Unpacking PRIME's Appeal: Why It Was the Most Searched Token on Nansen Last Week
Updated: Jul 24
In the world of cryptocurrency, new tokens and assets are introduced frequently, each with its own unique purpose and utility. One such token that has recently gained a lot of attention is PRIME, the native asset of Echelon and Echelon game partners. Last week, Nansen, a blockchain analytics platform, reported that PRIME was the most searched token by their VIP+ subscribers. In this article, we will explore the details and features of PRIME, its distribution, governance, and future utility.
What is PRIME?
PRIME is the native asset of Echelon and Echelon game partners. It was originally distributed through Prime Events and Caching, and soon players will be able to earn PRIME through gameplay. Holders can use PRIME in many ways within the Echelon ecosystem through Prime Sinks.
Distribution and Factors Affecting PRIME Earnings:
PRIME is distributed to players who win games within the Echelon ecosystem. The amount of PRIME earned is determined by various factors, including the base rate, ladder rank, key modifiers, and the percentage of NFT to non-NFT cards in the deck. To ensure emission sustainability, there is a cap on the number of games in which players can win PRIME per day.
Governance of Echelon:
Echelon is governed through two pillars: PRIME holders and Emissaries. PRIME holders influence the ecosystem through the Echelon Prime Foundation, which is a web3 ecosystem advancing the next generation of gaming. Powered by PRIME, Echelon fosters innovation in novel game economies through an open-source and community-led framework.
Parallel is a sci-fi trading card game with an opt-in economy through NFTs and PRIME. It is the inaugural game partner of the Echelon ecosystem. When using a deck of NFT cards in Parallel, players can earn PRIME through gameplay. Parallel TCG is currently in its first phase of early access - closed alpha.
Assets in the Echelon Ecosystem:
Assets are NFTs with unique utility in the Echelon ecosystem. Parallel has various assets, including Masterpiece, Prime Key, Catalyst Drive, Prime Drive, Prime Set, The Core, and Other Keys.
PRIME is used to submit community proposals on the Governance Portal. Applicants are encouraged to seek feedback on the Governance Forum prior to officially submitting. There are two types of submissions that can be made: governance proposals and grant applications. After a proposal or grant application has been officially submitted, Emissaries will schedule a community call. It will be sorted into one of two categories - Emissary Vote or community vote. EPs cannot veto proposals that pass a community vote.
Current Status of PRIME:
As of March 1, the circulating supply of PRIME is around 20.2M. Prime Events and caching emitted 19.7M. Sinks absorbed 0.8M, and only three are live. In the coming weeks and months, additional utility will be added to PRIME. Several new sinks will launch, and one existing sink will evolve. Payload dynamically re-prices post-unlock, meaning the amount of PRIME required to use the sink varies based on demand. This update allows us to test dynamic repricing ahead of its implementation with Echoes. The final variable is 1.2M for launch partners
Analytics by Nansen:
According to the chart, it appears that the market for PRIME has become more volatile and risky since its unlocking on March 1th, resulting in a significant number of traders and investors losing money. Therefore, it may be advisable to exercise caution and avoid trading PRIME until the market stabilizes and shows signs of improvement.
The chart indicates that the level of interest and activity around PRIME has decreased significantly since its unlocking on March 1th. It is no longer the most active token, and it has virtually disappeared from the market radar, suggesting that traders and investors have shifted their attention and investments to other tokens and assets.
PRIME is a unique token with a specific purpose within the Echelon ecosystem. While it has gained significant attention and interest in recent times, it is important to note that investing in PRIME comes with a certain degree of risk, as seen in the recent volatility and loss of value after its unlocking on March 1st. Therefore, it is advisable to exercise caution and conduct thorough research before making any investment decisions in PRIME or any other cryptocurrency. It is also essential to set clear investment goals and understand the specific problems that the token is trying to solve within the ecosystem. As the cryptocurrency market is ever-changing and unpredictable, it is crucial to stay informed and adapt to the latest market trends and developments.
The above article is intended for informational purposes only and should not be construed as financial advice. The information contained in this article is not intended to be a comprehensive analysis of the Trident project, nor should it be relied upon as such. This article is not a recommendation to buy, hold, or sell any investment or financial product. The information contained in this article is based on publicly available information and is subject to change without notice.
The author of this article makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this article, and accepts no liability for any loss or damage arising from any reliance on or use of this information.