IG | IGLabs notice: Change in ORB distribution rate from 09/11/2020

News > IGLabs notice: Change in ORB distribution rate from 09/11/2020

IGLabs notice: Change in ORB distribution rate from 09/11/2020
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IGLabs notice: Change in ORB distribution rate from 09/11/2020

If you’ve recently signed up to IGGalaxy, then you may recognise the name IGLabs: it appears in the side bar on desktop, or the furthest icon to the right at the bottom of the page on mobile devices.

IGLabs, initially launched in May 2019, aims to spearhead the mainstream adoption of crypto for gamers. It is currently in phase one — the ORB generation phase — allowing IGG holders the ability to store their tokens for a fixed period of time to generate ORB tokens.

Enter the IGGalaxy and join IGLabs now!Enter the IGGalaxy and join IGLabs now!

ORB tokens will be the governance token of IGGalaxy and operational token of IGLabs. This IGGalaxy token has a completely fair distribution, with no team/VC reserves. It also has, and will continue to only enter circulation through IGLabs. Anyone holding at least 100,000 IGG can participate in IGLabs to receive ORB rewards!

In addition, you can always sell your ORB to IGLabs at a fixed rate, which is currently set at 5 IGG per ORB token. 50% of all ORB tokens sold to IGLabs are then burned from the total supply, while the remaining 50% is retained by Intergalactic Gaming Ltd.

This makes ORB a relatively scarce and highly deflationary crypto asset. Since launch, a cumulative amount of 178,670,111,360 IGG has been stored in IGLabs ‘Power Capsules’; furthermore, at total of 358,056,204 IGG tokens have been burned through the deflationary mechanism of IGLabs!

If you are keen to know more, you can check out our initial transmission video below!

IGLabs stats

IGLabs stats taken from our end of October progress report.

  • Total ORB supply: 772,052,067.03
  • Total ORB in circulation: 666,937,160
  • IGG currently stored in IGLabs: 12,161,574,038.578000
  • Total cumulative IGG amount deployed in IGLabs: 178,670,111,360.559794
  • Total IGG burned by IGLabs: 358,056,204.039186
  • Total ORB burned: 227,947,932.97
  • Total TRC20 ORB swapped: 263,331,338.74

ORB distribution rate will be reduced

The rate of ORB distribution for storing IGG tokens in IGLabs ‘Power Capsules’ will be reduced from Monday 9 November 2020.

This is a formal notice to also let you know that, from Monday, you will only be able to store your IGG tokens for 30 days.

Current ORB distribution rate

Current ORB distribution rate.Current ORB distribution rate.

New ORB distribution rate

New ORB distribution rate.New ORB distribution rate.

Things you must know before participating in IGLabs

  • Minimum IGG required per capsule: 100,000 IGG.
  • Maximum IGG required per capsule: 10,000,000 IGG.
  • You can now only store your tokens for 30 days.
  • 0.2% of the IGG you store is automatically burned upon the creation of an IGLabs ‘Power Capsule’.*
  • You will need a small amount of MATIC tokens to activate and claim your ‘Power Capsules’; 1 MATIC token is enough to create 1,000 capsules! Luckily, we’ve got you covered: you can purchase MATIC via your IGWallet using traditional payment methods!
  • ORB tokens only enter circulation through IGLabs.
  • Any IGLabs ‘Power Capsules’ activated before Monday 19 October before 08:00 (UTC) will be on the TRON Network; you must therefore claim these capsules via your TRON IGWallet. You will then need to convert these to ERC20 ORB tokens by following our swap guide.
  • All capsules deployed from Wednesday 20 October IGLabs ‘Power Capsules’ created will operate on the Matic Network.

*This is one of many planned deflationary mechanisms that will reduce the total supply of IGG tokens, which over time, should positively impact the value of all remaining tokens.

If you have any questions, please feel free to contact us at support@iggalaxy.com. Alternatively, you can speak directly to our team, admins, or our friendly community on Telegram or Discord to receive immediate support.

To keep up to date with developments, please follow us on our various social media channels:

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