The Pegaxy Ghost Came With A Surprise - I Found A Forgotten LP On Polygon

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Written by

#Club1BCH

10 months ago

Topics: Play2earn, Pegaxy, Polygon, NFT, Cryptocurrency, ...

This is a funny crypto story, and shows how much the space evolved since the hey days. I found a forgotten LP on Polygon thanks to DeBank, and surprisingly or not... it was related to my greatest failure so far.

It was January 2022 when I thought I discovered "the next big thing" and took me a year to close the chapter. It was in the early days of play2earn games that were powered by NFTs, when pump & dump were somehow not that common on other chains except BSC.

I feel like I already discovered the top play2earn game of 2022! Pegaxy is a blockchain game powered by NFTs developed on Polygon-Matic, where futuristic Pegasus horses will race against each other to win rewards. The game was two tokens, Vigorus $VIS - the utility token and Pegaxy Stones $PGX - the governance token. - PVM in January 2022

I joined the hype and started playing with rented horses, earning 5-6 dollars a day. This made me go down the rabbit hole and buy to pega, and start breeding. I got blinded by the FOMO and hype, and thought I hit the jackpot.

I didn't sold when the price was pumping, being greedy and breeding the pega like crazy. I started with 2 rare horses, bought at $680 each, and reached a 30 horses stable in few months. I had people offering to pay as much as $1500 per pega when the hype was huge, and didn't accepted the offers.

I could have earned few thousands in a week but I got greedy. I wanted more and more... and I didn't cashed out. The game imploded as their reward system was unsustainable, and only the OGs had their share of the profit. Every time the price was going lower, and silly me was waiting for a pump to sell. Bad choice as the value went to nearly zero.

Embraced the failure one year later and sold the bag. The initial investment of 1320 USDT was long gone, and all I recovered after months of play was 28 dollars. I has heartbroken and this was my biggest failure so far. Spoiler alert... more came and 2022 was the stuff of nightmares.

The Pegaxy crash was just the tip of the iceberg, followed by scams, hacks, bankruptcy and many more. So much happened since then ... that I find it hard to remember which one hit me the hardest.

I kept merging those common horses, using both $VIS and $PGX ... hoping that rare ones will sell. I end up selling everything for peanuts and decided to let Pegaxy rest in peace. But the Cryptoverse knew better...

Many months after, I tested the DeBank Dapp and had an overall look across my portfolio. Guess what I seen? The ghost of Pegaxy was still haunting on KyberSwap. I remembered I put few hundreds in an LP, and farmed quite well when $VIS was pumping.

Well... funny enough... it looks like I forgot to break down the LP and claim back my tokens. I had $56 worth of VIS-USDT waiting in there. It wasn't a life-changing amount but was a pleasant surprise. That's on top of the $39 I have on Cub Finance, where 5,118 $CUB are waiting for better days.

Another surprise was to see that the USDT - VIS pair has a $97k TVL and over $2000 volume in the last 24 hours. This means Pegaxy is still around and some are still playing it.

I even had some earnings gathered in there since 2022, and this amplified a bit the experience. I invested $1300 in 2022 and now I can enjoy $16.92 in earnings. Every little helps!

Separated the LP and swapped the VIS into USDT. The bag of stable now reached $60, and bridge them over to Arbitrum for some crypto savvy investments. I used them all to buy GMX, and make my holdings bigger. Few weeks later I lost them all when my metamask was hacked, but this is a story for another day! The ghost of Pegaxy can go back to the Shadowlands!