In This Issue
I talk to the team from Elumia, a hot play to earn game coming soon to the Solana network. Matt shares the top tokens on the Cardano network to keep an eye on!
One thing I wanted to discuss this week is focus. Many investors get highly stressed out in the market over the things that they cannot control. War in Ukraine, the FED rates, the economy, etc. While it is important to keep an eye on these things our focus must be on what we can actually control as investors. Because news flash, it isn’t any of the things I just mentioned.
- When I buy and when I sell. I control when I click the buttons. This is the absolute in what I can control. Ideally the selling happens on pumps and the buying on dumps.
- How I invest. Do I dollar cost average? Do I pay attention to fees?
- Risk. I control how much I allocate to a risk altcoin. Personally I rarely put in over 1%. I also have my crypto portfolio heavy in Bitcoin, Ethereum, and Stablecoins in order to reduce risk. I also control what risky actions I take like a leveraged loan or leverage trading. Both of which are tricky during times of high volatility.
- Ensuring that my finances are in order. I have adequate cash reserves to ride out any market volatility. I can remain solvent. I don’t have any significant debt. My income remains strong. Maintaining low debt, strong cash reserves, and steady income is key to surviving and thriving in any market conditions. I can control this.
- Taxes. Yes, they suck, we can all agree there. BUT while you may be thinking, “Hey, wait Lark, I can’t control taxes”, well there is some extent to which you can. Strategies like tax loss harvesting and charitable donations can help reduce your tax burden. There are also often many reductions that can be made locally or tax structures including things like creating an offshore company or an on shore trust which could increase tax efficiencies. Even moving to somewhere like Dubai, Puerto Rico, Portugal, or the Bahamas can reduce your tax burden to 0. While this is not for everyone these options do exist. The main idea here is to make sure that you are legally paying as little as possible. Chances are if you have not looked into that you could find some areas to reduce your burden.
Legends of Elumia Interview
For anyone not familiar what is Elumia?
In a nutshell… Legends of Elumia is a play-to-earn massively multiplayer online role-playing game (MMORPG) that uses blockchain technology to allow players to own and trade items and land as NFTs. At a deeper level, it’s a real game world where gamers create characters, plot out their course for success through commerce, collecting raw materials, crafting and the like, or focusing on clearing out dungeons, fighting dangerous fauna, and making a name in the Coliseum.
As experienced game developers, we’re taking the best of that combined experience and melding it with the opportunities presented by Web3 technology and metaverses to allow for a level of engagement with a game world that others simply can’t provide.
What does your token do?
LoE uses two tokens: $ELU is the token used for managing governance and staking, for getting involved in in-game activities, and more. Elumia Krystals ($EKS) is the in-game token used in trading, buying, and selling items as the currency of Elumia.
How and what will players be able to earn in game?
Various actions and activities will earn in-game currency in the form of rewards for actions and quests completed, and for running in-world businesses, trading, and more. All of these elements intertwine into a dynamic game mechanic and economy, built and managed by an experienced team of game developers.
Since the heart and soul of Legends of Elumia is the gameplay we’re focused on making players feel that they play and earn while doing it, rather than playing to earn, as is the case of grinding with other games.
Why did you choose to build on Solana?
Fundamentally, Solana works for us on a number of different levels. Fast, secure, and very low cost are factors that are important to us and, vitally, to our players. Solana provides those elements immediately. And, since it’s written in Rust, it suits us from a game development standpoint as we code in C++.
Who are your biggest partners and how will they help you succeed?
We are very proud (and in many ways humbled) by the incredible support of a number of partners who have recognized our ambition, value proposition, and opportunity with Legends of Elumia. Many are well known in crypto investment circles such as Alameda Research and Animoca Brands. We’re also very fortunate to have the support of strong, broadly followed guilds such as Guildfi, Good Game Guild, and Unix Gaming. Collectively, these partners have contributed in allowing us to push our core development goals and bring information about the game to a wide variety of interested partners and backers alike.
When can we expect to be able to play the game?
How long is the proverbial piece of string! We have a development roadmap on our site at Elumia.io, along with the white paper outlining the game direction and opportunities. We intend to launch a short, focused alpha in Q1 this year, from which we’ll take feedback and testing reports to maintain the ambitious goals of building out Elumia City and all its opportunities.
Beyond that, we’ll have a beta release and all along the way encourage feedback from our community that we’ll feed into the process. Given that this team has successfully shipped a number of games in this genre, we’re very confident of hitting the milestones and exceeding the expectations of our enthusiastic audience.
What comes next for Elumia?
Gamer feedback! We continue to build out our community footprint in our Discord channel and Telegram groups, as well as release information about the development and what we’ve revealed through numerous AMAs on our Medium page. Of course, there’s the alpha release that we can’t wait to get into the hands of gamers and to receive their feedback.
Top Tokens on Cardano by Matt
CARDANO was launched in 2017 by Charles Hoskinson, a co-founder of Ethereum. The platform is a public proof-of-stake blockchain and the first to be founded on peer-reviewed research and developed through evidence-based methods. It combines pioneering technologies to provide unparalleled security and sustainability to decentralised applications, systems and societies.
With the launch of the Alonzo hard fork in September 2021, Cardano has made progress to release smart contract deployment on its blockchain, and the stage has been set for new financial services to build on the network. So let’s take a look at some of the projects which form part of the Cardano ecosystem.
