Tales X（X）代币经济学

Overview

X Empire ($X) is a play-to-earn financial strategy game on Telegram, with its token ($X) launched on The Open Network (TON). The tokenomics are designed to incentivize early participation, foster community engagement, and support future development. Below, we break down the key aspects of the token's economics, including issuance, allocation, usage, incentives, locking, and unlocking mechanisms.

Token Issuance Mechanism

• Total Supply: 690 billion $X tokens.
• Issuance Model: The majority of tokens were distributed via a large-scale airdrop to early adopters and miners, with the remainder reserved for future user onboarding and development. There is no evidence of ongoing inflation or additional token minting; 100% of the supply is now in circulation.
• Airdrop Details: The airdrop was performance-based, rewarding active in-game participants and those who invited friends. NFT vouchers (over 60,000 sold, representing 4+ billion tokens) could be converted 1:1 to $X tokens, with a conversion deadline set for October 31, 2024. Only 6 million out of 50 million users were eligible for the airdrop, intensifying scarcity and initial sell pressure.

Token Allocation Mechanism

• Community Emphasis: The Chill Phase increased the community airdrop allocation to 75%, highlighting a strong focus on rewarding active users.
• No Team/Investor Lockups: There is no evidence of traditional vesting schedules for team or investors; the entire supply is in circulation.

Usage and Incentive Mechanisms

• In-Game Utility: $X is used for in-game purchases, upgrades, and participation in competitive business-themed challenges.
• Airdrop Incentives: Players earn more tokens by increasing their in-game activity and inviting friends, fostering viral growth.
• NFT Integration: NFT vouchers serve as both in-game assets and a means to acquire $X tokens.
• Holder Status & Rewards: The "$X Holder Status" program rewards users who maintain a positive $X balance in their on-chain wallets for 30 days with exclusive benefits and partner airdrops. This mechanism encourages long-term holding and reduces sell pressure.
• Future Utility: Plans include launching additional Telegram apps where $X holders receive a share of new token supplies (e.g., 10% for Hrum, 5% for Mememe, 2% for Dogiators, etc.), further incentivizing holding and ecosystem participation.

Locking Mechanism

• No Traditional Locking: There is no explicit token locking or staking mechanism required to earn rewards. Instead, users must simply hold $X in their wallets for 30 days to qualify for the Holder Status program and associated benefits.
• No Vesting Schedules: All tokens are unlocked and in circulation; there are no time-based vesting or lockup periods for any allocation category.

Unlocking Time

• Immediate Unlock: All tokens were unlocked at launch, with the full supply available for trading and use. The only time-based element is the 30-day holding period for the Holder Status program.
• NFT Conversion Deadline: NFT voucher holders had until October 31, 2024, to convert their vouchers to $X tokens.

Summary Table: X Empire Tokenomics

Nuances, Implications, and Limitations

• Sell Pressure: The large airdrop allocation led to significant sell pressure post-launch, causing high volatility and price drops.
• Community-Driven Growth: The tokenomics are designed to reward early and active users, but may struggle to retain value if new utility and engagement features are not delivered.
• No Team/Investor Vesting: The absence of traditional vesting schedules could raise concerns about long-term alignment, but also means no future unlock cliffs.
• Holder Incentives: The 30-day holding requirement for rewards is a soft lock, aiming to stabilize the token and foster loyalty.
• Future Utility: The promise of additional app integrations and token shares for $X holders is a key incentive, but execution risk remains.

Actionable Insights

• For Users: To maximize rewards, maintain a positive $X balance in your wallet for at least 30 days and participate in new app launches.
• For Investors: Monitor the rollout of new utility features and community engagement, as these will be critical for sustaining demand and price stability.
• For Observers: X Empire’s model reflects the current trend in Telegram-based play-to-earn games, with heavy emphasis on airdrops, viral growth, and rapid full supply unlocks.

In summary, X Empire’s tokenomics are highly community-centric, with all tokens unlocked at launch, no formal locking or vesting, and a strong focus on incentivizing early and ongoing participation through airdrops, in-game rewards, and future ecosystem benefits.