heading back to the development stage with more feedback to work from. There’s a clear direction on how to improve Fableborne, and even more motivation than ever before. The team announced that more Heroes and Towers as well as brand-new features are in the works.
Drunk Robots
Clunky metal clamping against each other in a battle for the precious goods in the world of Drunk Robots, that’s what the game is all about. The game’s ready and playable across desktop, tablet and mobile devices. Recently, Drunk Robots launched the PVP visualization using the Unity engine so players can see the battle happening straight away. As of today, over 30,000 players have registered and played F2P and P2E games.
To stimulate competition in the game, Drunk Robots released Gangs 1.0, which gives players the chance to unite and form clans. With a game that’s live and operating, the team’s spreading the word through advertisements and various partnerships with content creators and gaming guilds. Next up is the release of gang wars, where gangs compete against one another as well as the implementation of $METAL staking.
Blockstars
Are you the next musical sensation in the digital realms? Blockstars challenges you to become a digital rockstar and battle it out against other rockstars on the blockchain. As we’ve shared previously, the Merit Circle DAO is one of the advisors for Blockstars. Now, we’re proud to be noted among some of the industry giants in the funding announcement by Blockstars.
The team of the music management simulation game is currently visiting Breakpoint in Lisbon where they’re spreading the word about their upcoming game. In the interview with Venturebeat, Niko Vuori described the road that led their team to create Blockstars: “I’ve been a huge fan of management simulation games for a very long time. It’s my favorite genre of all time, plus we chose music as a theme, and music management, as music is so universal.”
Newly formed partnerships
We are constantly looking for new potential investments and partnerships to broaden our operations. Since our latest newsletter, we have formed a new and exciting set of partnerships that we’re delighted to share with you:
Treasury report
To properly show what we have been doing in terms of handling our treasury and the funds raised, we share a monthly treasury report. This report includes all the ins-and-outs of the Merit Circle DAO financially.
A small quote that summarizes the treasury report of the previous month:
“In the past month the treasury decreased from $103,696,823 in September to $102,859,680 at the end of October, a 0,8% decrease from the previous month. The DAO realized a profit of $542,100 in the month of October.”
Read the full report here.
The launch of staking V2
We’re very excited to announce the launch of our new staking pools with a fresh-looking dashboard allowing our loyal supporters to stake their Merit Circle tokens for up to 48 months. In the first days after opening, millions of Merit Circle tokens were staked by our holders. It’s humbling and motivating to have such a strong foundation of support expressing their long-term trust in the Merit Circle DAO.
We would like to invite everyone to go through a variety of important topics to fully grasp the scope of these new staking pools and to visit the page:
MIP-20 – A 200 million Merit Circle token burn
On the 21st of October, the Sad Cat Capital proposed an amendment in the token economics of the DAO. After a lively discussion, the proposal went up for voting and eventually MIP-20 was accepted by the Merit Circle DAO. As a result of this proposal, 200,000,000 $MC tokens have been burned. This happened in these two transactions: 1 and 2.
With these tokens being burnt permanently, the total supply has been significantly reduced from a total supply of 870,828,108 $MC to 670,828,108 $MC. Effectively, this proposal changes the ratio between the circulating market capitalization and the fully diluted valuation from 33% to 43%. Continuous burns to further reduce the total supply of $MC continue according to MIP-7.
A whole lot of gaming
In the past few weeks, we’ve had a lot of fun with our partners hosting a variety of gaming tournaments, allowing our players to try out various playtests. A high bar was set when we began with Metalcore, where our community got access to the thrilling shooter. Thereafter, we were invited by Fableborne to join the pre-alpha playtest where our players fought hard to claim the top-positions on the leaderboard.
Just as we concluded one tournament, the next started when Bullieverse invited us to an interesting tournament in collaboration with its community. Alongside the bulls and bears from Bullieverse, the Merit Circle DAO’s community slayed dozens of zombies and enemies in a mission to get the highest score. It was rough, but we did get a winner; multiple actually.
Next in line, we shook hands with Mythic Protocol for a round of gaming and already various other partners are lining up to open up their gates to our community. If you wish to take part, please keep an eye on both the official Merit Circle Twitter page, and our gaming community.
Together, we grow
Through thick and thin, we continue to build out the future generation of gaming. No one said it would be easy or that we wouldn’t encounter any roadblocks, but we will continue regardless. We’re in direct contact with all of our partners, portfolio companies and everyone in between to offer support in any way we can.
Again, thanks everyone for your support. Together, we’re changing the game!
Our next newsletter will be sent early January next year.