Token Description & Project Background

Vulcan Forged is a  blockchain gaming studio and dApp incubator for the Ethereum and Matic ecosystems.

Vulcan Forged is the creator of VulcanVerse, and currently the only MMORPG (massive multiplayer online role-playing games) with an ecosystem powered by their native token PYR. 

They also operate an NFT gaming studio, a top 5 NFT marketplace and dApp incubator.

PYR is used for fee settlement, staking, DeFi game launchpads, p2e, and discounted marketplace usage. It powers the entire ecosystem. 

PYR was launched via IDO on February 25, 2021. 

The current team is based in Athens (Greece) and is led by Jamie Thomson (CEO & Game Author) & Jason McIvor (CMO).

The Vulcan Foundation is based in Singapore and is designed to be the ‘governance and public-facing entity providing the platform for marketing and community development’.

Risks of PYR

Like an investment in other crypto assets, there are some general risks to investing in PYR. These include: (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information on these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in PYR is subject to the following specific risks:

• Any potential success associated with PYR is dependent on its rate of adoption by users. Investors should be aware that a number of competing blockchain gaming projects have entered the field since 2021.
• Any potential success associated with PYR is dependent on a number of external factors, such as the growth and increased adoption of the metaverse economy, and the continued popularity of NFTs as digital collectibles.
• Any potential success associated with PYR is also somewhat dependent on the Ethereum and Polygon chains continuing to attract developers within the blockchain gaming ecosystem.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with PYR. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The PYR community, core team, and Vulcan Foundation are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of PYR have no recourse to the PYR community, Vulcan Foundation, or Uphold if PYR declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing PYR on the Uphold Platform, Uphold performed due diligence on PYR and determined that PYR is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of PYR, including ensuring the source code being open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of PYR.
• Marketing materials put forward by the PYR social team including, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with PYR, including any code defects, security breaches and other threats concerning PYR and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with PYR, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of PYR. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 12, 2023.