Coinary Token (CYT)
4.3

Coinary Token (CYT)

CYT: NFT-based Play-to-Earn Game + Binance Smart Chain

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Pros
  • Free to play game with no mandatory investment or subscription.
  • All the game’s interactions happen on a secure, lightweight and fast blockchain.
  • Players earn CYT organically by playing the Dragonary game and participating in its ecosystem.
  • Backed by a well-known company that runs a successful YouTube channel called CoinaryTV.
  • Dragonary can be played on all popular platforms including Android, iOS, Mac and PC.
  • Exciting gameplay formats, allowing players to compete against the environment or other players.
  • All in-game assets are available in the form of freely-tradable NFTs, which can even be exchanged for real money.
  • No need to download any extra software/app or connect your crypto wallet, to play the game.
  • All in-game transactions are conducted free of cost, and don’t involve any network fees.
  • The game received 100,000+ downloads within 3 days of launch on the Google Play Store. It currently has 200k+ daily active users and over 1 million users overall.
Cons
  • Dragonary is a fairly new game and is yet to realise its full-potential.
  • It is presently available in a 2D format which may not be appealing to everyone.

📝Source Code 🏠Website 📈Chart  📱 Twitter

Coinary Token (CYT) – Dragonary in a nutshell


CYT is the native token of the play-to-earn (P2E) NFT game called Dragonary. The game is deployed on the Binance Smart Chain (BSC) and Coinary Token is based on BSC’s BEP-20 fungible token standard. The game has been developed by Coinary LTD, a multinational company that plans to add more games to its multiverse, in the future.

The players can utilise CYT tokens to purchase in-game assets, available in the form of NFTs. These NFT assets include dragons, islands and other collectibles of different rarity levels. You can also stake CYT tokens to earn multiple rewards and take part in the game’s governance.

Dragonary was launched in Aug 2021 and quickly garnered a huge fan following for itself. Coinary Token’s market cap stood at $4.2 million at the time of writing, with each CYT exchanging hands at $0.01266.

Tokenomics


The maximum supply of CYT is 1 billion tokens of which 334,084,762 were in circulation as of writing (Source: BscScan). The total supply is scheduled to be distributed amongst the Coinary/Dragonary community over a 10 years’ time period.

CYT can be termed as a hyper-deflationary token, implying that a certain number of tokens are burnt during every CYT transaction inside the Dragonary game. Hence, each time an in-game asset is purchased with CYT, 80% of the tokens are burnt, and the remaining 20% are distributed among the players.

Below provided is CYT's distribution breakup:

41,000,000 CYT (4.1 % of maximum supply) – Airdropped to Coinary TV community

749,000,000 CYT (74.9% of maximum supply) – Mining rewards

50,000,000 CYT (5% of maximum supply) – Allocated to team (with 10-year vesting period)

160,000,000 CYT (16% of maximum supply) – Allocated to Investors

Has Coinary Token been audited and doxxed?


Yes. Coinary Token was audited by CertiK and has been doxed. The Coinary team regularly publishes material related to the Dragonary project, and is active on multiple social media channels including Twitter, Instagram, Facebook, Discord and Telegram.

Trust & Fairness: 4

Exchanges & Swaps: 4

Tokenomics: 4

Community: 5

Overall Rating: 4.25

Detailed review of Coinary Token (CYT)


As mentioned earlier, Coinary Token (CYT) is the native currency of Dragonary, a free-to-play NFT-based P2E role-playing game (RPG) that can be enjoyed on multiple platforms including iOS mobile devices, Android devices, Mac, laptop and PC. It was launched in Aug 2021 by Coinary LTD, a London-based full-fledged blockchain analytics platform. While it falls in the play-to-earn (P2E) genre, Dragonary is aimed at being more of a real game than a clicker which simply enables you to earn some money. The primary aim of its developers is to make it both entertaining as well as rewarding for the players. The game is set inside the enchanted lands of Dragonarya. Players have their own dragons which they use to compete with and battle against other players, or the environment.

In Dragonary you fight with dragons

Users invest time in the RPG game and are rewarded with CYT tokens in return. Devs have done their best to make it easy to understand and play for people of all age groups, irrespective of their background and geographic location. One doesn’t need to have any knowledge of cryptocurrencies or blockchain tech to fully enjoy Dragonary. There’s no requirement of downloading any extra software (apart from the game itself), synchronizing a virtual wallet or using any third-party application either.

Elements

As of writing, a Dragon can have any of the 7 different elements (roles) which must be factored-in while creating one’s team.

