WorldPVP taps into memecoin frenzy with unique twist
Memecoins have taken centre stage in the crypto world this year, dominating mindshare and trading volumes.
Now, projects are looking to capitalise on the trend, with some proving to be incredibly successful.
One of the latest is WorldPVP. The game is built on Base, an Ethereum layer 2 blockchain that was incubated by crypto exchange Coinbase.
WorldPVP adds a fun wrinkle to memecoin trading by letting 211 countries, each with its own tokens, compete over a week to see which one can reach the highest market cap.
This unique gameplay has attracted 6,793 traders and generated over $30 million in total trading volume.
The game’s mechanics are straightforward but strategically rich.
Each round culminates with the country boasting the highest market cap gaining access to a “nuclear missile.” With this missile, a country can nuke another country’s token, removing the liquidity.
The Ether from the nuked country’s liquidity pool is then divided, with half reinvested into the victorious country’s tokens and the remainder distributed to a randomly chosen country, adding to the unpredictability of the competition.
Additionally, a prize pool, funded by a 2.5% tax on all trades, is used to buy tokens from the winning country each week.
With the prize pool now at $180,000 and the highest market cap at $2.3 million for the USA, the influence of this pool on token prices could be notable, depending on the volume each week.
Leadership and communication are also crucial to the WorldPVP experience.
Each country’s president — the top token holder — plays a vital role by deciding which country to target with a nuclear strike if they emerge victorious in the weekly competition. This elevates top holders from merely investing in tokens to becoming central strategic figures within the game.
Presidents are easily recognizable by a crown icon next to their names in the platform’s token-gated chat rooms, where they actively engage in discussions that not only facilitate conversation but can also lead to forming alliances or stirring conflicts.
A recent example of strategic alliances formed within these chat rooms is the union between Kazakhstan and Spain.
Spain's Alliance Count Adds Another:
— WorldPvP Channel 69 News (@WorldPvPNews) May 17, 2024
It appears @KazakhstanPVP has come to an agreement with @SpainWorldPvP
Spain clearly has some Based connections in @worldpvpco and is preparing for the first nuke in 42 hours https://t.co/B4H53oZBVC
The presidents of Kazakhstan and Spain formed an alliance called “Kazakhspan,” investing one Ether in $SPAIN to merge their “industrial and naval strengths.”
WorldPVP hasn’t just captured the attention of traders; it also received a grant from Base to continue to work on the project.
The first round is coming to an end in 37 hours with the USA leading with its $2.3 million market capitalisation. Second is China with a market capitalisation of $537,000.
As the first round draws to a close, the strategic elements of WorldPVP intensify.
Will the USA, with its leading market cap, choose to nuke China, its closest competitor? Or might another country make a last-minute surge to shift the balance? Only time will tell.
Ryan Celaj is a data correspondent at DL News. Got a tip? Email him at [email protected].
