Cellula generated $179m in revenue; is it the next big web3 gaming platform?

Cellula, a blockchain gaming platform backed by OKX Ventures and Binance Labs, is cementing its reputation in the decentralized finance scene and has recently outperformed all other protocols in terms of 24-hour revenue.

Data from Defi Llama shows that Cellula generated a staggering $179 million in 24-hour revenue on November 21, putting it ahead of other top protocols like Tether, Solana, and Raydium.

Protocol fees | Source: Defi Lama

Approximately $8.95 million of that figure directly benefits owners, according to data from Defi Llama. However, Jito, a liquid staking protocol operating on Solana, follows closely behind with $15.55 million in fees and $621,829 in revenue.

Meanwhile, stablecoin leader Tether recorded $13.37 million in charges equal to its revenue generation. Raydium, a Solana-based DEX, generated $12.47 million and $811,337 in revenue from 24-hour fees, while Solana itself generated $11.84 million worth of fees in the same time frame.

What is cellul?

Launched last year, Cellula is a blockchain-based gaming and asset distribution platform built on compatibility with the Ethereum Virtual Machine. The project raised $2 million in a pre-funding round in April this year, resulting in a mainnet launch.

According to its website, it uses a unique virtual Proof-of-Work consensus mechanism that integrates game theory and Conway’s Game of Life principles.

Interestingly, this design allows for the creation and management of BitLife, the virtual on-chain digital assets that are at the core of its ecosystem. This approach helps combine DeFi with gamified interaction, as users have the opportunity to “mine” and interact with BitLife.

How does vPoW work?

Cellula demonstrated its commitment to innovation. The introduction of the programmable incentive layer that supports asset issuance within the EVM three months ago was a great success.

The startup incorporated the unique vPoW model by adding principles from Conway’s Game of Life and Game Theory.

According to the blog post, Cellula’s vPoW allows users to participate in traditional mining by creating and managing BitLife assets rather than relying on energy-intensive hardware.

These assets generate rewards and power the ecosystem. The vPoW system prioritizes accessibility as it allows users to participate without expensive equipment. This makes the mechanism cheaper to operate.

However, like the PoW consensus, its efficiency has not yet been determined.

Cellula’s ecosystem

Cellula’s ecosystem includes staking mechanisms, governance models, and gamified asset issuance. Interestingly, users can purchase CELA tokens, which act as both staking rewards and governance tools.

Additionally, participants who want to mine BitLife can do so by combining digital assets or purchasing them from in-game stores.

Achievements and initiatives

Amidst constant progress, Cellula has recently achieved significant milestones as well as fee success. This month, BNB ranked in the top four in the Chain Gas Grant Program for the second month in a row.

🏅 In the Top 4 again!

I’m excited to share that Cellula has achieved 4th place in the BNB Chain Gas Grant Program for the second month in a row!

A big thank you to BNB Chain(@BNBCHAIN) and thank you to our amazing community who made this success possible. The journey continues!#Cell… https://t.co/PdL6zEfjOk

— Cellula (@cellulalifegame) 20 November 2024

Additionally, Cellula recently expanded its reach by announcing a partnership with LBank Exchange.

Cellula 🤝LBank

We are excited to announce our partnership with LBank(@LBank_Exchange), one of the most trusted and innovative exchanges, and celebrate our latest listing!

Thanks to LBank’s exceptional global reach and reputation for supporting quality projects, we are confident… pic.twitter.com/pRvnmbZs49

— Cellula (@cellulalifegame) 19 November 2024

The platform has also been praised for its contributions to blockchain innovation. In September 2024, Cellula was awarded the Innovation Excellence Award at the Catalyst Awards hosted by BNB Chain.

This recognition follows his previous victory at the ETHShanghai 2023 Hackathon, where he won the “Layer-2 and On-Chain Gaming” award.

Cellula’s user base has expanded impressively, with over 1 million BitLife assets minted as of the last update in August 2024, ranking first in BNB Chain’s user and transaction growth.

✨ 6 months is just a snap of our fingers but look how far we have come! 🚀

✅ Selected by @BinanceLabs Incubation Program
✅ Testnet and Mainnet Launched
✅ $2 Million in Pre-Seed Funding Secured
✅ #1 in User Growth and TXN Growth @BNBCHAIN
✅ BitCell NFTs Launched, More than 1 Million BitLifes Minted
✅… pic.twitter.com/yCpJA77CPq

— Cellula (@cellulalifegame) 23 August 2024

In order to support the growth of the ecosystem, the platform launched a monthly token burn initiative in November 2024 to reduce the circulating supply of the token. In the inaugural burn, more than 1.6 million CELA tokens were removed, equivalent to 12% of the total airdropped tokens.

📢 Monthly $CELA Burn Announcement

All accumulated as of November 18 $CELA Fees received will be burned on the 18th of each month.

First Burn Details:

Amount Burned: 1,683,104.3 $CELA (12% of total airdrop requested)
Pricing Income Address:… pic.twitter.com/pDieRFsaym

— Cellula (@cellulalifegame) 18 November 2024

Despite its impressive growth, Cellula faces potential challenges. The platform’s complex mechanisms may deter less tech-savvy users, and due to its nascent nature, scalability issues may arise as adoption increases.

Additionally, maintaining the economic model while preserving user rewards will be important for long-term success. While the protocol’s strong community support and features provide a foundation for overcoming these obstacles, only time will tell how effectively it can do so.