The element decides a dragon’s unique skills. For instance, ‘Fire Element: The Physical DPS’ increases the basic damage ability of the dragon when it’s in the front row. These elements are:

  • Earth Element: The Tank
  • Fire Element: The Physical DPS
  • Air Element: The Main Healer
  • Electric Element: The Range DPS
  • Plant Element: Jack of All Trades
  • Water Element: The Damage Reliever
  • Ice Element: The Resistant DPS

The Dragonary team plans to keep adding fresh elements to the game, during the big updates, and at least 2 new ones per year.

Earth Element Dragonary
Fire Element Dragonary
Air Element Dragonary
Electric Element of Dragonary
Plant Element of Dragonary
Ice Element Dragonary
Water Element Dragonary

Rarities

Each dragon can have any of the 6 rarity levels, which is decided based on how the dragon was obtained and its base stats. There are 3 basic stats which are resistance, cunning and strength; their sum total decides the rarity level of that dragon. The rarity levels can be any of the following:

Common – If the total of basic stats is between 30 and 49

Uncommon – If the total of basic stats is between 50 and 89

Rare – If the total of basic stats is 90 or above

Epic – Achieved by fusing two Rare dragons

Legendary – Achieved by fusing two Epic dragons

Mythical – Achieved by fusing two Legendary dragons

Rarities in Dragonary

All dragons with Common and Uncommon rarities are treated as virtual items which though cannot be traded in the marketplace, are crucial in obtaining better rarity dragons. On the other hand, dragons with Rare, Epic, Legendary and Mythical rarities are treated as NFTs which can be traded in the Coinary Hub marketplace. Every new player starts with three common dragons in the game by default. Interestingly, the innate ability (element) of the dragon also increases with its rarity level.

Please note, these rarity levels are also applicable to other items within the Dragonary game, and those items too can be traded as NFTs accordingly. In addition, all transactions in the Coinary/Dragonary ecosystem are free of charges, implying that you can trade, sell, buy and create NFTs without having to pay any network fees.

Getting Started

Getting started with this game is fairly easy, and involves the below-detailed steps:

Download the game – You must start by downloading the game to your iOS, Android, Mac or PC platform. It requires an easy login via your Facebook or Gmail account to begin the gameplay.

Play and earn – As can be expected, Dragons are the main characters in Dragonary. You can train and breed them using a battle-based semi-automatic system. The game has two combat variants – PVP (Player vs Player) and PVE (Player vs Environment). Both enable you to farm CYTs, game-related items and other types of in-game currencies which help you advance within the Dragonary game.

Log into the Coinary Hub – Players must log into the Coinary Hub to access their CYTs and NFTs. The login credentials remain the same as that of the Dragonary gaming platform.

Coinary Token (CYT) functions as the game’s native token, distributed amongst the active players on a daily basis, to reward them for accomplishing certain game-specific targets. If a player successfully meets a pre-defined criterion, s/he is allocated a certain percentage of CYT tokens minted each day. Different players may receive different percentages of daily tokens depending upon the rarity level of their account, which is determined by the rarity of the dragons held in them.

As per information available on the Dragonary website, it has 200k daily active players, and the total number of users stands at over 1 million. The game crossed 100,000 downloads within 3 days of its launch on the Google Play Store.

Coinary LTD, the company behind Dragonary is essentially into the entertainment and information industry, and owns a popular YouTube channel named CoinaryTV. It was co-founded by Alejo Chababo (CEO), a well-known crypto miner from Latin America, and Yohan Graterol (COO), who has been a part of prominent projects like Callisto, Ethereum Commonwealth and Ethereum Classic.

As of writing, Dragonary has just concluded its IGO (Initial Game Offering) on Binance NFT, wherein it offered a bunch of NFT assets including Poison Dragons, Water Islands and Electric Islands via the platform. These assets aren’t currently obtainable in-game and 630 of them were listed on the portal.

Where to buy Coinary Token?


It’s possible to buy CYT from decentralised (DEX) as well as centralised (CEX) cryptocurrency exchanges. Nonetheless, considering the fact that the Dragonary game is still in its early stages, there are only a few platforms where you can buy/sell this token. As also listed on the Coinary Hub portal, these platforms are PancakeSwap, ApeSwap and BabySwap. These are all decentralised exchanges that offer a high degree of privacy and anonymity to the crypto buyers.

DEX platforms are quite different from their CEX counterparts in the manner how they facilitate crypto transactions, without subjecting the users to any stringent KYC processes, which are generally a necessity in case of the latter. Centralised crypto exchanges are normally regulated by well-known financial authorities which as per CFT (Countering the Financing of Terrorism) and AML (Anti Money Laundering) laws require all users to abide by strict KYC norms, to successfully use their services.

