The Game7 DAO has announced that the G7 Network – a new Arbitrum-powered Ethereum Layer-2 network for blockchain gaming – has held its mainnet launch.
With months of private testing behind them, and the G7 Network mainnet now live, the Game7 DAO can begin the process of migrating their community of over 600,000 Web3 game players from zkSync to their own G7 network. This is set to give both G7 and their players a boost, with a blockchain solution that fulfils their needs.
The move will facilitate the launch of a $G7 token – and although the Game7 DAO stress that this token is not yet publicly available, it is expected to become available to the public later this year.
What is the G7 Network?
The G7 Network is a new Ethereum Layer-2 blockchain that’s powered by Arbitrum, built by the Game7 DAO, and designed to power their Game7 Portal web3 gaming ecosystem.
To date, the Game7 Portal has been powered by zkSync – and although this was sufficient to build a community of over 600,000 players, the network had its drawbacks, including high bandwidth use and large gas fees that made it unsuitable for supporting a blockchain gaming ecosystem long-term.
To fix this problem, the Game7 DAO decided to build their own network. Built on Arbitrum’s Orbit stack, the G7 Network has been designed to perfectly suit the needs of their ecosystem, with low gas fees, fast transactions, and a scalable infrastructure that provides long-term stability for players and developers alike.
With the G7 Network mainnet now live, existing users can migrate and claim their existing identities on the G7 Network through the Game7 Portal. Technical partners will then follow, with existing tools and services set to be joined by newcomers too. The G7 Network will then go permissionless, establishing full decentralisation.
What is the $G7 token?
The $G7 token will be the ecosystem token of the G7 Network.
Anticipated to be made available to the public later this year, $G7 will be at the centre of Game7’s self-sustaining gaming economy. Utility for the token will include access to exclusive in-game content, governance applications within the G7 Network, and the ability to obtain special on-chain rewards.
Here’s what we’ve learned about the tokenomics of $G7 so far:
- 23% of the total token pool of $G7 will be unlocked at launch
- 15% of this will be allocated for airdrops – mostly distributed at launch
- 60% will be reserved for community initiatives, and distributed gradually post-launch
- 8% will be held for grants and partnerships, unlocking 18 months post-launch
- Team allocations will be locked for 6 months
Further details on the $G7 token are to be revealed soon. It is expected that long-term members of the G7 ecosystem will be rewarded with an allocation of the $G7 token upon launch.
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