IG | IGLabs Update: Change in ORB Distribution!

News > IGLabs Update: Change in ORB Distribution!

IGLabs Update: Change in ORB Distribution!


IGLabs Update: Change in ORB Distribution!

Greetings Galacticans!

The rate of ORB distribution for users in the IGGalaxy will be reduced in three days’ time. This does not affect the current 4 IGG : 1 IG ORB buy-back rate.

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

A quick introduction to IGLabs

For our newest arrivals to IGGalaxy, 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.

So, what is IGLabs?

IGLabs is our application on the IG platform that aims to spearhead the mainstream adoption of crypto for gamers. It is currently in the ORB generation phase, allowing IGG holders to store their tokens for a fixed period of time to generate ORB tokens.

ORB tokens will have use within IGLabs at a later date, but for now, you can either hold your ORB or sell them back to IGLabs at a current fixed rate of 4 IGG to 1 ORB.

Check out our initial transmission video for IGLabs:

Things you must know:

  • Minimum IGG required per capsule: 100,000 IGG
  • Maximum IGG required per capsule: 10,000,000 IGG
  • 0.2% of the IGG you store will be automatically burned*
  • A fee of ~3 TRX will be required to create a capsule

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

Why should I hold my ORB tokens?

As you know, we are still in the public beta phase of development, making strong progress towards building the galaxy’s best competitive gaming platform. Whilst we seek investment, it is imperative we remain on track for meeting our development plan. The key proposition to bring new users to IGGalaxy is the IGPlay area and other parts more directly related to the needs and desires of our target audience. For this reason, we will focus on developing on IGLabs at a point where it strategically makes sense to do so; both in terms of product and user base.

Long term, IGLabs will incorporate mini-games and quests that will require ORB tokens. For now, we don’t want to give too much away, but as always, will encourage you to put your questions forward and we’ll answer them in the best way we can!

ORB distribution rate will be reduced

The ORB distribution rate will change on Saturday 18 July 2020, which means the amount you will get for storing your IGG tokens in IGLabs will be reduced.

Current ORB distribution rate

Current ORB distribution rate.Current ORB distribution rate.

New ORB distribution rate

New ORB distribution rate.New ORB distribution rate.

IGLabs stats

IGLabs stats as of 17:00 BST on Wednesday 15 July according to TRONSCAN:

  • IGG currently stored in IGLabs: 11,677,723,889
  • Total cumulative IGG amount deployed in IGLabs: 136,935,433,761
  • Total IGG burned: 1,791,876,502
  • Total IGG burned by IGLabs: 273,870,736
  • Total ORB supply: 800,516,414
  • Total ORB in circulation: 600,319,112
  • Total ORB burned: 199,483,586

If you have any questions, please feel free to contact us at support@iggalaxy.com. You can also speak directly to our team, admins, or members of the community on Telegram messenger to receive immediate support.

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

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