GUNZ is a Layer 1 public chain launched by the renowned game developer Gunzilla Games, with its native token GUN landing on Binance Launchpool on March 31, 2025, setting a record of $15.8 billion in staking and 1.7 million participants on the first day, making it the hottest new token project in nearly seven months. The project is backed by $76 million in financing, with top-tier investors including Animoca Brands, Jump Crypto, and the Avalanche ecosystem fund, aiming to create a blockchain ecosystem integrated with the AAA battle royale game (Off the Grid).

Two, Token performance: The capital game behind the high opening and low closing

Despite GUN peaking at $0.115 shortly after its launch, it quickly fell back to $0.076 (as of April 1), a decline of 34%. On-chain monitoring indicates that a suspected market maker address transferred 191 million GUN tokens before and after the token launch, with high-frequency small sell-offs, selling approximately $216,000 worth of tokens per hour. This closely relates to its tokenomics design—an initial circulation of only 6.05%, with VC and team holdings exceeding 50%, resulting in a typical 'high valuation, low circulation' structure.

Token distribution controversy focus:

- Private placement monopoly position: 37.8% of tokens allocated to institutional investors through the SAFT agreement, including 12.5% of Series A and 20% of Series B private placements

- Concentration of team control: Founders and team hold 12.8%, validator staking pool 5.1%, foundation 9%, forming strong centralized governance

- Lack of player incentives: During the testnet period, no tokens were airdropped to users, only allowing the migration of in-game NFT assets to the mainnet, with a high threshold for token acquisition

Three, Ecological status: Cold reception after mainnet launch and gaming migration dilemma

Although the GUNZ mainnet has quietly launched, on-chain activity is extremely low, and the community has questioned it as a 'ghost chain.' Its core application (Off the Grid) remains in the testnet phase, with 500,000 daily active users (peaking at 900,000), and has not fulfilled the promise of mainnet migration. The developers have only disclosed that they are 'working on migration,' but without a specific timeline, leading to players' assets not being able to trade on-chain.

Highlights and concerns of game data:

- Testnet activity: A total of 14.7 million wallets created, 490 million transactions, with an average daily transaction volume of 2.5 million

- Retention rate challenge: Currently, only 20% of the game's content is available; the developer claims 'each update improves retention,' but specific data has not been disclosed

Four, Future prospects: Attempts to break through the Web3 gaming economic model

GUNZ attempts to deeply bind token economics with gaming:

1. Consumption scenarios: GUN is used to purchase in-game equipment, pay for customized services, and access developer tools

2. Asset confirmation: Players can trade NFT weapons/prosthetics migrated to the mainnet through OpenSea, achieving cross-game asset reuse

3. Ecological expansion: Plans to introduce third-party developers, using GUN as the platform's universal token

Five, Risk warning: The cyclical dilemma of VC tokens

GUN faces similar doubts to the previous cycle of 'VC tokens': the contradiction of high FDV ($740 million) and low circulation, delayed game rollout progress, and the risk of concentrated token sell pressure. If (Off the Grid) fails to complete the mainnet migration as scheduled, or encounters an overall downturn in the chain game market (similar to the Axie Infinity decline cycle in 2024), the value support for the tokens will face severe tests.

The GUNZ token carries the industry's expectations for the 'revival of chain games,' but its excessive reliance on a capital-driven model contrasts sharply with the slow progress of the gaming ecosystem. The success or failure of the project will depend on two core variables: whether the mainnet migration can activate a real user economy, and whether the pace of token release triggers a liquidity crisis. For investors, it is essential to be cautious of potential sell pressure from private placements unlocking in April, while closely monitoring the version update data and on-chain activity of (Off the Grid).

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