In Brief:
- Kamigotchi’s ONYX token will migrate to the Ethereum mainnet on April 22, confirmed developer Asphodel.
- Existing ONYX holders will receive an airdrop on Ethereum, while liquidity from the previous platform transitions seamlessly.
- This migration aligns with the launch of the Baseline DEX’s $B token, enhancing the relationship between the two projects.
ONYX relaunch on Ethereum
Kamigotchi‘s ONYX token will relaunch on the Ethereum mainnet on April 22. Developer Asphodel announced the move via creator 0xl3th3 on X, emphasizing it as a direct migration to a more liquid environment rather than a fundraise.
During the transition, airdrops will be issued to current ONYX holders on the Ethereum mainnet. Trading of the existing token will be paused, and ETH-backed liquidity will be transferred to the newly minted tokens. Outstanding loan and loan balance will be preserved as a unified Credit balance.
The in-game portal will pause briefly during the swap. Existing game contracts using ONYX will be updated to reflect the new token immediately upon the portal’s reopening. Liquidity providers for ONYX on Initia are advised to withdraw their positions before the cutover, while others can simply await their airdrop.
Significance for Baseline
The timing of the ONYX migration coincides with the launch of Baseline’s ecosystem token $B on April 20. Baseline is marketed as the first DEX designed to support tokens throughout their lifecycles, integrating features such as staking and borrowing.
Since its inception, ONYX has been linked to Baseline. Each ONYX token is underpinned by an ETH reserve, establishing a baseline value (BLV) that mitigates risk during price fluctuations. By moving to Ethereum, the integration of liquidity, collateral, and DEX fees consolidates all economic activities to one platform.
Moreover, players maintaining their loan structures will see their balances preserved during the migration, an unusual feature for cross-chain transfers, made feasible by the same DEX handling both operations.
Overview of Kamigotchi
Kamigotchi is an onchain idle MMORPG borrowing elements from titles like Runescape and Neopets. Developed by Asphodel, it has attracted investment from DCF GOD, Seed Club Ventures, and TempleDAO. The game allows players to mint unique NFT pets, known as Kamigotchi, which engage in various activities to earn in-game currency, MUSU.
The ONYX token acts as a secondary economy, facilitating various processes like rerolling pets and resurrection. Upcoming features include a bridge for ONYX to function as an in-game item, enhancing its utility.
Why Ethereum now?
Currently, Kamigotchi operates on Yominet, its Layer 2 appchain utilizing Initia’s tech. Gas fees on Yominet are fixed, and players can bridge ETH easily. As of the latest DefiLlama data, Kamigotchi holds a TVL of around $846,000.
Transitioning ONYX to Ethereum aims to leverage a more expansive marketplace while keeping gameplay infrastructure intact on Yominet. Pet minting, state management, and currency harvesting will remain on the appchain, preserving continuity in gameplay.
Player migration process
Players need to take minimal action. Those providing liquidity for ONYX on Initia should withdraw before the migration. Users of the game portal must anticipate a brief service interruption. The rest will wait for their airdrop on mainnet.
Balances maintained through Baseline will transition cleanly, allowing users to retain their positions without manual re-entry. Kamigotchi founder 0xl3th3 plans a live discussion to address migration queries the day after the announcement.
Noteworthy timing
The ONYX migration and Baseline’s $B token launch are tightly sequenced. The strategic timing aims to establish a cohesive ecosystem where ONYX operates under the same conditions and liquidity as the newly launched DEX.
Baselines’s model advocates for a holistic approach to token management. ONYX’s mainnet debut, alongside $B, reinforces this vision, making ONYX part of the overarching framework.
Post-migration focus areas
Once ONYX is live, key aspects to monitor include the status of ETH backing on mainnet, the effectiveness of Credit balance preservation for users, and the conversion of bridged ONYX into an in-game item.
As the migration completes on April 22, the gameplay will continue on Yominet, while ONYX takes its place on Ethereum, backed by a freshly launched DEX from Baseline.
