The team behind Levana, creators of the adventure game Levana Dragon Rider, held meetings with legal advisors and Discuss The path forward is due to the shift in the regulatory climate for cryptocurrencies.
They ran a poll on November 17, in which they discussed decoupling the GameFi sector rather than freezing it indefinitely.
Levana is having a crypto winter, and they’re separating their GameFi division from their DeFi offering.
The goal of their GameFi segment is to have a community-owned and decentralized GameFi platform, as well as other products.
These include all NFTs in the locker, Luna from Terra Royalties that aren’t pinned, all 888 Baby Dragons NFTs, all NFTs, source code for all games in there, and 3.8 M UST.
Moreover, they also include the estimated amount of Luna that will be unlocked from Terra 2. In addition, they provide the intellectual property rights to the story, characters, images, book, and comic book.
During the update, Levana also announced plans for Token Governance, where Levan will work with the GameFi community to determine the best way to transfer 10 million LVN tokens to the Decentralized Autonomous Organization (DAO) that would represent the community.
How did Levana get to this point?
Levana was originally launched in August 2021 and its main objective was to build two leveraged projects on Terra at that time, Leveraged Index Tokens and Perps.
Over time, the team began to build on two tracks: leveraged DeFi products and GameFi products.
The team has released eight games on Terra, with over 10,000 monthly active players. but, Terra crashedLevana lost $7 million from Levana’s treasury, including $4 million in LUNA/UST.
Over time, Levana moved to Juno. It was here that the new NFT Dragon passengers were Quiet.
The GameFi division could go into a community-led project or be purchased via traditional fundraising.
However, the future of Levana’s GameFi division remains unclear. The team is clearly trying to get ahead, despite the regulatory environment and crypto winter, and if someone is willing to pick this project up, they might push their bid forward.
However, if they fail to obtain the funding they need, the project could be held up indefinitely. It is clear that Levana will push the DeFi sector forward.