Ethereum Layer-2 network Arbitrum has announced that the G7 Network – a blockchain dedicated to Web3 gaming, built by the Game7 DAO – has held its mainnet launch.
This marks the first major step in G7 migrating from zkSync to its own G7 Network solution. Their community consists of over 600,000 blockchain gaming enthusiasts around the world, and after months of private testing, the team is now beginning the transition to a dedicated blockchain that suits their needs.
The move will facilitate the launch of a $G7 token, which is anticipated to arrive later this year.
What is the G7 Network?
G7 Network is a new Arbitrum-powered Ethereum Layer-2 network, built by the Game7 DAO, and designed to power their Web3 gaming ecosystem.
Up until now, the Game7 Portal – G7’s main Web3 gaming platform – was powered by zkSync. Though this helped them to build a community of over 600,000 players, the bandwidth and gas fee costs were both very high. This motivated the team to find a better solution, culminating in the development of the G7 Network.
Built on Arbitrum’s Orbit stack, the G7 Network is built from the ground-up to support Web3 games. The network features low gas fees, fast transaction speeds and an efficient, scalable infrastructure that’s perfectly-suited to the demands of world-class games.
Now that the G7 Network mainnet is live, users will be able to migrate and claim their existing identities through the G7 Portal. Infrastructure partners will follow, incorporating and expanding the list of tools and services on the network, before the network goes permissionless – creating an open, decentralised gaming blockchain.
What is the $G7 token?
The G7 Network will be powered by the $G7 token – an ecosystem token that’s set to be introduced later this year.
$G7 will fuel the Game7 ecosystem, creating a self-sustaining gaming economy. The token will have a range of utility benefits, including access to in-game rewards, governance opportunities, and access to exclusive content.
Some of the highlights of the tokenomics of $G7 include:
- 23% of the $G7 token pool to be unlocked at launch
- 15% to be allocated for airdrops, with the majority distributed at launch
- 60% to be reserved for community initiatives, distributed gradually post-launch
- 8% held for grants and ecosystem partnerships, which will unlock 18 months post-launch
- Team allocations will be locked for 6 months, ensuring commitment to the ecosystem
Further details on the $G7 token are so far scarce, though it is anticipated that long-term members of the G7 ecosystem are set to be rewarded with an allocation of this soon-to-launch token.
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