MetaFi again: a breakdown of the BurgerCities (BURGER) game project
In 2021, the trend of metaverses started to develop actively, which led to the emergence of a separate sector of decentralized finance (DeFi) called MetaFi.
Developers started releasing their blockchain projects explicitly focused on the MetaFi sphere, including BurgerCities.
What is BurgerCities?
BurgerCities is a Play-to-Earn (P2E) and MetaFi platform built on the BNB Smart Chain blockchain. The BNB Smart Chain is very popular among game platform developers due to its fast and cheap transactions.
BurgerCities' journey began with the exchange-based decentralized exchange (DEX) platform BurgerSwap, launched in 2020 at the height of DeFi's heyday. Collectively, the BurgerCities project has raised over $50 million from funds such as:
- Vega Ventures,
- SANYAN Labs,
- Bitfly Capital.
Among BurgerCities' strategic partners are such notable companies in the crypto industry as:
- Binance,
- Unstoppable Domains,
- Galxe,
- Space ID,
- CyberConnect.
BurgerCities ecosystem
BurgerCities is a holistic MetaFi-ecosystem with a game platform, DeFi protocols, and NFT markets.
The first important protocol of the BurgerCities ecosystem is a two-dimensional P2E arcade game of the same name in its metaverse, in which players can navigate through a virtual city, complete simple quests, and receive various rewards in digital assets.
Hero NFT assets play a leading role in the BurgerCities MetaFi-ecosystem, with multiple uses, including generating income in BURGER tokens and using virtual land to build their cities. The buildings constructed can be rented out by players to other users.
Players can create their businesses in the BurgerCities metaverse. In addition, users can fight tactical battles with other players in PVP and PVE mode, earning tokens in case of victories.
The second important element of the BurgerCities ecosystem is the BurgerSwap DEX exchange, which appeared before the launch of the MetaFi platform. On BurgerSwap, users can exchange (swap) tokens and add them to liquidity pools and farming pools for rewards in BURGER tokens. However, it should be noted that the DEX-exchange BurgerSwap has relatively low liquidity: the number of blocked assets (TVL) in it is only about $750,000, and when trying to connect the wallet, the Blokaid service indicates the presence of malicious activity.
The Black Market cross-chain aggregator is another essential part of the ecosystem, which receives liquidity from various centralized and decentralized exchanges on different blockchain networks. The aggregator allows traders to get the best exchange conditions by selecting the most favorable pairs and swap routes.
In addition, the BurgerCities ecosystem includes the Energy Plant pool to increase returns from liquidity mining and the Central Bank, which rewards liquidity providers in USDT tokens.
BurgerCities token
BURGER is the primary token of the BurgerCities metaverse, created on the BNB Smart Chain blockchain by the BEP-20 standard. The BURGER token is used for:
- staking,
- lending (crypto-loans),
- liquidity mining,
- farming,
- in-game NFT trading,
- house rental payments in the BurgerCities metaverse,
- other DeFi and MetaFi transactions.
BURGER tokens are capped at 63,000,000, of which approximately 79% or 49.8 million are traded on the market. 50% of the total tokens are allocated to rewards for various participants in the ecosystem to retain and increase engagement. This includes staking rewards and giveaways to active users of the MetaFi platform. 10% is allocated to the team, another 10% to fund and keep the project running, 10% to provide liquidity, and finally, the remaining 20% to grow the ecosystem.
BURGER's capitalization is only $24.3 million, and according to this indicator, the token ranks 703rd in the overall cryptocurrency ranking. However, BURGER's capitalization has grown by almost 80% over the last quarter.
The BURGER token's exchange rate as of January 2024 is $0.48, down 98.2% from the all-time high the price reached in May 2021 at $28 — around the time the bull market in the crypto industry peaked. Since September 2023, Burger's price has gone from $0.3 to $0.48 — a 60% increase. The reason for this was the general uptrend in the crypto market, during which even little-known shield coins often grow.
The BURGER token is traded on the major exchanges Binance and Bitget, but only on the former does the trading volume exceed $1 million.
Results
Despite the support of strong partners such as Binance and Galxe, BurgerCities remains a questionable project with little value. Although the project remains active, it regularly holds events with prizes and releases updates. For example, the team recently launched BlastBurger NFT on the Blast test network.
On the other hand, if we look at the dynamics, we do not find any particular signs of growing interest in the project, even against the background of the released updates and considering the local bullish trend in the crypto market.
The project roadmap has not been updated since 2022, which makes it challenging to predict BurgerCities' prospects. With the emergence of more robust and attention-grabbing MetaFi projects such as Illivium or ImmutableX, the BurgerCities team is highly doubtful about reaching heights.
