What is ILV and how do I play Illuvium?
You may be pondering upon questions such as; “What is ILV?” or “What is Illuvium’s gameplay like?
Worry no more, Bitkub Academy is here to the rescue! Today we’ll dive together into the world Illvium and get to know more about ILV, the newly-listed token on the Bitkub trading platform.
What is Illuvium?
Illuvium is an open-world Play-to-Earn (P2E) game that enables players to battle and adventure in the large 3D landscape, while also receiving battle rewards in the form of ILV. WIth Illuvium being an Ethereum-based game, ILV, in return, is a multifunctional ERC-20 token.
Illuvium is a fusion between PVP and adventure style games with the gameplay based around defeating in-game characters and monsters known as Illuvials. Illuvials can be defeated and later on added to a player’s team and collection for future battles.
Illuvium’s essence lies within its endless functionalities where users can participate by completing quests, battling, and collecting Illuvials that are each distinct in terms of rarity and usage. Illuvials can be divided as follows:
Classes: Psion, Rogue, Fighter, Empath, and Guardian. All of which are subject to additional details and difference in abilities.
Affinities: Water, Earth, Air, Fire, and Nature. Details on affinities are still to be released.
The uniqueness of Illuvials is that they are NFTs (Non-fungible Tokens) that players can collect and trade on external platforms, while also combining or breeding them to create stronger and rarer byproducts.
Illuvium was developed by a team of over 40 experts, two of which are the skilled brothers; Aaron and Kieran Warwick, both of which specialize in developing games and are experienced in investments in cryptocurrency. At the same time, both are brothers with Kain Warwick, co-founder of Synthetix, a popular DeFi platform.
The two brothers and their team of developers worked with the goal of developing Illuvium to be a popular blockchain-based gaming platform where players can enjoy both the gaming experience and the Decentralized Finance (DeFi) aspects as well.
What is ILV?
ILV is an ERC-20 standard token created on the Ethereum blockchain network, along with the Illuvium gaming platform. ILV is utilized as rewards for in-game participation and access to the Illuvium Vault. The Illuvium Vault is much similar to a safe vault in which ETH is collected from various ongoing functions within the platform. Lastly, ILV can be used by users in governing the network through Illuvium’s DAO (Decentralized Autonomous Organization).
A notable technological advancement Illuvium introduces is the implementation of NFTs in the form of Illuvials that can be collected, exchanged, and combined to create new NFTs that are even rarer and more valuable.
The use of NFTs on Illuvium is facilitated by Immutable X (IMX), a layer 2 for the Ethereum network that enhances its scalability capabilities, while also allowing NFTs to be minted and exchanged without gas fees.
Additionally, Illuvium also offers the IlluviDEX, a decentralized exchange (DEX) that helps users to exchange NFTs in the form of Illuvials freely with a 5% fee that is collected in the ILV Pool which is later on distributed to players.
Moreover, the platform also offers yield farming services wherein 30% of ILV’s maximum supply is collected and allocated to liquidity providers over the span of 3 years.
A point of uniqueness for IlluviDEX is sILV, a secondary token on the network that is received after redeeming ILV-exchanged rewards. sILV is valued as an equivalent to the USD, but cannot be used externally.
Furthermore, Illuvium is decentralized, further allowing other technological integrations as follows:
NFTs - represented in the form of Illuvials, characters and monsters that can be collected, combined, and traded as NFTs.
Authentication, Authorization, and Accounting (AAA) - Illuvium is the first AA gaming platform on Ethereum, meaning its users can be confident in the identity verification process and systematic security.
DAO - The system’s DAO acts as much like a traditional organization, but rather functions in a decentralized manner without any single authority maintaining it or the platform. DAOs are also able to aid Illuvium’s data storage, as well as facilitate the ability to create and trade NFTs.
IlluviDEX - a decentralized exchange (DEX) that Illuvium creators developed for future use in processing transactions without gas fees.
In reference to statistics on Coinmarketcap on September 29, 2021, ILV is the 238th highest ranked digital asset, in terms of market capitalization, which is currently around 1 billion U.S. dollars or around 300 billion Thai baht.
ILV is limited to a maxim supply of 10 million ILV with a current circulating supply of 600,000 ILV. Additionally, ILV made an all-time high at 96,828 THB and is currently hovering at the price point of 16,878 at the time of writing.
Illuvium is a gaming platform based on the Ethereum network that was developed for DeFi game enthusiasts to collect NFTs and adventure in a 3D world constructed for the purpose of battling and capturing Illubials. ILV is an ERC-20 token that is mainly used as rewards for in-game accomplishments and quests, with the secondary token, sILV, used as an equivalent of the USD within the game with additional uses potentially being announced in the future.
Investors can tune in with the game’s upcoming release in Q1 of 2022, wherein portions of the game’s attributes may change to enhance its players’ experience and NFT collection as well.