Illuvium Coin: The History of the ILV Token

July 10, 2022

3 minute read

We’ve hit a bit of a lull in the project as the team has their heads down working on what comes next. The Illuvitar trailer has come and gone. We saw beautifully updated artwork for Illuvium Zero ahead of the big launch. The latest council proposal was voted down and is being reworked. Soon it will be time to deliver, but as we get ready for what comes next I wanted to take a look back at the origins of the Illuvium coin.

The Origin

The Illuvium journey began back in November 2020. We can see in the Roadmap section of the White Paper that the initial prototype was completed at that time. A month later the Illuvium coin was born with a cap of 10 million coins and a pre seed funding round that saw 500,000 ILV tokens sold off for $1 each.

This was followed up by a seed sale in January 2021, a time when most people were really first finding out about NFTs. In this sale we saw 1.5 million tokens exchange hands for $3 each. Both sales sold out quickly and were a massive early boost to the project.

In February we saw the team and treasury tokens get distributed. 1.5 million went into each of those pots. The team tokens were the ones that voted to delay their unlock until June 30th 2022. The team wanted to make sure the Land Sale was a success before cashing in any ILV. Community first, always.

In March 2021, the Balancer Liquidity Bootstrap Sale came and went. That sale included 1 million ILV tokens.

Token Supply Breakdown

In April 2021, the Sushiswap Liquidity Pool was created. The Illuvium coin was up and running on the public markets. This was followed by the yield farming system in May 2021. The team had made great strides early on with strong tokenomics that still guide our decision making one year later. Here is a breakdown of the token supply:

Since last May we have been in the Yield farming stage. We are just now seeing the first token unlocks and the price of ILV has adjusted down accordingly. However, soon enough we will see the first buying pressure on ILV from revenue distribution. This will be a seminal moment for the project and give us a new factor to consider when determining price action.

Eventually, we will have a fully functioning operation with revenue distribution happening on a regular basis and 1 million ILV tokens being handed out as in game rewards. Imagine massive autobattler tournaments with ILV tokens given as the reward for winning. This is what is coming.

We will also see Illuvium Land start to generate profit for those taking the time to gather the resources. As people sell fuel for ETH, I could see a lot of that revenue get put towards buying ILV and owning a bigger piece of the Illuvium pie.

We are still early, but a lot has been accomplished in the last year and a half. Sometimes it’s a good idea to look back at how the project started to get a better understanding of where we are headed. I hope this article helped give a better picture of where we’ve been and where we are going.