We actually released withdrawals a week ago, but then we got busy with other things and never posted the announcement. So here it is!
You can withdraw your THREE earnings from Three Legacy. As part of the release, we did extensive analysis of the hydration gates, and we softened the restrictions extensively. Almost all players have enough hydration to withdraw, and any returning player can target a hydration level sufficient to withdraw within a few days of activity after their return.
Now, let's talk economics. As part of the hydration analysis, we did a deep dive into the current state of the economy. It's healthy, although lack of new content has of course caused some slowdown. The real issues come from our over-emphasis on new content at time of launch, rather than getting all the blockchain wiring in place.
Here are the proposed flows:
This was always the plan, and continues to be the plan, but notice a couple of important details.
The game itself never sells any THREE; but on-chain flows mirroring in-game activity result in regular purchases of THREE, particularly enough THREE to mirror the reward pool flows.
Everything works fantastic as long as we are doing the THREE purchasing right away. The game's purchases of THREE provide buying pressure, which changes the valuation of THREE, and then subsequent in-game flows are at lower THREE amounts for the same economic value activities. But if we're not doing purchases right away, the in-game THREE flows are logged are too low a valuation. If this went on long enough, then tracking proposed burn in THREE could result in a proposal to burn more THREE than exists. We are not yet at that long a delay, but we have enough delay already to propose a burn of more THREE than exists in the three.growth account.
We are not going to do that. Using all the funds from the three.growth account just to meet the scheduled burn would shortchange our future. We need those funds to fully back a free-to-play mode when we are ready for that.
So here is what we are going to do...
We are going to prioritize the backend wiring before releasing any more content. The game is in a stable state right now, and we don't want to risk any new bugs or delay factors before the wiring is in place. Instead of immediately burning the proposed amount, we will gradually fund the three.burn account with the proposed burn value but inject it into the LP. That account will then proceed with buy&burn with all of its own cash flows.
Once every other game account is caught up to its target holdings levels to fully mirror in-game flows, we will target 100% holdings in THREE on three.growth until it holds more THREE than it was originally issued. Then we will increase our THREE burns to keep its holdings at that target level until the total THREE that we have burned catches up to our proposed burn levels.
As we burn THREE, we will gradually shift funds back from the three.burn account to keep its holdings at (proposed burn minus actual burn) so once we are caught up three.burn will hold nothing.
It's a gradual plan that gets us back to where we wanted to start, but enables us to still release free-to-play when it is ready instead of having to rebuild the growth fund because we burned it all.
We are still going to burn THREE, but more slowly at first, at a sustainable rate that reflects current game economics, not the low THREE valuations that existed at launch. We will not release any new game content until all the blockchain wiring is working correctly, so that we don't potentially destabilize again.
