What Is Coinary Token (CYT)?

Coinary Token (CYT) is the native currency of the play-to-earn game Dragonary, deployed on Binance Smart Chain (BSC). The token is distributed between players once a day, as a reward to users who have achieved specific goals. If a certain objective is met in the game, then a player receives a fixed share of tokens, which are minted each day.

CYT is used for a variety of purposes, including as a currency to reward players who make progress in the game. In order to unlock more tokens, players need to increase their rarity in the game. More precisely, gamers who breed and evolve their dragons’ stats will farm more CYT. Thus, CYT earnings directly depend on the progress (and, specifically, rarity) of the user’s account.

Dragonary is a free-to-play NFT game launched in August 2021 and backed by Coinary LTD. Dragonary's goal is to reward all users with CYT tokens for investing their time in the game. And, according to the developers, the role-playing video game is designed for people of all ages and from anywhere in the world, including those with little to no knowledge of blockchain.

Who Are the Founders of Coinary Token?

Coinary LTD specializes in cryptocurrency information and entertainment. The company has its own YouTube channel called CoinaryTV, where you can meet its two co-founders - Alejo Chababo and Yohan Graterol.

Alejo Chababo is the CEO of the company. He joined the crypto world in 2016 and became one of the most significant miners in Latin America. Yohan Graterol, the COO at Dragonary and Coinary, also boasts an interesting background. Graterol has worked on projects such as Ethereum Classic, Ethereum Commonwealth, and Callisto since 2016. Prior to that, he led the engineering team of the Y Combinator startup for 7 years.

The rest of the team has a solid track record in the blockchain and gaming industry, which is reflected in the high-caliber nature of Dragonary. Among the crew members: Eduardo Jaime (Chief Content Officer), Rocío Mayorga (Head of Community), Gustavo Santome (Lead Designer), Daniel Alvarado (Game Developer Lead), Ramiro Chababo (Game Designer) and Melisa Mayorga (Customer Success VP).

What Makes Dragonary Unique?

The primary goal in Dragonary is to create a sophisticated army of dragons. Users can breed, level up, improve or train their dragons. Each dragon exists as a unique character and can be traded on the Marketplace. Their value depends on their rarity, level, skills and appearance. Players can also obtain rare mythical dragons for their collection.

A player’s success rests on obtaining a collection of unique items and building a powerful army of dragons. Players can take their army of dragons into combat at two types of arenas that exist in the game. They can choose between PVE (Player vs Environment) and PVP (Player vs Player).

The economy within the game is entirely determined by players’ individual and collective actions. By progressing in the game and earning CYT tokens, users contribute to the development of the Dragonary economy. The tokens can be used both in the game’s marketplace and in the greater crypto market. Aside from Coinary Tokens, users can trade, consume and earn various items and power-ups that can be used for training, personalizing and improving their dragons.

Dragonary Is Not Just For Crypto Enthusiasts

Dragonary is a free RPG game available for download on Google Play, Windows, Mac OS, Android and iOS mobile devices. Moreover, anyone can play Dragonary, even if a player isn’t involved in the world of cryptocurrencies and knows nothing about blockchain technology. You don’t need to sync your crypto wallet or download additional software or third-party applications.

However, those knowledgeable about crypto will be pleased to know that all game processes and interactions are hosted on a fast and secure blockchain - BSC. Transactions are free, so users can buy, sell, trade, and create NFTs without worrying about network fees.

Related Pages:

Read about Axie Infinity (AXS) and CryptoBlades (SKILL).

Axie Infinity vs CryptoBlades: check out the top play-to-earn games here.

The latest data about Binance Coin (BNB).

What are play-to-earn NFT games? Learn more with CMC Alexandria.

NFTs have tons of use cases, find out all the details by clicking here.

How Many Coinary Token (CYT) Coins Are There in Circulation?

The CYT token uses BEP-20 technology and can be utilized in Callisto Network / CLO and Binance Smart Chain (BSC). The maximum supply of CYT is limited to 1 billion coins, which will be distributed over 10 years.

Coinary Token Initial distribution:

4,1% of Max Supply to Airdrop;

74,9% of Max Supply to mining within Dragonary;

5% of Max Supply to the team;

16% of Max Supply to investors.

CYT is a hyper-deflationary token. Coinary Token controls the Dragonary gaming system. Every transaction is carried out via CYT, and the Coinary marketplace converts the obtained coins into CYT. Each purchase inside the game generates a token burn (80% of each purchase), with the remaining 20% ​​allocated to players.

The Dragonary team will receive 50 000 000 $CYT, and since the developers trust their own product, tokens will remain locked for 10 years.

Users receive tokens by participating in the game, and CYT mining is similar to Bitcoin (BTC) and Ethereum (ETH). Namely, a fixed number of coins are issued every day.

How Is the Coinary Token Network Secured?

Coinary Token (CYT) is a BEP-20 token launched on Binance Smart Chain (BSC). Therefore, the network is secured by Proof-of-Stake (PoS) consensus mechanism.

Where Can You Buy Coinary Token (CYT)?

As of October 2021, the top three exchanges where you can buy, sell, and trade $CYT are PancakeSwap (V2), ApeSwap (BSC) and BabySwap.

Want to keep track of Coinary Token (CYT) prices? Download the CoinMarketCap crypto app.

Read about product updates, partnerships and announcements with the CoinMarketCap blog.