News > Intergalactic Gaming’s Progress Report: Q3 2020
As we progress into the final quarter of a very explosive year for IGGalaxy, we want to thank our community who have remained passionate about what we are building while we continue to take vital steps towards establishing IGGalaxy as a globally recognised social competitive gaming platform.
The penultimate quarter of 2020 saw IGGalaxy surpass 100,000 registered users, smashing through our 2020 forecasted growth target, with over 65% of our total user base joining in the last quarter! Reaching 100k registered users in a short space of time is a huge milestone — especially considering we are not even a year into our public beta development! We are seeing players entering IGGalaxy for the competitions, but later, becoming Galactican and choosing to stay in such an active community!
As we press onwards in Q4, where we are set to launch support for at least three new esports games, one of which will be Epic Games’ Rocket League, we expect our community to continue to grow globally.
While we are extremely excited by the future of IGGalaxy, we must first reflect on the crucial developments over the last three months.
Intergalactic Gaming’s Q3 2020 Progress Report!
Please note: This is the last progress report that will provide IGGalaxyy tokenomics data from the TRON blockchain. With IGGalaxy’s migration to Matic Network, certain token economics figures will be taken from www.etherscan.io.
With the migration, we provided a deadline for the IGG TRC10 to TRC20 swap that has been active for the last 21 months.
As per our final warning that all TRC10 IGG token swaps would stop on Sunday 4 October 2020 (a month extension on from our previous deadline of 4 September 2020), our IGG TRC10 to TRC20 swap contract is no longer operational.
Total IGG in blackhole address: 49,614,901,327
In total over 99% of TRC10 IGG has been swapped, which does not include 103,011,531 IGG we have verified are completely inaccessible after a member of our community lost access to their private keys. The amount had subsequently been subtracted from the TRC10 IGG balance to be swapped.
Total IGG swapped to TRC20: 49,717,912,858
Outstanding IGG TRC10 tokens that have not been swapped: 282,087,142 IGG
We anticipate these tokens are lost through lost private keys and Telegram and Twitter accounts. However, we cannot conclusively rule out others coming forward that, due to extenuating circumstances, have not been able to swap their TRC10 tokens. As a result, we will be retaining a small proportion for a period of time, with the remaining IGG’s fate to be determined by the community.
In the next few days, we will share a poll on Twitter to get feedback on what we should do with the remaining TRC20 tokens that have not been swapped.
We have recently released the second version to our IGGalaxy LitePaper, providing an insight into the esports, competitive gaming and game video content (GVC) space, at large. This market insight is followed by the opportunity presented through the specific ways in which IGGalaxy, using the innovation of blockchain, will connect the fragmented landscape and break down the barriers to entry which will bring a great rewarding experience to gamers and teams across the globe!
If you have not yet read our LitePaper v2.0, you can do so by following this link. We must remind you, though, our LitePaper will serve to offer only an insight; there is still much more to come, especially as more features are deployed over the next phase of our development journey.
In July 2018, we launched our TRC10 IGG token, formerly Intergalactic Gaming Gold, on to TRON Foundation’s newly established mainnet, with the aim of bringing a revolutionised social competitive gaming experience powered by blockchain.
As a team, we immediately fell in love with the community, and were drawn to the initial vision. Now, after two years of building our social competitive gaming platform, IGGalaxy, on TRON, we made the decision to migrate to Matic Network, Ethereum’s Layer 2 scaling solution.
IGGalaxy, powered by Matic Network!
IGGalaxy will operate a validator node on the mainnet, contributing to the security of the network, whilst also supporting Matic’s growing DApp ecosystem. What’s more, the migration offers great commercial benefits, exposing IGGalaxy to a thriving ecosystem open to the prospect of bringing competitive gaming to their communities.
Furthermore, Matic’s compatibility with Ethereum (the second largest blockchain platform in the world) provides additional benefits to IGGalaxy. For example, we now have access to significantly more development tools.
Longer term, moving to Matic will profoundly benefit our community. On the one hand, IGG can be used to cover the cost of transactions, which in turn, brings more utility to the token. On the other, we have a great opportunity to implement an on/off ramp for prospective and current holders.
To summarise, though, here’s a look at why Matic’s Layer 2 solution was the ideal network for IGGalaxy from a technical perspective.
If you would like to read the full announcement of why we decided to migrate from TRON to Matic Network, follow this link here.
So far, we have sold 250 million IGG split over two rounds. The final sale price in TRX was fixed at 0.02 TRX per IGG token. In our initial token announcement, we stated that there would be a maximum allocation of 550 million IGG, which would be divided into up to five rounds.
We intend for the token sale to resume again once our developers have completed the IGWallet migration. We will share details about this upcoming sale towards the end of this week.