It may be possible to buy CYT via peer-to-peer (P2P) portals too, which are well-known for enabling cash purchases. Majority of the crypto exchanges accept bank transfers, debit/credit cards, third-party wallets as well as crypto transfers for fund deposits. That being said, you must always check with the platform first, if a particular funding method is available or not.

What can you do with Coinary Token?

Hodl CYT for the long-term: NFT-based Play-to-Earn (P2E) games have made a big name for themselves in the present-day gaming world. Since they’re based on blockchain tech, their native tokens like CYT are also in great demand in the marketplace. You can hold onto your Coinary Tokens and sell them later for a profit once their value has increased.

Purchase in-game NFT assets – CYT being the native currency of the Coinary multiverse, including Dragonary, can be used to buy various in-game NFT assets like dragons, islands etc., sold in the Coinary marketplace.

Stake CYT – You may stake your Coinary Tokens to earn staking rewards and also get whitelisted for various game-related prize draws and events.

Swap CYT with other tokens: You can easily swap your Coinary Tokens with other crypto coins on exchange platforms like Pancakeswap, Babyswap and Apeswap. More details on this are provided below.

How to swap CYT with other altcoins?

You can swap your Coinary Tokens with another cryptocurrency of your choice by visiting any of the recognised decentralised exchanges mentioned above. The process is simple – connect your crypto wallet to the decentralised platform, and then use a preferred trading pair like CYT/BUSD, CYT/ETH, CYT/BTC, CYT/BNB etc., to process the transaction.

Please keep in mind that there may be a nominal transaction fee involved which must be factored-in beforehand. You’ll receive the exchanged crypto tokens/coins in the same crypto wallet.

How to buy CYT?


While Coinary Tokens can be presently purchased only from the decentralised platforms listed above, considering how fast this game is growing you may be able to buy them from other platforms too, in the future. We’ve already covered how to swap/buy CYT from decentralised exchanges. Below-provided is the process to buy them from centralised exchanges, as and when they get listed there.

Please note, to buy CYT from centralised exchanges, you’ll need to register and open an account with them first. Thereafter, you’ll be asked to fulfil certain KYC (Know Your Customer) formalities before being allowed to use their services. Here are the steps you’ll need to take:

  1. Use the ‘Register’ or ‘Open account’ button on the centralised exchange to initiate the account-opening process.
  2. Input and submit your personal details including your full name, country of residence, phone number, email address and a preferred password to proceed further.
  3. Agree to the exchange’s terms and conditions by checking the appropriate box and/or clicking on the provided button. You’ll soon receive an email asking you to verify your identity, to fully use the platform’s services.
  4. You may initiate the verification process by either clicking the link included in the email, or using the concerned menu option on the portal’s dashboard. In most cases, it will involve upload of a govt.-issued photo ID and a residence proof. Please keep in mind, although slightly time-consuming, this is a necessary step to keep the trading platforms free of any anti-social elements.
  5. You’ll be allowed to deposit funds to the platform once the verification process is complete. Normally, centralised exchanges permit fund deposits via debit/credit cards, bank transfers and third-party processors for fiat deposits. Crypto deposits can be made as well by following the instructions provided on the website.
  6. Go ahead and make the CYT purchase using a preferred trading pair, for example, CYT/BUSD, CYT/BNB, CYT/ETH, CYT/USDT etc.

Upcoming Events/Launches

As mentioned earlier, Coinary LTD recently concluded the Dragonary IGO in collaboration with Binance NFT. Going by the roadmap provided on the Dragonary’s official website, their team will conduct the first-ever competitive Dragonary eSport tournament in Q1, 2022. This will be followed by the launch of Islands in the game in Q2.

Token Price

Coinary Token was trading at $0.01266 at the time of writing this article (Source: CoinMarketCap). It’s ATH (all-time high) price was $0.4404 on Aug 27, 2021, achieved soon after its launch. On the other hand, CYT’s ATL (all-time low) was recorded at $0.0103 on Jan 22, 2022. The significant difference between the token’s ATH and ATL shows that there’s quite some room for price to appreciate, which may very well happen as the game’s ecosystem grows and evolves in the future. The current trading price of CYT can be checked on CoinMarketCap and CoinGecko.

Coinary Token (CYT) Details

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Crypto Token

Investing in crypto coins is always a risk! Proceed with extreme Caution!

*Reviews, articles and content on AltCoinReviews.org website are NOT financial advices!
4.0
Trust & Fairness
4.0
Exchanges & Swaps
4.0
Tokenomics
5.0
Community
4.3 Overall Rating