What is Illuvium?
The Illuvium token, or ILV, is the native token of the Illuvim platform. The latter is a blockchain-based gaming project deployed on the Ethereum network.
ILV mainly serves as a governance token. This means that it grants holders voting rights through Illuvium DAO, where they can select the Illuvinati Council members and vote for proposals. Moreover, ILV holders can also submit their own Illuvium proposals called the Illuvium Configuration Change Proposals and the Illuvium Improvement Proposals.
The Illuvium tokens have been distributed as follows:
- 500,000 - Pre-Seed;
- 1,500,000 - Seed;
- 1,500,000 - Team;
- 1,500,000 - Treasury;
- 1,000,000 - Launchpad;
- 3,000,000 - Yield Farming;
- 1,000,000 - In-Game Rewards.
The list above is displayed chronologically starting from December of 2020.
Keep in mind that it's important to do your research before making any purchase decisions. You can have a more in-depth look at the Illuvium price history, as well as the current ILV price, on the graph above.
What are the Main Features of Illuvium?
Illuvium is a community-driven AAA game studio powered by blockchain technologies. Its first game, Illuvium, is a Play-to-Earn game, which means that players can earn crypto rewards for simply playing the game. These crypto rewards come in the form of Illuvium tokens.
Illuvium is a combination of an auto battler and an NFT collector since users have to capture Illuvials, train them, and then battle. These Illuvials come in the form of NFTs and are sent to the player’s wallet upon successful capture.
There are 5 classes of Illuvials including Empath, Fighter, Guardian, Psion, and Rogue. Each of these classes has its own affinity, which is either Air, Earth, Fire, Nature, or Water.
Besides fighting themselves, users can also place their bets on matches between other players.
Illuvium has an intricate storyline that encompasses all players. They start out as colonists stranded on an unknown planet where they must reveal its secrets to survive.
The Illuvium ecosystem also consists of an NFT marketplace where users can buy, sell, and trade their NFTs exclusive to Illuvium. It’s called the IlluviDex.
In addition, Illuvium provides its own yield farming platform where users can stake their tokens and receive ILV or sILV tokens in return. In total, Illuvium allocated 3,000,000 ILV tokens for yield farming that are set to be distributed among users within 3 years.
As mentioned in the What is Illuvium section, the game is deployed on the Ethereum network. It was built on a layer-2 solution called the Immutable X, which ensures near-instant transactions and zero gas fees.
One of the main goals of the project is to become the first AAA game on Ethereum.
What is sILV?
sILV is a synthetic token native to Illuvium. Users can obtain sILV by staking their ILV tokens.
This is important due to Illuvium’s unique yield farming reward system that allows users to withdraw their earnings only after one year. By staking their ILV tokens, users receive sILV without any lockup period.
sILV serves as a medium of exchange within the game. This means that users can use the token to buy in-game items, such as skins.
Don't forget to check the ILV price via the graph above before making purchase decisions.
Illuvium vs Axie Infinity
Starting with the similarities, both projects feature a blockchain-powered game based on collecting NFT creatures that can be sold on the open market. This is where their similarities end.
Illuvium is a 3D game with in-game lore, whereas Axie Infinity is 2D without a storyline as of yet.
Most importantly, all NFTs on Illuvium are designed by world-class artists, unlike Axies, who are generated from random attributes.
Illuvium features an open world that players can explore at their own pace. It provides a traditional gaming experience with a crypto twist. This means that players don’t need to have any knowledge of the crypto world to participate.
Axie Infinity, on the other hand, requires some understanding of the crypto space.
Who Developed Illuvium?
The Illuvium crypto project was launched in late 2020. Its co-founders are brothers Aaron Warwick and Kieran Warwick.
Aaron Warwick went to the University of Wollongong where he studied Computer Engineering and Physics. This is where his passion for game development was born. Prior to co-founding Illuvium, he was a franchisee at Harvey Norman. Aaron is currently the chief game designer at Illuvium.
Kieran Warwick was heavily involved in the world of crypto before the launch of Illuvium. He worked as a sales marketing director at Blueshyft. Later, he joined the Burger Collective as the chairman, where he signed a partnership deal with DoorDash. However, his interest in the crypto space did not dwindle. As DeFi grew, Kieran introduced the idea to his brother Aaron and the first concept of Illuvium was born.
Some of the project’s key partners include venture capital funds like IOSG Ventures, LD Capital, and BlockSync, as well as private investors from major companies like Synthetix, Aave, Sandbox, and many more.