40% will be used for expanding team and 30% each for exchange listings and marketing!
If you’d like to take a more in-depth look into IGGalaxy, the platform, and how this token sale will accelerate further growth, you can read this here.
We expect to complete IGGalaxy’s public beta migration from TRON to Matic within the next two weeks. This section of the report will therefore primarily focus on the updates specific to the IGWallets.
For now, all TRC20 IGG tokens are safe in your TRON wallets, so you do not need to do move them. When the token swap contract is available, we will provide you with a guide for converting your TRC20 IGG tokens.
IGWallet design revamped!
The new IGWallet has been updated to allow IGGalaxy users to view approved TRC and ERC-based tokens. Alongside this, our upcoming update will allow platform users to store a list of their contacts to make sending tokens between friends, teams, squads and players a lot more streamline.
Wallet migration: TRC20 token swaps
Our developers are currently testing the token and chain swap functionality that will allow IGG token holders to convert TRC20 IGG and ORB tokens to the ERC20 standard, as well as the ability to transfer tokens between Matic’s chain and Ethereum’s mainchain. With regards to TRC10 IGG partner tokens, selected tokens will be converted to the ERC10 standard. We will provide an update in relation to this in due course.
Looking at the screenshot above, clicking the “Swap Portal” button will take you to the Swap Portal, which is provided in the screenshot below.
The token swap will essentially allow you to easily convert your TRC tokens to the ERC standard on Matic Network. Please note that this is a one way mechanism where once you swap, you cannot swap back.
The chain swap is how you will migrate your ERC20 IGG tokens, on Matic Network, to Ethereum’s mainchain — you can switch interchangeably between the two. In the short term, you will need to ensure your ERC20 IGG has been sent to Ethereum’s mainchain before you can trade; long term, of course, we know it is only a matter of time before more exchanges support and are built on Layer 2.
Migrating smart contracts
There are currently four operational smart contract in IGGalaxy that must also be updated with our migration from TRON. These include:
The fifth — TRC to ERC token swap — will be implemented once all migration work has taken place.
IGGalaxy experienced the largest growth this quarter with over 67,000 gamers joining to take part in some of their favourite esports games!
Our public beta sign-ups increased by 67,803 this quarter!
IGGalaxy analytics: 01/07/2020-30/09/2020.
With online tournaments for seven esports games already in place, this quarter will see a further three games added to IGGalaxy taking the total to 10 for our first year in public beta development.
These do not include esports titles already confirmed — FIFA 21, eFootball PES 2021 and Call of Duty: Black Ops Cold War and Black Salt Coreuption — which will have competitions supported o**n** the platform upon their release.
Rocket League coming to an IGGalaxy near you!
From this month, IGGalaxy will offer Rocket League tournaments adding to the growing number of esports games supported; the first of the three games to be revealed!
Rocket League, acquired by Epic Games in May 2019, has a player base in excess of 40 million and is a game widely adopted by brands wanting to enter the esports space. Not only this, but the fact that the game is free-to-play, with cross-platform capabilities will undoubtedly contribute to the continued growth of IGGalaxy.
Rocket League coming to IGGalaxy soon!
Check out this announcement in full and read why we feel Rocket League will be a great addition to IGGalaxy!
Back in August, IGLabs increased the rate of IGG per ORB token.
With ORB tokens designed to play an important role in IGGalaxy’s dual ‘tokenomy’, the ORBnomics model has always forecasted the need to increase the guaranteed purchase rate of ORB as the total supply and amount entering circulation is reduced over time.
This incremental increase in the rate will further incentivise IGG holders — especially for those that are new to IGGalaxy — to freeze IGG in order to generate ORB tokens. With a limited supply, it will only become more difficult to obtain them, after all.
What’s more, with ORB trading currently unavailable on secondary markets, ORB is currently only obtainable via the IGLabs application in IGGalaxy. ORB only enters circulation through IGLabs and there is less than 20% left to be generated.
IGLabs will pay 5 IGG per ORB token!
Whilst the wallet migration is taking place, those that wish to store their IGG tokens in IGLabs capsules will still need TRX or energy. You’ll also have plenty of time to convert your TRC20 ORB tokens to the ERC20 standard as this will remain open until all ORB has been converted. For now, though, feel free to store your IGG to receive ORB tokens; there’s only a limited supply and it is the only way they enter circulation!
If you have any questions that you want to our ask co-founders, either from anything in the quarterly report, the recent release of our IGGalaxy LitePaper v2.0, or our recent migration to Matic Network and what it means, then submit your questions to us before tomorrow’s live stream!
The date of our live stream has changed — make sure to catch Josh and Naeem over on Twitch!
To keep up to date with developments, please follow us on our various social media channels:
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