Hello everyone, This is Yoshiyuki Kumon from enish.

In this letter, I want to talk about "Last Memories as a Blockchain Game."

You may recall that I recently tweeted on X about an issue we’ve noticed. Around the daily withdrawal time, players have been scrambling to hit the conversion button as fast as possible, creating a rush similar to a "speed-click" competition.

The development and operations teams are aware of this issue, and we understand that it's a problem.

As it stands, we don't believe the current state of the in-game economy is sustainable.

In this letter, I want to explain the adjustments we’ve decided to make based on player behavior since the game’s release, as well as the price movements of GEEK tokens. We’ve made some bold decisions to steer the game towards what we believe is the ideal direction for the in-game economy.

I understand this letter is text-heavy—similar to previous ones with release notes and adjustment details—but I appreciate your time in reading it.

Please note that the adjustments discussed here are separate from our efforts to increase demand for GEEK. We’ll share more about GEEK’s utility in a future update.

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Introduction

The State of Tokenomics

One of the key goals we’ve focused on with Last Memories’ tokenomics design is ensuring an "earn experience" that isn’t dependent on the fluctuating price of GEEK by fixing the value of xGEEK.

However, the current situation is:

• Withdrawal limits make it difficult to take earned xGEEK out of the game.
• GEEKBOX supplies are running out too quickly, making it hard to earn xGEEK as we originally intended.

These issues have resulted in a less satisfying earn experience than we hoped for.

Additionally, the underlying problems stem from:

• Withdrawal limits are capped by the previous day’s deposit, but the ADP attached to holding GEEK is too high, deterring further deposits.
• The high ADP on GEEK holdings is linked to GEEK's price.
• Without an increase in GEEK’s price, we can’t boost the supply of GEEKBOXes.

These problems would be resolved if GEEK’s price hit a certain level. That’s why we’ve conducted buybacks while monitoring price trends. However, this has unfortunately led to a frustrating situation for players, and we regret this outcome.

Moving Towards the Ideal Economy

After about three weeks of observing the situation—while conducting buybacks—it became clear that controlling the token price isn't something we can easily achieve. What we really want is to create a tokenomics structure where players can earn without relying on GEEK’s price, and to provide a fulfilling earn experience.

The upcoming relaxations, increases, and rule changes are aimed at achieving that goal. While there’s a risk that these adjustments could temporarily lower GEEK’s price, our main priority is creating a healthier economy and ensuring a better earn experience for our players.

Key Adjustments

Relaxing the xGEEK → GEEK Conversion Limit

This change is designed to relieve the frustration and distrust caused by the inability to withdraw. Ideally, we’d remove the limits entirely, but we’re starting with a 10x relaxation to avoid errors like depleting the exchange wallet. We’ll keep an eye on the situation and adjust as needed.

Increasing GEEKBOX Output

This change addresses the issue where GEEKBOXes run out too quickly, especially in Land Dungeons. While this is a simple quantity increase, we’ll consider adjusting the supply logic further in the future.

Note: The use of 'approximately' is because the daily cap for GEEKBOX output isn’t a fixed value. It's calculated using a formula that varies over time, so expressing it as a simple multiplier isn't accurate.

Since these relaxations could potentially impact the token price, we will continue our efforts to stabilize it as much as possible through buybacks and the introduction of new use cases for GEEK, which we’ll announce soon.

Campaigns

Official MyPage Exclusive! xGEEK Purchase Campaign

We're working on a separate project to increase the use cases for GEEK, but for now, we’re running a campaign to make exchanging GEEK for xGEEK, its main utility, incredibly rewarding! Please note that there will be some risky adjustments for GEEK held in wallets, so this campaign also serves as a way to offer compensation or alternatives.

xGEEK(earn) Consumption Campaign

During the 'GEEK→xGEEK Exchange Campaign,' we’ll also run a separate campaign to increase in-game rewards when using xGEEK (earn), so you won’t feel like you're missing out when spending it in the game.

Rule Changes

Adjustment of ADP Earned from Holding GEEK/OAS in Wallets

This is a necessary adjustment for the health of the economy and represents the second ADP-related change. This change will depend on the price of GEEK, so it could result in both positive and negative outcomes. We understand that repeated rule changes can affect trust, so we ask for your understanding.

This change will be implemented once development is complete. Until then, the current system remains in place.

Summary

It might be difficult to understand the relationship between GEEK, xGEEK, and ADP through text alone, so we’ve created a table for clarification.

Note: Values in parentheses are applicable during the campaign period.

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How was that? This round of adjustments, focusing on easing restrictions and increasing rewards, is quite bold.

There is a risk that the economy could take a hit as a result of these changes. However, if that happens, we'll continue with our commitment to make the right moves, even if it means facing criticism. We’ll always be thinking of the next steps to keep things on track. Your understanding and support would be greatly appreciated.

Please feel free to share your thoughts on this letter through the form below. I’ll personally review all submissions.

Feedback Form

Thank you for your continued support of Last Memories.

Executive Producer,
Yoshiyuki Kumon