What is Illuvium Token? How To Buy ILV Token In India?

What is Illuvium Token?

The implementation of blockchain technologies in the world of gaming has exploded in recent years. Illuvium aims to provide a higher-class blockchain experience that explores the metaverse and play-to-earn models. It is an open-source, blockchain-based game on Ethereum which leverages Immutable X blockchain and its layer-2 scaling technology. It is a fantasy battle game, the first AAA offering services to casual gamers and hardcore DeFi players. A decentralized autonomous organization manages the platform (DAO) called the Illuvium DAO.

The game here includes inhabited creatures called ‘Illuvals’ which can be captured by the player’s while playing. The platform also merges the worlds of gaming and crypto and offers to trade its native token. Here the players explore a 3D experience and also enable the users to earn in-game NFTs and also stake their tokenized assets with a decentralized, zero-fee network. It also utilizes Zero-knowledge (ZK) Roll-ups which are highly scalable. 

Who Are the Founders of Illuvium?

Founded in September 2020, the platform is constantly building a fully decentralized dame which is a combination of an open-world RPG and an auto-battler. The platform was founded by Kireran Warwick who is a serial entrepreneur. He followed the crypto space, Bitcoin and Ethereum in his early days and also onboarded major Australian exchanges, and also started the world’s first OTC crypto exchange. 

Kieran was accompanied by the co-founder of Illuvium and a Game Designer, Aaron Warwick. Aaron was obsessed with building and programming games while studying Computer Engineering and Physics at the University of Wollongong in Australia. Currently, he is the chief designer and story supervisor at Illuvium. 

In march 2021, Illuvium closed a Balancer public sale with a record volume of over $90 million traded. Nearly one million tokens were sold for the base price of $50 over three days. The funds were being used to expand the team and bring the game to the market soon. 

How Does Illuvium Work?

The game players are called ‘Hunters’ and capture deity-like creatures called Illuvials which can be stored on shards. Illuvials are represented by NFTs stored in the player’s digital wallet. They are divided into various classes like Fighter, Guardian, Rogue, Psion, Empath, etc, and affinities like water, Fire, Earth, Air, and Nature, having different abilities.

 If a user captures several of the same Illuvial types, then they can be fused together to become powerful through a burning mechanism that burns existing NFT to mint a more powerful version. The platform also enables the user to utilize the play-to-earn structure wherein the users can earn in-game rewards in form of ILV tokens. Users can also capture Illuvials and collect resources to buy and sell within the in-game marketplace, Illuvidex. 

What Makes Illuvium Unique-Uses Cases?

Non-Fungible Tokens

The platform allows users to browse NFTs via the Illuvium website and purchase them on the OpenSea collectible marketplace. These games come in various formats which are minted by the Illuvium DAO like Cosplay and Genesis Promo.

No Gas Fees With Faster Transactions

The platform makes use of an advanced Layer-2 scaling solution offered by Immutable X to facilitate faster transactions with zero fees. Immutable X is designed to increase transaction throughput using the zk-rollups that ensure robust security of the platform

Illuvium Staking

The players can stake their tokens on Illuvium through smart contracts and earn rewards. The staking system utilizes core pools and flash pools which are both the regular and synthetic versions of the ILV token. 

DEX Integration & Development

The platform has collaborated with numerous decentralized exchanges including Sushiswap, 1Inch, etc and still counting.  The IlluviDEX which is still in development aims to enable users to trade in-game NFT with additional features. 

Network Governance 

The holders of the native token ILV govern and maintain the protocol through the Illuvinati Council. The council members voted by the ILV holders who further propose amendments to the ecosystem through Illuvium Configuration Change Proposals (ICCPs) and Illuvium Improvement Proposals (IIPs) 

Illuvium Price Analysis

Source: TradingView

• The ILV price traded with a fine descending trend since the beginning of 2023 and presently is trading within a symmetrical triangle
• The price is approaching the edge of the consolidation and hence has lowered the pace to a large extent which has depleted the volatility
• However, the Average Directional Index (ADX) is undergoing a steep drop and after reaching the lower support, may be poised to rebound and lay down a notable upswing ahead
• Woefully, the volume has depleted in the past few days which is highly dominated by the bears at the moment and hence the prevailing descending trend may follow to reach the lower support of the triangle
• Further, the price may continue to hover within the triangle, until it reaches the apex of the consolidation which may be followed by a bullish breakout. 

How to Buy Illuvium in India?

If you want to buy Illuvium in India, just follow the below-mentioned steps,

• Download the CoinDCX App on your Smartphone 
• Enter the details required for registration 
• Complete KYC
• After verification, fund your wallet and buy Illuvium