Since June 2020, DeFi has been the talk of the town, with the adoption of DeFi projects going crazy, as money flows from traditional financial markets into a decentralized world. Gourmet Galaxy is a fusion between a DeFi Yield Farming and a NFTs Gaming dApp, which tokens have real use cases and intrinsic value, and aim at solving the problems that overshadowed Yield Farming platforms. Coin98 Wallet got a chance to host an AMA with Gourmet Galaxy, let’s get right into it.
- What is Gourmet Galaxy?
- Why is Gourmet Galaxy built on the ERC20 network, rather than other networks that are faster and more scalable?
- What are the major milestones for Gourmet Galaxy achieved so far & what are in the future pipeline?
- The boom of the NFT + DeFi association that is causing so much interest in the world? How does Gourmet Galaxy take advantage of and exploit this reality?
- Will Gourmet Galaxy be a Browser-based game? Or do you have plans to make it a full app for PC and tablets/phones? If so, when will it be available?
- How do you think the cryptocurrency game industry will develop over the next few years? What role will Gourmet Galaxy role in the development of the crypto game industry?
- What kind of use-cases does the GUM token have? What kind of value does it play and bring to the GUM ecosystem?
What is Gourmet Galaxy?
In 2020, with the new DeFi wave rising up, DeFi projects did a great job of getting new investors into the industry. But they still have 2 major problems:
- Incentives token of yield farming projects have no intrinsic value. They faced inflation so it will decrease in terms of price overtime.
- Their products still have a complicated user experience. Unless you are a normal investor who bought DeFi tokens so you can sell later, you will have a hard time figuring out how to use Yield Farming to get profit.
And that’s where Gourmet Galaxy comes into action. Gourmet Galaxy is a DeFi Ecosystem, with a gamified layout/experience and NFTs based token that have intrinsic value and deflation system.
Why is Gourmet Galaxy built on the ERC20 network, rather than other networks that are faster and more scalable?
In terms of maturity and connections of the whole Ecosystem, Ethereum is still the King. Especially when we are aiming to be a DeFi Ecosystem under gamified layout. Our priority is to grown our Ecosystem first, with dApps joining Gourmet Galaxy starting from Q3 2021. Look at EOS for example. They have a faster network and may scale better than Ethereum. But the number of devs or users who use EOS is really low at the moment.
Of course, scalability is still our concern. That is why we will launch cross-chain with Polkadot after Q2 of 2021. It is a WiP at the moment, and will be ready when we finish rolling out to public our games after Q2
What are the major milestones for Gourmet Galaxy achieved so far & what are in the future pipeline?
The major milestones up until now maybe our GUM Swap, GUM Farm and our token contract are available and ready to use right after Certik finished auditing them. They are in good condition at the moment.
You can check out our road map for more detail. But I can tell you 1 thing in advance, is that our next quarter , the Vault will roll out. Vault is our next product that hasn't been introduced in the road map, that gives PLANET owners and players the ability to lend and borrow. And a new NFT type coming in May also.
The boom of the NFT + DeFi association that is causing so much interest in the world? How does Gourmet Galaxy take advantage of and exploit this reality?
The booming of NFT + DeFi is a natural step to the Blockchain Industry. If you read our whitepaper, you will see that I heavily stress on our intrinsic value, and majority of DeFi tokens have no use cases.
But I think the most important thing about the NFT wave is that it usually comes under the gaming/easy to use interface, and that really helps to drive adoptions. If you notice, the last DeFi wave projects all name themselves after a type of food, in order to make things more friendly to the users.
Gourmet Galaxy is not an exception from this. We try to put a friendly UI/UX on top of the whole DeFi Ecosystem in the future. It will not be an easy job, or a steady job. But I hope we can achieve it one step at a time. First, acquire users. Then, educate them by using NFTs profit model. After that, adoption of Decentralized Finance.
Will Gourmet Galaxy be a Browser-based game? Or do you have plans to make it a full app for PC and tablets/phones? If so, when will it be available?
Gourmet Galaxy will be a Browser-based game at first. Then there will be an app for Tablets and Phones. We are trying our best to deliver mobile apps in Q3 2021, mostly due to the complication of Android compatibility. Browser-based games, however, will be available in Q2.
How do you think the cryptocurrency game industry will develop over the next few years? What role will Gourmet Galaxy role in the development of the crypto game industry?
Unlike DeFi, where users’ interest and demand are driven by practical applications and the promise of returns, the NFT market is driven by deep psychological patterns. As the world becomes more and more digital, many objects emerge as digital-native only, and the solution to the ownership question is already here in the form of NFTs.
According to a recent year-end report by NonFungible.com, the leading data provider for the NFT industry, the total market capitalization of all NFTs stood at roughly $210 million in 2019. The report suggests this number could grow by as much as 50% in 2020 to $315 million. By 2021, it is predicted that the NFT market will reach $710 million.
What kind of use-cases does the GUM token have? What kind of value does it play and bring to the GUM ecosystem?
GUM has the following uses cases:
Incentives: GUM Token will be used to reward those who provide Liquidity to our Farming platform. The formula for GUM Yield Farming will be explained in more detail in the Farming section of our Whitepaper.
Access to the platform: Users use GUM to participate in the Gourmet Galaxy Game. To forge a PLANET of their own, users must use GUM to buy FOOD and spend GUM as fees.
Revenue sharing model: User fees on Galaxy Market will be converted to GUM to be distributed to Token Holders and the Vault.
Governance: By using the DAO structure, GUM holders can use GUM to participate in Governance decisions on the platform, such as deciding fees on Galaxy Market, or future Game features.
Constructing PLANET: One way to get passive income in Gourmet Galaxy is to own GUM and build on your PLANET. By locking your GUM up on your own PLANET, you will get passive income just like a Staking Model. By staking GUM on your PLANET, not only do you get passive income, but you also increase the value of your current PLANET which can later be traded on Galaxy Market.
And that’s it guys. Thank you for reading our blog. See you next time!