Pirate Nation burns 10 million PIRATE tokens and introduces new vesting schedule

In conjunction with the end of Season 3 and players claiming their S3 rewards, Proof of Play has introduced a 180-day vesting schedule. This comprises Season 3 and all forthcoming competitions and PIRATE rewards in Pirate Nation.

According to the team, the reason behind the new vesting structure is “to maximize long-term alignment between our players and the PIRATE ecosystem.”

The vested amount starts at 10% of tokens and vests gradually until day 180. Users holding and claiming all their tokens after the entire 180 days will be rewarded with extra Proof of Play Points. Any unclaimed PIRATE after that stage will be burned.

In a similar manner, any PIRATE tokens that have been allocated to ineligible participants so far – players who did not buy VIP or a Founder’s Pirate – will be burned. This amounts to around 10 million PIRATE tokens, or 1% of the total supply.

Somewhat a surprise, the announcement comes shortly after Proof of Play unveiled other major game updates, including moving away from a seasonal structure towards shorter PVP tournaments and rewards spanning beyond PIRATE.

Of course, some have critizised the team for lacking transparency, not communicating its plans for a vesting schedule ahead of enforcing it. Some think it’s an outright scam, while Steve Kaczynski (The Everything Token) has called it the “first major misstep” from Proof of Play, saying “the team has always emphasized building a great game/product over focusing on token price. This move feels like a shift from that ethos.”