The XPLA chain was developed as a platform for blockchain-based media content. The blockchain is designed for the development and long-term growth of applications with a focus on games, content, and entertainment.
The general idea of the blockchain is to bring mass adoption and become the link between web2 services and web3 users.
XPLA is built on Tendermint consensus and Cosmos SDK. Ethermint is responsible for EVM compatibility. Thanks to IBC, the blockchain can be connected to any zone in the Cosmos ecosystem. Currently, there are IBC relayers with KAVA and Axelar.
The network security is provided by up to 130 validators. At the moment, there is an active-set of 40 validators.
In 2021, the C2X blockchain appeared. It was developed by the Com2us Group in partnership with Terraform Labs and Hashed and was built on Terra.
Com2us Group is a South Korean company specializing in the development and publication of mobile and online games, founded in 1998. As of February 2023, its market capitalization is $670 million.
Terraform Labs is the company that founded the Terra blockchain, and its CEO is Do Kwon.
Hashed is a venture capital company that invests in blockchain technology. It suffered significant losses after the collapse of Terra.
In 2022, MetaMagnet Ltd., the managing company of C2X, raised $25 million in a private round from investors such as FTX Ventures, Jump Crypto, Animoca Brands, Hashed, Terra, Transcend Fund, Galaxy Interactive, Skybound, Blockchain Coinvestors, DeFiance Capital, Play Ventures, Crypto.com, Infinity Ventures Crypto, Unanimous Capital, Bowei, Xsolla, Huobi Ventures, Goal Ventures, Concept Art House, Agnitio Capital, and Formless Capital.
Later in the same year, the company raised about $1 million in an IEO conducted on FTX.
The funding occurred in March and the collapse of Terra took place in May.
On June 14, C2X announced an upcoming migration, and on August 9, XPLA debuted. Thus, the platform migrated to the XPLA blockchain.
The blockchain was developed by Delight and ZenaAD.
Delight is a team of engineers from Korea, including Derick Moon, Sooyoung Ha, Jun-hang (Bryan) Lee, Joowon Yun, Seokyeon Hwang, Joon Lee, Jihyung Lee. Their most notable product is Delight Labs' Terraswap, the first DEX on Terra.
ZenaAD is a developer of mobile games and applications. ZenaAD's driver is a marketing platform for mobile games, an application for monetizing through advertising display. However, among other things, you can find their application on the Play Market that cuts advertising on Youtube. They say it works😎
In addition to the companies mentioned above, Xterio has been noted among the partners. It is a Swiss blockchain game developer with a cool team that has worked at FunPlus, Electronic Arts, Zynga, Activision Blizzard, Krafton, Jam City, NetEase. XPLA entered Xterio in a private round as the lead investor.
The native token of the $XPLA blockchain has the standard application for the ecosystem:
- a payment means of the platform;
- ensuring network security;
- participation in governance.
The total supply is 2000 million tokens.
- Ecosystem 860M (43%)
These tokens are designed to expand the ecosystem through investments and partnerships. They can also be used to enhance the stability and security of the network..
- Community 60М (3%)
The tokens will be used to incentivize the community.
- Genesis Contributors 300М (15%)
This portion is for pioneers who made a contribution to the initial creation of the XPLA blockchain - content providers of the XPLA ecosystem. 120M $XPLA will be unlocked quarterly in 2023, 80M in 2024, 60M in 2025, 40M in 2026.
- Backers 300М (15%)
This is the total share of investors. Currently, investors have 100M tokens, with a 1-year lock and quarterly unlock over 2 years, starting from Q1 2023.
- Marketing 60М (3%)
This reserve will be used for branding and user acquisition.
- Team 300М (15%)
The distribution has a 1-year lock and a quarterly unlock over 2 years, starting from Q1 2023. Thus, each quarter 37.5M $XPLA will be unlocked.
- Validation Settlement 60М (3%)
Tokens will be used to maintain network security. They will be evenly distributed among XPLA validators. Delegation rewards will be automatically reallocated among $XPLA stakers through smart contracts and the Validator Reward Pool.
- Advisors 40М (2%)
The portion of advisors who participated in the initial development. The distribution takes place with a lock of 1 year, unlocking once every quarter for 2 years, starting from Q1 2023. This means that 5M $XPLA will be unlocked each quarter.
- Reserve 20М (1%)
Used depending on the situation. The decision to use the funds is made by XPLA validators through voting. In voting №3 it was decided to use 19.6M tokens to support investors holding tokens on FTX. More information can be found in the XPLA Medium.
The current token distribution with vesting and cliffs is shown in the table below.
Token XPLA is exchanged one to one within the program for migration from the C2X ecosystem, deployed on Terra Classic, to XPLA. Together with the native token, you can transfer all assets that were in the C2X ecosystem on Terra. You can read more about the migration in the article.
The ecosystem is currently in its early stages. XPLA has a testnet that can be activated directly in the wallet and run some dApps.
Recently, Delight deployed Dezswap - the first DEX on XPLA with a very pleasant interface. You can check the dApp's operation in the testnet. The interface is quite simple, it feels that the team has experience in developing DeFi:)
The Dezswap Interface
XPLA has a wallet called XPLA Vault which is available for Chrome, Firefox browsers and for the Androind/iOS platform. Its interface is very similar to Terra Station:) The mobile wallet has more functionality. It seems that the browser solution is expected to be connected to the web version.
XPLA Web Vault
XPLA Web Vault
As an explorer, you can use XPLA Explorer and Finder, as well as Mintscan. The purpose of Finder is unclear, as it is a cut-down version of XPLA Explorer.
Gamers can vote for the launch of games on the platform, exchange game items, buy Fan cards, and receive content from providers in the future. Providers (game providers) will be able to easily integrate blockchain mechanics into their products. There are not many games, but some have more than 1 million downloads. The C2X Blockchain gaming platform has a Beta Game Launch mechanism, where users test games before entering the ecosystem. Developers must provide a demo version of the game that is convenient for the Web3 community or real game resources (in-game frames, screenshots).
Beta Game Launch
The platform has its own token, $CTXT, which is used solely to manage C2X. A total of 800 million tokens will be issued. The initial volume of 50 million will be used to form the basic ecosystem. The number of tokens will gradually increase along with the launch of games. The documentation states that $CTXT does not list on CEX, but may be registered on an exchange without prior notice. The mechanisms for using the token within the ecosystem and its interaction with the native token $XPLA can be seen on the diagram.
Interaction between $CTXT and $XPLA
The token can be acquired for XPLA on Dezswap or on the platform's internal DEX.
Mobile Games and Apps Top games of the platform: DearElla, Idle Luca, and Baseball Superstars.
On February 8th, the launch of xPlayz was announced, an app where you can play, earn Volts for watching ads and completing other activities. Later, they can be exchanged for $XPLA.