Shellinium January 2022

Snapshot of Shellenium


Today the production of Shellinium ($SHELL) is only distributed through staking Green Rabbit (GR) Series 1 NFTs, promo NFTs, and Partner Staking NFTs. The Series 1 GR drop included Shellinum chests which include 54,716,000,000 Shell redeemed as of today. Staking went live in September of 2021. Shell As of 2022-01-25 there has been 181,085,285,246 Shell distributed into circulation from Staking. This brings the total circulating supply to 235,801,663,267. The median weekly production of Shell is 8,150,268,000. The max supply or hard cap of Shell is 10,000,000,000,000. It is expected that the max supply will never be reached due to the use of Shell as an in-game currency (sink).

The largest holders of Shell today are and which are GR game contracts that accept Shell from in-game transactions and purchasing items from the Shell Road (in-game marketplace). The contracts and have 45,809,621,757 (19% of circulating) and 27,634,680,000 (12% of circulating) Shell respectively (See here for a top 500 holders breakdown).

Since staking was initially released, GR has followed up with a number of feature expansions. Each time game functionality is added there is a decrease in the production-to-sink ratio. Releases in Q4 of 2021 included Greenprint crafting, Greenprint boosting, Greenprint Fusion, Orb Fusion, and Materials Foraging. From this rapid release of features, we can see an equally rapid reduction in the production-to-sink ratio from an all-time high near 13 to ~2 today. The Anima Armor Economy has the Armor component crafting release scheduled for February 22, 2022. This release will add functionality for Armor Component crafting which allows players to use foraged materials to build their Anima Armor. This feature is expected to result in a significant Shell sink to the GR economy.

It is important to note that the above figure is only looking at the constant sink from gameplay as it represents the health of the economy without NFT drops for Shell which are less sustainable yet they are still major sinks of Shell. Currently, the store has sunk ~11% of the circulating supply ( If included in the chart above the realized production-to-sink ratio would decrease significantly.

Distribution of Shell

A distribution of the circulating supply is described in the table below. As described above the GR contracts `` and `` hold 31% of the circulating supply. Therefore statistics are presented with and without these wallets. There are 7551 wallets that have ever transferred shell. Today there are 5310 wallets with a nonzero Shell balance. Of these wallets with nonzero Shell balance shown in the table below, the median holdings are 1.1M Shell.

StatisticAll Wallets

























In the figures below a visualization of token holdings is shown for the 273 wallets with greater than 100M Shell. All other wallets are grouped into the “others” category making up 33.8% of the circulating supply. In the next figure, the store and vault Shell contract balances are removed from circulation to show that the wallets with less than 100M Shell control 22% of the “true” circulating supply.

Cost to Start Playing

A reasonable cost to start playing the game is between $5-$20 although it could be done for less. The lowest cost to start playing the game would be $2 to acquire one of each of the 4 components needed for 4-component crafting (action - $0.51, diorama - $0.50, lore tablet - $0.4, Coin - $0.5). This would give the player some shell staking power and the ability to make 10 common green crafts per day. A player could significantly speed up their gameplay by spending $3 on Shell on the secondary market which would cover weeks' worth of crafting expenses in Shell. With this setup of $5 the player can play-to-earn by selling Greenprints, and Orbs from Greenprint fusions. In the $20 range, the player could add 1 Common Figure character (~$12) and this would double the number of common Greenprints the player could craft per day.

In the above scenario, the player is not able to participate in foraging missions. The forager release was limited to the most active GR players to get the feature out to the community while the development team completes armor component crafting. As discussed above Armor component crafting adds the needed sink for our materials production. GR is being conservative about creating a production surplus before a proper sink is in place to avoid the scenario shown in the Shell production-to-sink (figure above) in September of last year. Due to the limited supply, foragers currently are trading at ~$60 on secondary. A release of 200 Foragers is scheduled for the 8th of February. Following the release of our Greensmiths functionality foragers will become significantly more abundant. While materials foragers are more expensive our seasonal forager (“Garry”) can be picked up for $1 on secondary. With this forager, we have the option to allow special foraging missions for other NFT available as needed.

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