'Heroes of Mavia' Delays Ethereum Token Unlocks as Price Falls 65% Since February

Mobile strategy game Heroes of Mavia has reworked its token unlock schedule in an attempt to slow its inflating supply, less than three months after the Ethereum-based token initially launched.

After the announcement late Thursday, the MAVIA token jumped 21% before crashing even lower than it had fallen before the news came out. MAVIA is down to $3.72, as of this writing, falling nearly 9% over the last day.

Heroes of Mavia’s token has now plunged 65% from its all-time high price of $10.59, which was set two months ago, soon after the early February launch. The game's original plan was to increase its circulating supply from 12% to 24% of the total from February 2024 to 2025. However, this latest move will see the circulating supply stay under 14% until the end of that window.

Until February 2025, the planned “private sale,” “gameplay rewards,” and “community & ecosystem” allocations will be cut by 80% overall. On top of this, the team and advisor allocations will be delayed until the same date.

The price of MAVIA started climbing soon after the blog post was published, and then jumped 10% within a half out after the game tweeted out the news to its 457,000 followers. Then MAVIA holders started dumping their tokens, it appears, prompting a sudden dip in price that continued to widen over the following hours, erasing the initial gains.

Heroes of Mavia is an iOS and Android game that takes obvious inspiration from Clash of Clans. While Skrice Studios, the creator of Heroes of Mavia, has released a token, airdropped it to 100,000 players, and previously sold NFT land plots, none of this is reflected in the gameplay thus far.

Right now, it would be very easy to play the game without knowing it's a crypto game, but there are upcoming plans to release an in-game marketplace for buying and trading NFT items—using the Ethereum layer-2 scaling network Base.

Edited by Andrew Hayward