GUN Token Launches with a Frenzy, Attracting More Than 1.7 Million Participants

On the evening of March 31, the GUN token linked to the popular battle royale game "Off the Grid" was officially launched. As the core asset of the GUNZ blockchain

On the evening of March 31, the GUN token linked to the popular battle royale game "Off the Grid" was officially launched. As the core asset of the GUNZ blockchain, it attracted more than 1.7 million participants in the Binance Launchpool event, with a total staking amount of up to US$15.8 billion, a record high in nearly seven months. This phenomenon not only made the market shout the slogan of blockchain game revival again, but also made GUN one of the most watched new coins in recent times. After the token was officially launched, GUN rose to $0.115, but began to fall after reaching its peak. According to Coingecko data, as of 6 pm on April 1, its token price was about $0.076.

Along with the GUN token, the GUNZ mainnet was also quietly launched. However, the official did not make a big publicity for the launch of the mainnet, and the content published and reposted by its official X account were all related to GUN tokens. When you open the GUNZ Main Explorer , you will find that this is a "ghost chain" that seems to have little activity. This may be the reason why the official did not give too 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, and Off the Grid on PC, PlayStation 5, and Xbox has not yet switched from the testnet to the mainnet. As of April 1, more than 14.7 million wallets have been generated on the GUNZ testnet, with a total transaction volume of 490 million and a daily transaction volume of 2.5 million, which is basically between 2 million and 3 million.

In addition, the number of daily active users of Off the Grid is about 500,000, which is significantly lower than the peak of 900,000 reached when the game was first released, but it is already very rare in the context of the general downturn in the blockchain game industry. The unprecedented popularity at the time was mainly due to the fact that the game developer Gunzilla invited a group of well-known game anchors led by Ninja to promote Off the Grid.

There is no detailed information about the official launch time of Off the Grid. According to crypto media Decrypt, on March 31, in the GUNZ Discord server, Gunzilla Games' Web3 director Theodore Agranat told players that "we will now start migrating the game to the mainnet", but did not specify the estimated arrival time of the migration.

In addition, in an interview with the game media GamesBeat, Agranat also said that currently only 20% of "Off the Grid" is online, and it is only an early version. "We are very satisfied with our current performance in terms of entry, which has allowed our user base to grow steadily. With each update, our retention rate and conversion rate will increase," Agranat added.

GUN or “Super VC Coin”?

Gunzilla Games has so far raised two rounds of funding totaling US$76 million from investors including Republic Capital, Griffin Gaming Partners, Animoca Brands, Jump Crypto, Avalanche’s Blizzard Fund, and CoinFund.

In the last cycle, such star projects favored by VCs were easily popular among the public, but now they are often dubbed "VC coins" by the community. The native token GUN of the L1 public chain GUNZ is also facing such "interrogation". In particular, its initial circulation is only 6.05%, while the FDV is more than 740 million US dollars, which is a typical "high market value, low circulation".

According to the official white paper, the total amount of GUN tokens is fixed at 10 billion and distributed as follows:

According to the token economics, the number of GUN tokens held by VCs and project teams will exceed 50%, and its private placement ratio is the highest among the projects recently launched on Binance.

According to the GUNZ project report released by Binance on March 31, 2% of the total supply of GUN (i.e. 200 million) was allocated for liquidity/market making. The report also specifically noted: "The tokens have not yet been distributed to market makers, and additional address information will be provided later."

However, on-chain analyst @ai_9684xtpa detected that the suspected GUN market maker address had undergone a large-scale transfer at 3 a.m. on March 31, totaling 191 million tokens. Not only that, from the early morning of April 1 to 8 a.m., the token continued to carry out