Been inside @Pixels for a few sessions this week just running the basic loops, farming, skill grinding, the usual.

#pixel dropped another scheduled unlock on 54.38 million $PIXEL , roughly 7.05% of circulating supply, right on the monthly schedule.

Nothing anomalous. But what I kept noticing wasn't the unlock, it was what happens to the token once you're actually inside the game.

PIXEL doesn't flow directly into most daily actions. It converts into Coins first an off chain intermediate currency and Coins are what the actual in game economy runs on for crafting, seeds, decorations, the everyday stuff.

So the on chain token is really a top of funnel input. You bring it in, convert it at the bank and then the game proceeds mostly off chain from there.

Hold up this isn't a criticism exactly. I get the design logic: reduce transaction friction, protect against farming bots exploiting on chain settlement.

But it means the utility pitch for $PIXEL and the actual player experience have a layer between them that's easy to miss. VIP passes, NFT mints, guild creation those touch the token directly.

Daily play doesn't, not really.

Hmm… makes me wonder what percentage of circulating pixel is actually moving through in game conversion versus just sitting in wallets waiting for the next unlock cycle to clear.