#Add USDC or stable option for purchasing Illuvitars in the upcoming sale

1 messages · Page 1 of 1 (latest)

tacit saddle
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Hey all,

I think we should add the option to purchase Illuvitars using USDC, it widens the potential audience in my opinion.

Many who hold ETH don't want to sell in this climate and using their ETH bag to buy Illuvitars is less likely to happen because of this. Sure they can buy ETH and use that, but many people hold stables and having a stable option will allow people who onramp some stables use a portion monthly with no fear of price depreciation, if they don't decide to buy more.

I have ZERO idea of how hard this will be from a dev perspective, but adding this option doesn't exclude any existing SILV-2/ETH buyers just expands this to others more comfortable with stable use.

The other side of this runs alongside the IIP for rev div redirect for Illuvitars, stables are easier for the team to use.

Anyway, just a small idea here, as always open to feedback. Atlas_Love

@sullen cargo @blazing shadow
@vivid egret

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Add USDC or stable option for purchasing Illuvitars in the upcoming sale

drowsy oxide
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Should be pretty simple if they use chainlink again? Or is that L1 bound 👀 They could link up Eth and sILV2 during the landsale as well after all. Is using USDC different?

vivid egret
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I think it’s a good idea with pretty minimal downside. Unless development costs or timing are high or there is some other risk that I don’t see, it seems to be a general improvement. I’m looking into a couple projects that offered similar options between ETH and USDC to see what sort of take-rate they had between the two. If anyone has some other ideas or already knows these details for a Web3 gaming project I’d be open to that information.

abstract bronze
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Seems like a good idea - especially if the illuvitars sales are going to be held for the DAO in case it's needed for runway.

tacit saddle
little rock
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I like it, and makes perfect sense to have a Stable coin option

whole idol
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I don't see a single reason why they wouldn't do this if they're not already planning on doing it to begin with.

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Also I would personally prefer to buy Illuvitars with USDC and would buy more than I would otherwise if ETH was the only option

versed ice
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I think it's a good idea for a reason- having an option to buy with stable coin adds new purchasing alternative which is always +.

unborn slate
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I like the idea. I also think the cost should be pegged to stable but I think the team at some point was against pegging to usdc instead of eth.

tacit saddle
sullen cargo
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I've asked about this internally because I don't remember the exact reasons we didn't do this. But personally I don't see the blocker in swapping USDC to ETH if you want to purchase. Or why that changes how much you would purchase like @whole idol said. Either way its money out of your wallet tied to a dollar amount. That being said the only reason I can think of is 1. The extra swapping step (inconvenient yes, blocker no) 2. Tax implications of that swap

whole idol
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Just the fact of how easy USDC is to use would be enough to persuade me into buying 1 or 2 more discs

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its not like I would buy 20 if only ETH and 40 if it USDC was possible

sullen cargo
whole idol
sullen cargo
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USDC is a token sir.. you have USD lying around maybe.... you cant insert that money directly into IMX to buy an illuvitar... Unless your talking about buying with a credit card.. In which case you can on IMX just buy ETH with your credit card right off the marketplace

whole idol
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No I use USDC to pay for things using a coinbase card

sullen cargo
little rock
sullen cargo
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isnt the fees on that ridiculous

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lol

whole idol
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If you don't use stable coins it is

sullen cargo
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either way its a visa yes?

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boom problem solved

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IMX takes credit card to purchase eth

whole idol
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rip my bank account

abstract bronze
tacit saddle
sullen cargo
sullen cargo
abstract bronze
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Hmm 2% isn't too bad for a fee, looks like a minor mark up on the eth cost too. I'd definitely do that over have to go through an exchange then transfer it to imx

tacit saddle
sullen cargo
little rock
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That was a joke, don't buy crypto with debt.

zinc viper
# vivid egret I think it’s a good idea with pretty minimal downside. Unless development costs...

Ani pretty much said it all - If this is easy and low cost to do, there's no reason not to.

Can't find data from Web 3 gaming project that used USDC and ETH for a sale to compare to, but ran a quick Dune query on OpenSea (forked from existing). Over the past 6 months, almost every day, USDC has been sub-1% of total OpenSea volume. The peak was 6.5% of volume on 8-19.

Feel free to check my work, I'm not an expert on Dune Queries. All currencies that aren't relevant to our sale were excluded (APE, LINK etc.)

image.png
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My takeaway based on this would be that including USDC shouldn't be a high priority if it will have substantial development cost associated, especially considering that someone owning USDC could easily swap it to ETH for the sale.

deep bane
# sullen cargo USDC is a token sir.. you have USD lying around maybe.... you cant insert that m...

So you can deposit USDC to IMX but you cannot swap tokens on L2. Only on L1. For this reason I see value in enabling USDC. There are 4 core reasons.

  1. If you sell your imx nfts for usdc which does occur. Then you dont need to go to L1 and back.
  2. If you are fearful in the market and hold usdc your life is easier.
  3. If you put usdc on imx and didnt realise its eth only. Then Illuvium just lost a customer.
  4. The sale will already show the usd value of each d1sk during the sale. It may be confusing to beginners that only eth is available.

On the negative side its all about time to implement and technical problems that may arise, if these aren't an issue I don't see a concern. Illuviums core values are being beginner/gamer friendly. This seems like a logical step

deep bane
deep bane
sullen cargo
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The one word answer I got internally was, "Complexity"

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so take that for what you will

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but for the points I made and the ones you just brought up (ETH being 85% of the market on IMX) I dont think at this time its worth it

static valve
whole idol
static valve
whole idol
static valve
sullen cargo
zinc viper
# deep bane Did a brief dodgy query (will do it properly later) on IMX (all their volume is ...

I did a bit more looking into this, and pulled the last 2114 trades from Immutascan for Illuvium Land, to get a sense of how many people are using USDC to trade Illuvium stuff on IMX already.

2114 trades accounts for the last 5-ish months of activity on IMX. I wanted to pull 6 months, but Immutascan REALLY doesn't like loading filtered transactions from that far back, and was getting exponentially slower the more I loaded.

Of those trades:
1883 trades were in ETH, accounting for 89% of trades.
218 trades with in USDC, accounting for 10.3% of trades.
The remaining 12 trades were in OMI or IMX.

By value, ETH accounted for $2.51M, which is 89.2% of value traded in the time period.
USDC accounted for the remaining $303k, which is 10.7% of value traded.

So roughly 10-11% of trades on IMX for Illuvium Land are being done in USDC.

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Immutascan lists 5304 total trades for Illuvium Land, so this sample represents the most recent 40% of peer to peer land sales.

deep bane
deep bane
zinc viper
deep bane
icy cairn
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In general, is it right to say though that as things stand, a regular person could buy an illuvitar just using the debit/credit card with no additional friction or are there still inbetween steps that would annoy a regular person?

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Asking in regards to future purchases as well once the game launches to see where we are in regards to smooth one step debit credit purchases atm.

zinc viper
icy cairn
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If that’s as you say, then awesome. Good to know we should be seamless for non crypto people to buy things. Now the only thought i’m having is whether it’d be worth discussing eating part or all of that fee in the future when people are buying $50-100 of fuel from the dao for traveling. To avoid potential complaints about the fees and help onboard more players. But i could definitely see general opposition to such a plan so I don’t expect much to come of it.

zinc viper
icy cairn
unborn slate
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should help, looks like they are trying to streamline it.

rzgwo29j0l4a1.png
deep bane
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@zinc viper this had quite a bit of support. I'd like to further discuss this with the technical team members if we could

zinc viper