SundaeSwap is a DEX (Decentralised Exchange) that has been specifically designed on the Cardano blockchain. The platform went live in January, 2022 enabling users to swap, stake, lend and borrow. SundaeSwap is arguably the most highly anticipated project that has launched on Cardano. It has its own native utility token called $SUNDAE which intends to offer holders voting rights via a DAO (Decentralised Autonomous Organisation), reduced trading fees, and a profit-sharing mechanism. $SUNDAE tokens can be claimed on March 1, distributed via an innovative funding mechanism called a reverse ISO (Initial Stakepool Offering).
The platform endured a turbulent start when it launched, with users complaining about failed transactions and not receiving tokens after swaps. However, these growing pains have largely subsided and the platform is now working relatively smoothly, although users can still expect some delays.
SundaeSwap has developed a solid community and it has the opportunity to become the ‘go to’ Dex on Cardano. The project aims to position itself as the Uniswap of the Cardano ecosystem by offering a reliable and easy to use service for token swaps. They also intend to be a launchpad hub for IDOs (Initial Dex Offerings).
SundaeSwap has a TVL (Total Value Locked) of $125 million.
ADA Finance is the first cross dual chain DeFi ecosystem launching on both the Cardano and Avalanche blockchains. ADA Finance has two main products: ADAFi Swap and ADAFi Launchpad. Within the ADAFi ecosystem, users can engage with multiple DeFi tools including staking, farming, lending, liquidity providing, a launchpad and a DAO.
ADA Finance offers innovative features to maximize passive earnings for its users and incentivizes platform activity by offering a referral program, address milestone rewards, and a DAO program.
ADA Finance recently announced that they have chosen to become a licensed foundation to further support their goal of banking the unbanked. This institutional approach will give them the opportunity to work closely with real-word organisations, establish fiat integration and e-money licensing.
The native token for The ADA Finance platform is $ADAFI. The token is yet to be launched however there will be an opportunity to buy it via Paid Ignition (date tba). To keep up to date with the pre-sale process, readers can follow ADA’s official Telegram channel.
Ardana is the first all-in-one stablecoin ecosystem built on Cardano. Ardana offers an on-chain asset-backed stablecoin known as dUSD which uses ADA as collateral and acts as the cornerstone of the ecosystem.
Ardana will also launch a decentralised stable-asset DEX. Danaswap will be highly capital efficient enabling swaps with minimal slippage while providing low-risk yield opportunities for liquidity providers.
$DANA is the native token that empowers the Ardana network. $DANA holders are able to vote on governance decisions within the network. The token launched in November 2021.
MELD is a lending protocol built on the Cardano blockchain that enables users access to DeFi services such as lending, borrowing and providing liquidity. Users can deposit their crypto assets and borrow in fiat currency. Fiat loans, up to 50% of the value of the collateral provided, will be available on popular crypto assets such as BTC, ETH, ADA and BNB. Users can receive their fiat loan either directly to their bank account or via the MELD Debit Card. Principal and interest repayments are due on a monthly basis.
MELDapp, like Metamask, is the main interface where users can interact with the MELD product suite. The application will be available on Chrome Extension, iOS, and Android devices.
$MELD is the utility and governance token for the MELD protocol. It can be used to pay for transactions on the protocol or it can be staked to earn 4% APY rewards. The $MELD token launched on February 3, 2022.
The platform was created primarily to serve the more than 2 billion members of the world population that are either under-banked or lacking any banking capability whatsoever.
ADALend is a scalable and decentralised lending protocol that is governed by a DAO. The protocol connects lenders and borrowers in an efficient and cost-effective manner using the Cardano Blockchain.
ADALend aims to power a new wave of flexible financial markets by providing a layer for instant loan approval, automated collateral, trustless custody, and liquidity.
AdaLend has its own native token called $ADAL which is scheduled to launch in March, 2022. Keep an eye on their Telegram channel for further details regarding their upcoming IDO (Initial DEX Offering).
OccamFi is a DeFi ecosystem for Cardano. Their product suite has 3 main components.
OccamRazer. An IDO platform for new projects to raise funds.
OccamX. Will be a decentralised AMM-based Dex.
OccamDao. Will be a decentralised autonomous entity governed by the community.
OccamFi has a native token called $OCC which was launched in April 2021. The token exists on both the Ethereum and Cardano blockchains and a bridge between the two is available. Investors can gain early access to new projects launched on OccamRazer via a tiered token staking system.
Empowa is on a mission to build a decentralised funding platform for affordable housing in Africa. They intend to link DeFi to real world property assets in one of the youngest and fastest growing markets in the world.
By enabling decentralised funding models, Empowa aims to make home ownership more affordable, while also building them in a manner that is environmentally friendly. The team behind the project has experience in implementing creative on-the-ground African property developments and large-scale software platforms.
Empowa will have its own native utility token called $EMP and the token sale is ongoing. $EMP is designed to be a common unit of value in the ecosystem and can be used to purchase ‘impact cards’ that go towards funding housing projects in the region.
Drunken Dragon Games
DDG is a game where players manage a fantasy tavern and can have collectible adventurers and furniture that can be traded with friends. These are pixel tiles that are in the form of collectible and tradable tokens (FTs) that exist on the Cardano blockchain. These tokens represent adventurers that players send into epic quests or furniture that players use to decorate and expand their inn and tavern.
The DDG alpha game demo was released on December 20, 2021 on PC and macOS.
Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
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See you next time!
Lark and the Wealth Mastery Team
TCL Publishing ltd (director Lark Davis, owner of Wealth Mastery) is not providing you individually tailored investment advice. Nor is TCL Publishing registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. TCL Publishing is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.