Much anticipated gaming-metaverse crypto project – Sipher – will conduct it’s IDO on December 6th at 01:00 AM UTC.
Sipher will offer several game modes that focus on exploration and fighting. The team’s vision is creating an Ethereum Blockchain metaverse.
Some of the features available in Sipher would be:
- Cloning and evolving characters (NFTs)
- Play to Earn (P2E) $ATHER or $SIPHER
- Form Guilds
- Craft items
- PvP games
The Sipher game IDO comes at perfect timing as the current theme of gaming – metaverse + NFT projects is currently gaining much attention from retail, influencer and institutional investing.
Sipher crypto team
Currently the team is composed of aproximately DOXXED 40 people and they are based in APAC. Even though the CEO has experience in leading other companies, it is not clear what previous experiences the developers and artists have. Ideally speaking, for any blockchain gaming crypto project you would want to see both block chain experts as well as former AAA developers ( former Blizzard / EA / Valve employees) . Lastly, a strong success amplifier is the marketing team which forms a decent amount of the current founding team.
One thing of interest is the current job vacancies the Sipher freely advertises on their website:
Institutional backing and tokenomics of Sipher crypto
The project received a lot of attention ( and funding) from well known crypto investment groups such Alameda Research, Defiance Capital or Arrington capital.
It’s worth of pointing out that Alameda Research was also one of the backers in the Solana ecosystem and Super Monkey Ball
$Sipher will be the governance token of the Sipher metaverse and will be capped at 1,000,000,000 tokens.
Utilities of $Sipher crypto include :
- cloning or new character creating in-game
- transaction fees for in-game items
In addition to $Sipher crypto , there will also be $ATHER with an initial supply of 1,000,000,000 Tokens, however the distribution mechanics or vesting schedule is unclear.
$Ather use cases:
- used as energy within the game (mint and burn)
- can be used for crafting, leveling up, construction or new skills
- will be awarded daily to players for participating in PvP or PvE or other activities
Resources, characters and items in Sipher Crypto Game
Currently the metaverse provides 2 type of characters Inu and Neko with plans of providing an additional 2 within the near future
Inu’s price floor is currently 0.27 ETH while the Nekos sell for a minimum of 0.15 ETH on opensea.
Players can create new characters by using their characters , character vessel cores and an amount of $Sipher. Additionally, clones can be disintegrated to receive a refund of random material fragments.
The player can use their characters + Character Vessel Cores + $SIPHER crypto coin to clone new characters.
There are several use cases which could make the $ATHER token deflationary :
- crafting cost
- speeding up transactions
- resource purchases
- leveling up characters or equipments
- Land fragments fusion – creates Land tokens , giving ownership rights to purchase strategic parcels of land
Upcoming IDO for Sipher Crypto:
The team went to great length to detail the problems with the current types of IDO’s. The highlights include Gatekeeping, unfair allocations, whale favoritism and price manipulation through Bots or other means.
The full details :
Because of this however, the team came up with a new type of fair launch called IBCO – Initial Bond Curve offering. The utilisation of bonding curves of DEXes can potentially solve these problems following a simple supply and demand theory. In the initial public sale, 4$ of the total $SIPHER supply ( 40,000,000) will be pre-minted and locked in the token sale smart contract.
Assuming there are 1000 $Sipher tokens for sale at a price of 1$ at the IBCO, the team broke down the following use cases:
User X contributes $ 1000 – there are now $ 1000 and 1000 $Sipher tokens in the initial sale contract; the current price is 1$ for each $SIPHER crypto token
User Y contributes another $ 1000; there are now $2000 and 1000 $Sipher tokens , making the price of Sipher = 2 $
User Z withdraws 700$ , there are now $1300 and 1000 $Sipher tokens, making the price of 1 Sipher crypto= 1.3$
The team argues that contrary to an IDO, the final price in an IBCO is not established by anyone, but determined by the market. The current starting price of 0.36% is just a means to get the market started however the final price will follow traditional economic theory in the sense that an asset is worth what someone would be willing to pay.
Advantages of IBCOs:
Automated and decentralized mechanism
Relying on programmatically automated mechanisms via smart contracts provides a mathematical management rather than a centralized figure.
Equal price for Sipher crypto participants
Token allocations will be based on percentage contributions to the funds, which will be calculated based on the Total Token Supply Final Token price which will be determined by the market. Using the same analogy above, let’s say there will be $2 million allocated to the pool with a given supply of 4.000.000 $Sipher coins . This will result in a price per Sipher of 50 cent.
Flexible time management
Because of the above mechanicins, there will be no incentive for rushing people getting in earlier. Being a collective effort, all contributions will lead to the final token price. Sipher’s IBCO will have a deposit period in which participants can contribute or withdraw funds, that will last 72 hours. Because of these aspects, there will be no advantage for people to use bots to contribute funds.
Option to withdraw contributed funds
Perhaps the token might reach values which would make participants to change their mind about contributing. The smart contract will contain the ability for people to withdraw their funds within the 72 hours. Some restrictions will be applied to people who contribute 1ETH or more(more details below)
No Whale Pump & Dumping or Price Manipulation
A ‘conviction contribution amount’ within the IBCO contract, specifically to deter price manipulation by well capitalized parties is implemented. Thusly, the more $ETH you contribute to the contract, the smaller the percentage of funds that you will be able to withdraw. That way the higher the conviction, the higher amount will remain in the IBCO contract.
The breakdown of contributed funds and their conviction percentage will be displayed on the Sipher IBCO website.
In this way, whales are discouraged to lock up most of their tokens, inflating the price so that they can then dump at the last minute.
The Conviction Curve shows the percentage of ETH that will be locked up at certain contribution amounts. Any total amount below 1 ETH is 100% withdrawable.
Sipher crypto Public Sale Interface
Lastly, the SIpher crypto IBCO will be available , at the time of this writing, in aprox 1 day and 12 hours.
Monday, 6th December at 1:00 AM UTC to be precise: