On its official Twitter account, Coinbase has made an exciting announcement regarding the Illuvium token. Let’s find out more about this exciting news.
What is Illuvium?
Illuvium is a fantasy open-world game on the Ethereum blockchain. The role-playing game was first announced in January 2021, and is described as a decentralized NFT collection and auto battler game. When playing the graphics-heavy fantasy game, you are first immersed in the amazing 3D open world. In this open world, there are mythical beasts named Illuvials. These Illuvials are collectible and are represented by NFTs. Players are encouraged to collect these NFTs and use them to battle other players in the game to win ETH.
To play Illuvium, you need to get started on their website and sign up for an account. Link up your wallet, and get started with the game. When you first start with the game, you will find yourself crashed into an alien world with varied and interesting environments. You will then take on the natural role of a Hunter, alone and unsure in this vast world. As you play, you must explore, capture Illuvials, and unlock objects to uncover the map and progress in the game.
In Illuvium, you are allowed to customize your characters to your desire. Amongst the beautiful graphics, this is a unique and fun feature (plus, colorful!). It’s important to pay homage to the creation of these beautiful graphics. The game was built and developed on Unreal Engine 4, allowing in-depth details to be added to regions and environments. In itself, the game stands out compared to other blockchain games. Contributing to its token price, Illuvium is a high-scale, detailed, and comprehensive play-to-earn game.
Coinbase and ILV
Just last month, Coinbase added Illuvium’s token, ILV, to its roadmap. The utility and governance token for the fantasy-battle game operates on the Ethereum blockchain. When speaking about the development, Coinbase CEO Brian Armstrong made some important comments about the decision. He mentioned that the exchange aims to list as many cryptocurrency assets as possible as long as it meets the company’s standards.
“It’s kind of like Amazon or something like that where a product might have three stars or it might have five stars, but if it starts to get one star consistently, it’s probably fraudulent or defective or something and maybe Amazon will remove it. Otherwise, you want to let the market decide what these things are…”
Check out Coinbase roadmap (scroll to roadmap) for more information about important changes.
Coinbase Adds Support for Illuvium on the Ethereum Network
Coinbase announced a development via a tweet yesterday. The platform will add support for the Illuvium token on the Ethereum network. After this, Coinbase mentioned not sending assets over to other networks. Otherwise, you may lose your funds. Inbound transfers for this asset are, however, available on Coinbase and Coinbase Exchange in the regions where trading is permitted.
Coinbase will add support for Illuvium (ILV) on the Ethereum network (ERC-20 token). Do not send this assets over other networks or your funds may be lost. Inbound transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets (@CoinbaseAssets) October 12, 2022
To add, Coinbase added another tweet to the thread. Trading will begin on or after 9AM PT on 13th October if the liquidity conditions are met. If these conditions are met, and sufficient supply is established, trading on their ILV-USD trading pair will launch in phases. Support for ILV could be restricted in some supported jurisdictions.
Trading will begin on or after 9AM PT on 13 October 2022 if liquidity conditions are met. Once sufficient supply of this asset is established trading on our ILV-USD trading pair will launch in phases. Support for ILV may be restricted in some supported jurisdictions.
— Coinbase Assets (@CoinbaseAssets) October 12, 2022
What is ILV?
ILV is the Illuvium game token, also known as an ERC-20 token, as part of the Ethereum network. The token powers the game, and it is currently one of the most valuable tokens in the crypto market.
There are various other uses for the token in the game. Firstly, players earn ILV tokens for success and achievements within the game. Holders of ILV tokens can stake their ILV in the Illuvium Vault. After this, stakers can receive rewards of ILV or sILV. Lastly, ILV holders can also participate in the game’s governance via the Illuvium Decentralized Autonomous Organization (DAO). The Illuvinati Council enables community collaboration in improving game aspects and making other changes to the governance model.
What is Coinbase?
Coinbase is a secure online platform designed for buying, transferring, and selling digital currencies. The mission of Coinbase is to create an open financial system for the world, leading to it being one of the most popular places to help people convert their digital currency into local currency. Coinbase allows buying and selling digital currencies for anyone, everywhere.
Claiming to be a one-stop shop, Coinbase easily allows sending and receiving digital currencies between crypto balances, friends, and merchants. With a wide variety of allowed currencies, Coinbase only intends to add more and diversify its portfolio. With an extra layer of security and backup, using Coinbase is a reliable and controlled way to exchange currencies.