Hello everyone,
This is Kumon from enish.
In this letter, we will discuss two very different matters.
First, we will discuss the adjustment of the total number of GEEK.
In a recent letter and AMA, we explained that we would ease withdrawal restrictions as the price of GEEK rises. Since the announcement of second chain support, we’ve been monitoring price movements, but at this point, we believe the situation remains unchanged.
This leads us to the conclusion that we cannot immediately relax the withdrawal policy, but we feel that the competition between the current withdrawal limits and withdrawals is probably at the end of the patience of everyone who plays the game.
After discussion with the management team, we have decided to change the criteria for the total number of GEEKs issued, issue additional GEEKs, and relax the withdrawal limits in conjunction with this change as a proposal for essential improvements. From here, we will lead to a boost in onboarding to the Ronin chain of crypto assets.
Next, we will talk about adjustments to battles in the arena.
In short, we’ve decided to revert to the previous system for the time being.
Let me explain in detail.
New Rules for GEEK Issuance
The total issuance rules for GEEK will change as follows:
[Old Rule]
Maximum issuance: 2 billion GEEK
[New Rule]
Additional GEEK can be issued if the remaining balance for P2E (Play-to-Earn) purposes is insufficient.
Conditions:
・Additional issuance will only happen when necessary, not regularly.
・GEEK will only be issued for P2E purposes.
・We will issue an additional 2 billion GEEK this time.
Additionally:
・The operations team will forfeit all GEEK it currently holds.
・All GEEK allocated to the operations team will be redirected for P2E use.
[Issue Date]
Scheduled for the evening of Friday, 2025/2/14
To ensure the continuation of the service, we have decided to issue additional GEEK tokens.
Why is additional issuance necessary?
Currently, we are facing the following situation:
・As the price of GEEK decreases, the amount of GEEK required to exchange for xGEEK during withdrawals increases.
・This has led to a rapid depletion of the tokens allocated for P2E rewards.
This situation presents a risk of token depletion.
In order to avoid such a situation, we have been restricting withdrawals to the status immediately after the service launched.
While we had hoped to use this period to increase the token price, we understand that such a change cannot be achieved in a short period of time. As a result, we have decided to issue additional tokens to stabilize the token supply, ease withdrawal restrictions, and work towards providing an improved P2E experience as soon as possible.
We recognize that issuing additional tokens contradicts the commitments outlined in our whitepaper. It was a step we wished to avoid, but after careful consideration, we have determined that the negative impact of prolonged withdrawal restrictions on the P2E experience outweighs the consequences of this decision. We sincerely ask for your understanding.
With this additional issuance and the easing of withdrawal restrictions, we aim to enhance the quality of the P2E experience. Additionally, through initiatives such as onboarding to the Ronin blockchain, we are committed to further expanding the GEEK ecosystem.
As an apology for not fulfilling our original promise, we will reallocate all GEEK currently held by the operations team (accounting for 20% of the total allocation and untouched since issuance) to P2E rewards for players.
Easing xGEEK Withdrawal Restrictions
With the additional GEEK issuance, we will ease withdrawal limits for xGEEK.
[New Limit]
The current withdrawal limit will be tripled.
[Change Date]
From Saturday, February 15, 2025
We will start with this adjustment and monitor the situation, including balance changes and GEEK prices. Depending on the results, we will consider further easing.
Adjustments to GEEKBOX Drop Rates
To balance the eased withdrawal restrictions, we will reduce GEEKBOX drop rates.
[New Drop Rate]
Approximately 2/3 of the current rate.
[Change Date]
From Friday, February 14, 2025 (after maintenance)
We understand this is disappointing for many, but some adjustment is necessary to maintain balance. We will continue to monitor and adjust over time to find the best outcome.
New Rewards for Holding GEEK
| Average GEEK Held | Reward Type | Quantity |
|---|---|---|
| 2,000,000 〜 2,499,999 GEEK | Klon Enhancement Data Selection BOX Enhancement Support Data (Universal) Sub-Parameter Reappraisal Chip |
3,000,000 100 10 15 |
| 2,500,000 〜 2,999,999 GEEK | ★4-2 Evolution Data (DOLL) ★4-2 Evolution Data (Equipment) |
1 1 |
| 3,000,000 〜 | Equipment Subslot Additional Chip (*New Item) Enhancement Data Selection Box Big Enhancement Data Selection Box DOLL Fragment SS-rank Selection Box |
5 100 20 25 |
With the price of GEEK becoming more affordable, we’ve seen an increase in players holding over 1.5 million GEEK. To show our appreciation, we are introducing new rewards for GEEK holders.
The "Equipment Subslot Additional Chip," available as a reward for holding 3 million GEEK, is a new item that increases the number of sub-parameters on equipment. While we plan to make this item purchasable with GEEK in the future, it is currently only available as a reward.
Battle Arena Final Phase Adjustments
The damage method for the Battle Arena Final Phase will be reverted to its previous format.
[Implementation Date]
From the start of the Final Phase on February 17, 2025
This is a completely separate matter from the GEEK discussion.Last Friday, we made damage adjustments in the Battle Arena, allowing players to experience the balance intended for the final phase. For this Final Phase, the balance will be the same as before.
The feedback we received was a mixture of positive and negative comments, and we understand that the situation is good for certain combinations of matches, such as between attackers, but when the defenses and HP are higher than a certain level with Guardians, it just becomes impossible to defeat them and the battle time just becomes longer.
We are still aware of the problem of one-hit KO games, but damage adjustment alone was not enough. We are extremely grateful to everyone who helped us play and gave us feedback.
As for ideas for future modifications,
・The amount of recovery also needs to be attenuated.
・The damage coefficient should increase with time (damage gradually increases).
We will consider these ideas and make adjustments before presenting them to the public.
As for Web3 tokenomics, there are few examples of successful games, and even those that have been successful are difficult to refer to because of the vastly different environment in which they operate.
We are always thinking about how we can make it a business and still have everyone who has supported Last Memories since the early days enjoy it to the fullest.
If you have any thoughts on this policy after reading this letter, please post them in X or use the form below.
We’d love to hear your thoughts! While we may not respond to each submission, we carefully review all feedback.
Thank you for your continued support of Last Memories!
Executive Producer
Yoshiyuki Kumon
