Batsy

RE: $POWER I've met the Pixion team over the years and have found them to be sincere, professional and of solid integrity. My assessment on what happened with the massive 90% single day drop - it's easy to say its just crime - a very fair assessment, but in knowing the team, I think it was more of an operational blind spot failure on their part. I'm gonna be a massive minority here in saying so. 1. The disparity of the price from Ronin to the CEX was an operational ticking time bomb - with a massive spread from approximately 0.60 cents to 2.00. This continued for about 7 days from when this spread occurred. 2. It was an obvious mine field, a lot of traders saw this and shorted it on the CEX, waiting for the correction. 3. As far as I've been informed: The spread happened because of the limited amount of $power that was able to be bridged across. The daily bridge amount was also monopolized by a bot. So the earning and utility was on Ronin for the token, but vast liquidity was in CEX and DEXs that were not native Ronin token of $power. 4. The amassed bridged funds or other funds were dumped ahead of a liquidity unlock for March 5th. To my knowledge the restrictions on the Ronin bridge are still in place. So what's the conclusion? 5. For there to be such a spread in the first place for such a long period. shows a failure in the live ops management of the token. So having a massive correction was inevitable. Experienced traders would have played this a number of ways, but with this situation, there were a number of plays here. Setting this up to be like this -where the spread was so big and for so long, also, points to some level of manipulation by the market makers or even an inside party that could make an easy play from this really operationally flawed circumstance. With a web3 game, you're looking at dev ops, live ops and token ops - which is all related. The token ops part traditional game developers will have the least amount of experience with, but like a public company, the token price action matters immensely. Coupled with the unlock of vesting liquidity, this spread should have been priority #1 to resolve as this was 1 scenario that seems obvious in hindsight, but really not at all. The takeaway for me is how fragile this process is if the token live ops isn't a priority as trading is expected to be fully PvP - but that is what trading is. It's outside of the game, the brand, the growth narrative and the vast majority of traders are looking for the edge to take profit then move on. I'm sure @Kam_Punia and their team is looking into all of this, to assess what happened, how to prevent it and my gut feeling is that there were obstacles outside of their control that prevented them from correcting this earlier. I don't doubt their integrity, and this post isn't in defense of them, its a major fuck up, even as they had seemly bucked the trend for gaming token launches. But again, my gut is that the core team was not the prime driver of these results for self gain, but unfortunately they got played hard. But with what they have raised, and their reputation, none of this plays logically that the studio itself was the deliberate architect for it. Not that it matters when looking at the results, but I'm still rooting for this studio and what they represent. Disclosure: As another web3 game studio founder, I have bought the NFT of projects I wanted to support, so I have 1 Primordial NFT, I didn't claim any airdrop, didn't hold any $power and I would consider myself industry friends to Pixion.