$PETZLAB.IO Tokenomics — All you need to know about $LUV and $CHIZZ

3 min readMar 1, 2022

Hey folks!

We know there’s been a lot of questions related to the tokenomics (if you are not familiar with that term, it’s basically a marriage between the word token and economics, which refers to all the qualities of a token that makes it appealing).

Let’s dive right in!

$LUV

$LUV is the utility token that will be used in the game. During the early stage, $LUV will only be earned through the game. Players will be able to claim their $LUV token and migrate them to their blockchain wallet on Polygon in the second stage of development.

$LUV is minted 16 hours per day on average by the pet within the game. To control its supply, $LUV is subjected to a heavy burn mechanism.

Max Supply: Infinite
Symbol: $LUV

Distribution

Automatically produced by pets, owned by players.
Higher $LUV production can be obtained by hunting or buying RARE NFT EGGS

Burn Mechanism

NIRVANA For every pet that goes to NIRVANA (health meter = 0), 50% of the player’s total $LUV tokens will be burnt, in which 5% will go to the treasury
LUVKEE DIP All $LUV tokens used in the dip will be burnt
Breeding fees

$CHIZZ

$CHIZZ is our governance token that will be used in multiple use cases throughout the ecosystem.

$LUV tokens can be swapped into $CHIZZ tokens within a specified time-period for FOUNDING MEMBERS.
A staking pool for $CHIZZ is planned to be available in the second stage of the development
Those who wish to participate in PocketGame Launchpad must lock a certain amount of $CHIZZ

Allocation

Max Supply: 1,000,000,000
Symbol: $CHIZZ

Distribution

Private Sale Price to be determined with multiplies of SGD 5000 worth of tokens
Public Sale For a limited amount of time, players will be able to buy $CHIZZ in-game. This sale will run in parallel with DEX / CEX momentarily which will then be disabled to ensure the stability of the gaming onboarding process

NFT & Air Drop

Founding members are limited to 100,000 seats
The first 8,888 FOUNDING MEMBERS will receive NFT, $LUV, and $CHIZZ airdrop as a reward for the early supports of the project
The remaining FOUNDING MEMBERS will receive NFT drop
Drop will take place in 3 batches: March, April, and May. It may end sooner if 100,000 seats have been filled.

That’s it for this tokenomic sneakpeek. Please stay tuned to our upcoming updates! We will release important additional information every week.

As always, please be wary of scams trying to impersonate us, and feel free to reach out if you have any doubts! We’ll try to solve and clear things up as soon as possible.

Thanks for your time!

PETZLAB.IO Team