Will Kaia Chain Game Lead the Way and Replicate TON Ecosystem's Boom?
Written by: Bright, Foresight News
On the evening of May 26, Binance Wallet announced the 19th TGE project as Elderglade (ELDE), with the event scheduled for May 27, 2025, from 16:00 to 18:00, requiring Alpha points for participation. An additional 16 million ELDE tokens will be used for future activities.
Simultaneously, ELDE will also be listed on Bybit Megadrop.
Elderglade is a pixel retro-style MMORPG (Massively Multiplayer Online Role-Playing Game) loot game and one of the first games to launch on Line Dapp Portal. It features classic RPG turn-based strategic combat.
Elderglade is currently primarily a PvP match-3 mobile game that has quickly accumulated 3 million monthly active users, with over 4 million daily matches according to official disclosures. The Elderglade development team later announced on social media that they will launch an immersive AI-driven MMORPG, featuring AI-generated wilderness maps and AI NPCs with memory and personality, ensuring each adventure is unique and avoiding repetitive monster grinding. The game will blend turn-based strategy from Heroes of Might and Magic and loot mechanics from Diablo, with a "animal heroes" concept to create a differentiated experience. Through Kaia Chain, players can chain Non-Fungible Token assets, circulate $ELDE tokens, trade equipment, manage town buildings (like taverns and blacksmith shops), and even earn passive income through "farm cards".
Elderglade claims to have over 11 million mobile users, more than Axie Infinity, Pixels, and STEPN combined. As the flagship game supported by Kaia public chain, Elderglade reaches broad East Asian (Japan, South Korea, Taiwan) and Southeast Asian markets through Line, with Japanese, Thai, and Taiwanese players accounting for over 60%. It claims a 20.5% conversion rate, three times that of Candy Crush, AFK Arena, and Genshin Impact. Monthly revenue ranges from $1-2 million, surpassing Star Atlas, Illuvium, and Off the Grid. It has generated over 3.7 million transactions, exceeding Decentraland and The Beacon combined. It has over 7 million wallets, more than The Sandbox and Big Time. It boasts an ARPPU of 7.11, surpassing PUBG and Clash of Clans, and is waiting in the MMORPG lineup larger than WoW Classic, New World, and GW2 pre-launch.
Elderglade was developed by W3Forge game development studio, which shows over 20 employees on its official website. Financing information remains undisclosed.
The studio previously released a Web3 horse racing game called Zkrace in 2021.
$ELDE is the native utility token of the Elderglade ecosystem. It supports gameplay, trading, Non-Fungible Token minting, staking rewards, asset upgrades, and more. Currently, in Elderglade's match-3 mobile game, players can use $ELDE to purchase boosters and energy refills, access premium missions and special events, compete for leaderboard rewards, and unlock time-limited bonuses. Monthly in-game transaction revenue has reached $300,000 to $500,000.
Facing the common inflation and reward imbalance issues of Play to Earn models, Elderglade claims to have adopted a relatively "closed-loop" economic model.
Token mechanism: $ELDE has a fixed total supply, with tokens burned through in-game consumption (such as equipment upgrades and ticket purchases);
Diversified revenue: Players can profit through competitive matching, completing daily tasks, inviting friends (referral program rewards 5000 points), token staking, and other channels, with a balanced ratio between active gameplay and passive income;
AI monitoring and adjustment: Real-time data analysis system dynamically adjusts reward pools and resource output, avoiding "excessive grinding" or "income shrinkage", ensuring long-term ecosystem health.
However, the fundamental "death spiral" problem of dual-token economics in chain games has not been truly resolved.
As the flagship game on the Kaia public chain, Elderglade primarily relies on Line platform's traffic matrix. The predecessor of the "social giant + Play to Earn" model is undoubtedly the TON game ecosystem that was popular in 2024. Compared to Telegram's nearly 1 billion user base and TON mini-games with over 20 million monthly active users, the Kaia ecosystem has not pursued user accumulation, but instead learned from the "Tap to Earn" mini-game's spiral death, focusing on expanding gameplay. According to Elderglade's report, its users are primarily medium to heavy players, logging in 3 times daily with an average session duration of 18 minutes, and a conversion rate of 20%.
However, the current market narrative for GameFi has not escaped the "gold-making driven" logic. MapleStory, the retro game pioneer, has also fallen into the contradiction between gold-making efficiency and user retention after Binance Wallet TGE. Can Elderglade fire the first shot for the Kaia chain? Or will it be another swing of the chain game's scythe?
