News > IGLabs Update: Change in ORB : IGG rate in 30 days!
Last week, we announced a reduction in the rate of ORB distributed for freezing IGG tokens in IGLabs, which came in to effect on Saturday 18 July. This reduction falls in line with our long-term distribution plan for ORB through the freezing of IGG in IGLabs, where the inflation of ORB supply is reduced over time.
To recap, the new ORB distribution rate is now:
New distribution rate as of Saturday 18 July 2020.
We have just surpassed 50,000 platform sign-ups with new gamers picking up IGG — and even crypto — for the first time. In line with IGLabs’ core objective of acclimatising new gamers that enter the IG ecosystem to cryptocurrencies and blockchain in a fun and rewarding way, we have some exciting plans for the utility of ORB within IGGalaxy.
With the planned use cases for ORB tokens, we expect there will be demand for a token that has a relatively limited and deflationary total supply, with a decreasing inflation rate.
IGLabs currently buys ORB at a rate of 4 IGG per ORB sold; this has been consistent since the application launched back in May of last year. Over this time, nearly 80% of the supply has been distributed, with over 400 million ORB sold to IGLabs. 50% of all ORB sold to IGLabs is burned from existence at the end of each month, with the remaining 50% sent to Intergalactic Gaming Ltd’s wallet.
Through this mechanism, the total ORB supply has been reduced by nearly 20%; we started with a 1 billion supply, this now sits at 800,516,414 ORB! This means that there are fewer ORB tokens available to users as utility is introduced in IGGalaxy.
With the recent change in ORB distribution and consideration of the ORBnomics, we will be purchasing all ORB at of 5 IGG : 1 ORB from Friday 21 August!
IGLabs Update: We’ll pay 5 IGG per ORB from Friday 21 August 2020!
Our model for ORB token economy has always forecasted the need to increase the guaranteed buy back rate of ORB, as the total supply and amount entering circulation is reduced over time.
Furthermore, the change in rate will further incentivise IGG holders, especially those of you that are new to IGGalaxy, to freeze your tokens to generate ORB tokens. With a limited supply, it will only become more difficult to obtain them. What’s more, with ORB trading currently unavailable on secondary markets, ORB is currently only obtainable via the IGLabs application in IGGalaxy.
We look forward to sharing more updates with regards to ORB and IGLabs in the near future. For now, we thank all our holders who continue to store their IGG in capsules to generate ORB for IGGalaxy! With over 60% of circulating IGG is frozen, let’s aim to get this even higher!
If you have any questions, please feel free to contact us at firstname.lastname@example.org. You can also speak directly to our team, admins, or members of the community on Telegram messenger or Discord to receive immediate support.
To keep up to date with developments, please follow us on our various social media channels:
On Wednesday 29 July, our co-founders streamed on Twitch to respond to questions relating to various aspects of IGGalaxy.
August 4, 2020
Let’s take a look at what esports tournaments are live in IGGalaxy this week! Remember all of our tournaments are free with IGG rewards available for all eligible players!
August 3, 2020
It’s a new week in IGGalaxy which means a week’s worth of new online esports tournaments to join! All tournaments are free to enter with loads of opportunities to receive IGG tokens! Win. Lose. Get rewarded!
July 27, 2020
We know you’ve all been waiting a while to hear from our co-founders, Josh and Naeem, so you’ll be ecstatic to hear that our next live stream will take place on Wednesday 29 July!
July 23, 2020
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