Dear le7elers,
Happy New Year! As we step into 2025, we want to extend our best wishes to you and your families for a prosperous new year.
We’re excited to share updates on $L7L and our continued progress. The previous month has been all about consolidation and riding out the ongoing selling pressure originating from the 100 % unlocks Nov. 26th, while continuing development full speed and interviewing candidates for our CMO position.
Furthermore, we’ve marked major milestones like our first-ever token buyback using fee revenues and the effective removal of 544,751 $L7L tokens from the circulating supply, in tune with the incentive design laid out in our whitepaper.
Expanding our marketing efforts and growing the community with more potential $L7L holders will be crucial for success in Q1 2025.
Let’s take a look at where we stand and where we’re heading.
Retrospective: December highlights
Updated metrics (as of Dec 31st 2024):
- Market cap (Circulating): $943,539 (▼37.1% from $1.5M)
- Market cap (FDV): $5M (▼20.6% from $6.3M)
- Holders of $L7L: 438 (▲10.5% from 354)
- Staked $L7L: 16,588,557 (▲135.8% from 7,346,998)
- Stakers of $L7L: 130 (▲100% from 65)
- Staker/holder ratio: 29.6% (▲61,7 % from 18.3%)
The increase in the staker/holder ratio reflects growing confidence among our holders and lays a strong foundation for performance as we navigate the remainder of the bull market.
Significant milestones:
- Token buybacks: We bought back 544,751 $L7L tokens from the open market and added them to the player rewards contract, effectively removing these tokens from circulation for the next eight years. This buyback aligns perfectly with the circular economy outlined in our whitepaper, and shows our dedication to optimizing network value, removing intermediaries, and incentivizing stakeholders in the LE7EL ecosystem. The buyback was done using $POL fees generated by Avatar NFT mints and renewals. Transaction showing tokens moved from buyback wallet to player rewards contract can be studied here: https://polygonscan.com/tx/0x845777b8fdb8c29ea1b83d5daf9a097d8ef19454805c21d6daa8535cbc72bfe1
- Development in full gear: Our team has been working tirelessly across all fronts to deliver on our roadmap. From the revamped web app to solidifying partnerships, we’re maintaining an aggressive pace to meet our ambitious goals.
- New integrations: We’re actively engaged in productive discussions with several new Web3 games to integrate our tools and infrastructure. These collaborations are progressing well, and we anticipate successful conversions in the near future.
- CMO search undergoing: We’re in the process of onboarding a new Chief Marketing Officer who can elevate our marketing strategies and expand $L7L’s reach. With a strong focus on growth and visibility, we’re confident this addition will take LE7EL to new heights.
- Fee capture model on hold: We’ve decided to put the implementation of a fee capture mechanism mentioned in the last update on hold until we’ve collected more community feedback. This is still a mechanism we feel will be very positive for $L7L demand, but we don’t want to make any rushed decision on such an important feature.
- Remain focused on key objectives: We’ve decided not to tap into the memecoin hype at this point, and remain focused on key objectives for LE7EL. We’re confident in what we’re building and will not let distractions get in our way. That said, we’ll always be open to exploring and researching new initiatives including memecoins going forward, but going from research to development is a leap that is not always worth taking.
Prospective: What’s next
Platform enhancements:
- The revamped web app is on track for Q1 2025, featuring a more user-friendly interface and tools to better engage and convert users into $L7L buyers. This will be a key focus for January development wise.
LE7EL chain:
- Conversations with the Polygon core team continue to progress as we move closer to creating a custom zk-proofs chain where $L7L serves as the gas token, unlocking new possibilities for partner integrations and ecosystem growth.
Market strategy:
- As we mentioned initially, our marketing efforts and growing the community with more potential $L7L holders will be crucial for success in Q1 2025.
- Expansion to additional chains remains a priority as we aim to increase trading volumes and exposure before transitioning to centralized exchanges. Base, Arbitrum and Optimism are ecosystems that we’re strongly considering, along with their grant programs.
- We will be initiating a KOL campaign, provided it aligns with our “community-first” ethos and avoids creating additional selling pressure. Furthermore, LE7EL will only collaborate with KOLs that have shown strong integrity in the past.
- Integrations with top Web3 games remains the most effective strategy for user growth and $L7L utilization, and we’re doubling down on these efforts.
Closing thoughts
December has been a month of market consolidation while keeping strong fundamental progress. With a robust development pipeline, we remain confident in the long-term potential of LE7EL and $L7L.
The journey ahead is exciting, and your continued support means a lot. Together, we’re building something remarkable.
Thank you for being part of this adventure as we head into a pivotal 2025!
Warm regards,
The LE7EL Team
