All You Need to Know for the $PIRATE Launch
Ahoy, Pirates!
What a voyage it’s been, sailing through Preseason and Season 1 and seeing tens of thousands of Pirates set sail and earn heaps of BOOTY Points from playing the daily Gauntlets, collecting Founder’s Pirates and Ships, raiding 60 partners’ communities, and more.
With Season 1 behind us and Season 2 already out on the ocean, it’s time for us to launch $PIRATE, the ERC-20 utility token for Pirate Nation.
What is $PIRATE and how does it work?
$PIRATE is the new utility token for Pirate Nation and it will live on the Ethereum Mainnet. Players who qualify can claim $PIRATE starting on June 13, 2024 at 3am UTC, using the Pirate Nation Foundation site.
Pirates will need to claim their $PIRATE using the same wallet they use for playing Pirate Nation, even if it’s the PoP wallet. PoP wallet users will be able to claim after logging in with the same method they use for accessing the game.
The total supply of $PIRATE will be 1,000,000,000, with allocations for the Pirate Nation community, the Proof of Play team, Proof of Play’s investors and advisors, and for the Pirate Nation ecosystem:
- 47% to the Pirate Nation community
- 28% to the Proof of Play team
- 13.25% to the Pirate Nation ecosystem
- 11.75% to Proof of Play investors and advisors
At TGE, 15% of the total $PIRATE supply will be claimable by the community. The remainder of the $PIRATE will unlock over 36 months and have a 12-month cliff for the team and investors/advisors allocations.
The ecosystem allocation will be reserved for strategic initiatives, like marketing campaigns, exchange liquidity, and rewards for builders and creators who contribute to Pirate Nation. More information will be provided, likely in Season 2 or 3.
Staking $PIRATE for Proof of Play Points
As soon as the claim goes live, $PIRATE tokens can be staked immediately on the Pirate Foundation website, which will earn the holder Proof of Play (PoP) Points, a new reward system for early supporters and participants in the PoP ecosystem. Pirates will even be able to claim and stake in a single transaction, saving gas fees and earning a unique multiplier bonus for their PoP Points.
$PIRATE stakers can reap additional benefits from holding Founder’s Pirates in the same wallet as their staked $PIRATE, at a rate of 700,000 PoP Points per Founder’s Pirate per day.
Additionally, you can make purchases with staked $PIRATE at a 10% discount. Spending staked $PIRATE will not reduce your multiplier bonus.
What are Gems?
Gems are a new hard in-game currency for Pirate Nation. They will be non-transferrable and, at launch, can only be purchased with $PIRATE. Players can use Gems to essentially accelerate their progress in Pirate Nation, empowering them to purchase additional energy, speeding up timers on certain quests, backfilling required items for some Quests & Crafting recipes.
In the game, you can see all the opportunities to spend Gems and supercharge your Pirate voyage. Gems may also be used in future game modes and events, so keep a weather eye for updates on Gems.
$PIRATE for the Future
We put a huge emphasis on real in-game utility for $PIRATE and are shipping staking and purchasing with $PIRATE on the first day it was available. The team has poured late nights, long weekends, and countless syncs into bringing $PIRATE to reality.
Thank you to all the Pirates who’ve sailed with us through Season 1, especially those who have been with us since the very beginning. $PIRATE is the next step in making our vision of fully onchain gaming come true.
There’s never been a better time to be a Pirate.
