Tryhards Raffle System and Lootbox Price Increase
In great anticipation of our new lootbox raffle system we will be introducing an increase from our current lootbox price. As you might already know, from here on out lootboxes will be distributed through our brand new raffle system. Those lootboxes can be sold on the marketplace for real USDC. Further information on this topic can be found in a separate blogpost.
Lootbox Price Increase
On Friday 10th of June at 18:00 CET, we will increase the lootbox prices to a 5$ pegged value in $TRY tokens.
Why did we decide to do this?
We believe that the current price of our lootboxes is undervalued. This stands in correlation with our current token price. To prevent a death spiral for the token price and the overall project we want to peg the price of the lootbox to 5 $USD until the new raffle system is released. This mechanic is executed manually once a week on Friday 18:00 CET by our development team. In a nutshell, we lower the token amount of $TRY when the price goes up and increase the $TRY necessary to buy a lootbox when the price falls further.
This is a good indication for the TryHards team to see if the new raffle system can be a success. Currently, we are planning to peg the lootbox price to 10 $USDC in $TRY once we release the raffle system. By increasing the price now we can see how the price elasticity behaves and how the community reacts.
When Will the New Raffle System Launch?
TryHardians might wonder when the new raffle system will be released. Currently, the dApp project team is working with all efforts to release the NFT-burning mechanism, which will be implemented soon. After that, we will concentrate our energy on the new raffle system. The UI/UX and the general mechanism are already planned out, but further work is required on the smart contract side and on the backend. We hope to introduce the new system as soon as possible so the TryHards experience is even more fun for the players. Expect more news soon.
The TryHards Team