Cometh NFT project review

Cometh NFT project review

Cometh NFT project review

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Frank Stewskid

Last updated: Jun 25, 2022

What is Cometh

Cometh is a strategy game, leveraging Ethereum-based finance allowing players to collect, trade, and earn ERC20 tokens, as well as NFTs exclusive to the Cometh metaverse. The app includes the game itself, a Layer2 DEX, and a rental platform allowing lenders to rent in-game assets to borrowers and share mining rewards generated in-game. There are also L1 and L2 NFTs Marketplaces, as well as token and NFTs bridges to Polygon.

How does Cometh work

The game consists of different “solar systems”, each of them with a different number of players and active comets. Some have “radioactive comets” which are surrounded by a glowing aura and cannot be mined traditionally. The ship still needs to hit the comet area described earlier, however, a “rover” must be used to mine tokens. Each comet has a limited number of rover slots available, and only one rover per ship can be dropped to it, however, while the rovers are mining, ships can be used normally.

Cometh has a leaderboard based on earned rewards which show both player and ship rankings. Rewards can be earned in multiple ways besides mining comets. By owning a ship in a galaxy, users earn MUST each time other players utilize the users’ ships to move. Ships can also be rented and provide rewards.

There are two types of rewards. The first is directly earning tokens from mining comets holding a unique token (such as MUST or MATIC). The second type of reward is LP token mining, as the majority of asteroids are loaded with LP tokens, representing part of a liquidity pool on ComethSwap. These tokens give access to a portion of all transaction fees related to the pool or can be withdrawn or staked at any time on ComethSwap. Users can deposit tokens in these pools and earn yield farming rewards.

How to use Cometh

The first step to playing the game starts from the Ethereum mainnet. Users need to send MUST tokens to Layer 2 through the Cometh bridge. Once transitioned to Matic, players need to make sure their “spaceship”, which is an NFT acquirable on Opensea, is also on the Layer 2 before they can launch it. The next step towards “joining the galaxy” is connecting users’ wallets to the Matic mainnet. After that, spaceships can be sent to “explore the galaxy”. Proceeds from sales of NFTs on Opensea go towards generating prizes for players and distributing MUST as cashback.

The goal of the Cometh app is simple – extract tokens from comets. Players move with ships, as already described, by choosing them from the game menu. Each ship has a “pull” price which is the price other players have to pay in order to shoot down the ship. The price is presented in MUSK tokens with a minimum of 0.0003 and Cometh takes 5% of the Cometh fees. Players can manually choose how many tokens the game can access from their wallets.

Once players find a comet, they can see what tokens are mineable on it. In order to actually be able to mine the resources, users’ ships need to be moved in the path of the comet and shoot other ships if necessary to get as close as possible to it. Each ship has its “mining aura” which is an area around it in which the comet needs to pass in order for the ship to extract assets from it. After each mining, there is a period of time (4 seconds by default) during which mining rewards are reduced to avoid “ship bundles” excessive comet mining.

The MUST and DUST tokens

MUST is the utility token that fuels the Cometh Metaverse economics. It is also the main game currency and can be used to play the game, rent spaceship NFTs, stake to mint NFTs, and more. The token can be purchased through ComethSwap, directly on Polygon.

Everyone holding at least 1000 MUST tokens can propose changes in the parameters of the protocol, request new features, or be elected at the “Galactic Council”, which is the governance body of Cometh and is composed of the multisig signers elected by the community. Members are responsible for allocating the Dev Funds and overseeing the transition between versions of the platform’s smart contracts. Any holders of the coin can vote on proposals and elections.

DUST is acquirable after staking MUST and allows players to unlock in-game perks, upgrades, or mint NFTs which cannot be freely used or transferred. It cannot be sold, bought, or transferred. 

How to buy Cometh MUST token 

Cometh MUST token can be purchased on centralized exchanges like QuickSwap.

Cometh MUST token can be purchased on decentralized exchanges like SushiSwap and Uniswap v2.

Disclaimer

It is up to you where to buy the MUST token. It is worth taking into account that decentralized exchanges allow you to do this anonymously, you do not need to pass KYC procedures to use them, on the other hand, the cost of transactions may be higher than on centralized exchanges, while there is a risk of your funds being held by the exchange.

Disclaimer

To understand if Cometh is a good investment and try to make a MUST price prediction, you need to do your own research on the project.

All the data for research is available on the project page on our website: check out the technical features of the project in this review, try to use the app, see if the information about the team is available and if the team is open for communication, and using the project dashboard and the MUST price chart, assess the project usage rates as well as the token price movement and the number of its holders.

Is Cometh safe

The Cometh team is comprised of more than 20 developers led by the platform’s founder - Jérôme de Tychey, who is also behind EthCC, which is the largest annual European Ethereum Event with a focus on technology and community. So far, there are no Cometh audits published officially. 

Partners 

Besides working with Polygon in order to be part of Layer 2, Cometh is also partnering with Aavegotchi in terms of spaceship design, liquidity provisioning, and Layer-2 solutions. There are different collaborations consisting of various NFT collections, some of the companies taking part are: Pickle.finance, BadgerDAO, Yam Finance, Doki Doki Finance, Node Runners, Beefy.Finance, APY Vision, Stater, and Kleros. 

The project integrates a liquidity farming program maintained by SushiSwap aimed to foster liquidity provisioning on Layer 1, improve MUST trading, and “foster the synergetic partnership between Sushiswap and Cometh”.

The MUST token is available for trading on SushiSwap, Uniswap (v2), QuickSwap, and SushiSwap (Polygon POS).

What's next

The team is currently working on developing PvP battles that will allow players to challenge other players. Another feature to come in the near future is staking NFTs to earn tradable ERC-20 tokens, as well as staking MUST on Polygon. The Cometh DAO is set to replace the current governance model after its release and will bring big upgrades to ships and exclusive equipment. The developers are also focused on allowing users to swap from L1 to L2 with the next update of the protocol. 

Links

https://docs.cometh.io/ 

https://www.cometh.io/cometh-white-paper.pdf

 

Basic info

  • Token MUST
  • Audited no
  • DAO no
  • Yield farming yes
  • Team public
  • Hacks no

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