The ELY token represents a bold evolution in blockchain gaming and decentralized finance, emerging as the native asset of Elysium—the cutting-edge Layer 1 blockchain by Vulcan Forged. Formerly known as LAVA, ELY has been rebranded to establish a unique, Elysium-focused identity, positioning itself as the gateway to a new era of gaming. With a robust ecosystem that includes immersive gaming experiences via Vulcan Studios, metaverse creation through MetaScapes, and a comprehensive suite of ecosystem products, ELY token is set to redefine digital asset ownership and decentralized innovation. This article explores the technology, tokenomics, ecosystem products, and roadmap of the ELY token, as well as a step‑by‑step guide on how to buy it on Gate.io.

What Is ELY Token?

ELY token is the native coin of Elysium, a secure and scalable Layer 1 blockchain tailored explicitly for gamers and creators. Developed by Vulcan Forged, a pioneer in blockchain innovation and gaming, ELY powers an expansive ecosystem that seamlessly merges blockchain technology with immersive digital experiences. The token is integral to enabling decentralized applications (dApps), in-game asset ownership, and various other services that drive the gaming and metaverse revolution.

Under the visionary leadership of CEO Jamie Thomson—whose entrepreneurial journey is well documented on LinkedIn—Vulcan Forged has built a thriving ecosystem. With its headquarters in Athens, Greece, and a diverse team of over 130 professionals, the company continues to push the boundaries of what blockchain gaming can achieve.

ELY Tokenomics and Market Data

The ELY token is characterized by transparent and robust tokenomics. Here are the key market statistics:

• Market Cap: $3.55 million

• Circulating Supply: 375.6 million ELY

• Release Date: November 7, 2023

• Issue Price: $0.03

• All-Time High: $0.179 (August 4, 2024)

• All-Time Low: $0.002553 (January 10, 2025)

• Max Supply: 1.00B ELY

• Fully Diluted Market Cap: $9.44 million

• Total Supply: 1.00B ELY

• Market Cap/Total Circulation: 37.55%

(All data is valid as at the time of writing 21st February 2025)

This transparent issuance model shows that only 37.55% of the total supply is currently reflected in the market cap, leaving significant potential for future growth as additional tokens become active. Every token’s movement is tracked, ensuring that investors have complete clarity about the distribution and underlying value.

Revolutionary Elysium Ecosystem and Products

The power of the ELY token lies not only in its tokenomics but also in its robust ecosystem. Vulcan Forged has developed a dynamic suite of products and services designed to empower gamers, developers, and creators alike. Key components include:

• Vulcan Studios:
  The game studio behind immersive blockchain games. Vulcan Studios produces captivating titles that offer unprecedented ownership of in-game assets, providing a tangible use case for the ELY token.

• MetaScapes – Metaverse as a Service:
  Empowering creators to build unique, decentralized metaverses, MetaScapes expands the reach of Elysium beyond gaming into broader digital experiences.

• Elysium Accelerator:
  This program is designed to elevate web3 projects by providing mentorship, advisory support, network opportunities, and marketing amplification from blockchain experts. It serves as a launchpad for innovative projects aiming to transform the digital landscape.

• Elysium Swap:
  A decentralized exchange (DEX) interface that allows users to seamlessly trade ELY tokens and other digital assets within the Elysium ecosystem.

• Bridge and Faucet:
  These tools help users move assets between different blockchains and even earn small amounts of tokens through faucet mechanisms, easing the onboarding process for new users.

• Agora Marketplace:
  A platform for buying, selling, and trading digital goods and services, fostering a vibrant community-driven economy.

• Elysium Cloudwallet:
  A secure, all-in-one digital wallet for managing and safeguarding your assets on the Elysium blockchain. It’s designed for effortless transactions and asset management.

• Elysium Launchpad:
  The preferred platform for launching gaming, NFT, AI, and metaverse projects. It provides curated Initial Project Offerings (IGOs) and early access to tokens and NFTs, driving early-stage innovation.

• Fortuna Wallet:
  An all-in-one wallet that offers a seamless Elysium experience, ensuring enhanced security and streamlined asset management for users.

Additionally, the ecosystem highlights its creative side with a significant NFT aspect—“Minting: 73K NFT Minted and Counting”—demonstrating the rapid pace of creative content generation within the network.

Cutting-Edge Upgrades and Performance

Elysium’s recent core upgrade is a testament to its commitment to continuous innovation. The upgrade has brought several key enhancements:

• Dynamic GasLimit Scaling: Ranging from 6M to 52M, this feature optimizes network performance by adapting to transaction demands.

• Priority Fees & Optimized Transactions: These improvements reduce transaction times and costs, ensuring that the network remains efficient even during peak periods.

• Upgraded RPC & Chain Code v0.9.42: Enhanced network reliability and performance through improved remote procedure calls and chain code.

• MultiSig Security Enhancements: Additional security measures ensure that user funds are better protected.

• Polkadot.js & POV Processing Upgrades: Faster and more efficient processing of data, contributing to overall network scalability.

With an impressive speed of 2,500 TPS and a carbon-negative footprint—offsetting 110,618 kilograms of CO₂e—Elysium is built not only for performance but also for sustainability. These technological upgrades make the Elysium blockchain one of the fastest and most efficient networks available, a significant advantage in the highly competitive blockchain space.

The Vision and Future of ELY Token

The rebranding from $LAVA to $ELY marks a major strategic pivot toward an identity centered on the Elysium blockchain. With Vulcan Forged at the helm, the vision is to create a comprehensive ecosystem that merges gaming, metaverse experiences, and decentralized applications seamlessly. The long-term mission is to empower creators and gamers by offering unprecedented ownership of digital assets, robust decentralized governance, and innovative tools that simplify blockchain interactions.

A notable recent event in the ELY token ecosystem is the burning of over 8,000,000 ELY tokens. This burn was triggered by Level 6 Land Sowing in @VulcanVerse, a significant event that underscores the token’s integration with the gaming side of the Elysium ecosystem.

Burn events are designed to reduce the circulating supply, which can potentially drive the token’s value higher if demand remains strong. With more plots lining up for sowing, additional burn events are expected in the near future, enhancing the scarcity and long-term value proposition of ELY token.

How to Buy ELY Token on Gate.io

For investors eager to be part of this revolutionary ecosystem, purchasing ELY token on Gate.io is a secure and straightforward process. Follow these steps to buy ELY:

Step 1: Register on Gate.io

Visit Gate.io and sign up for an account by providing your email address and creating a strong password. Follow the registration prompts to complete your account setup.

Step 2: Complete KYC Verification

To access full trading features and ensure your account’s security, complete the Know Your Customer (KYC) verification process. Upload a government-issued ID and a selfie if required. This process ensures compliance with regulatory standards and enhances account security.

Step 3: Deposit Funds

After your account is verified, deposit funds into your Gate.io wallet using your preferred deposit method—bank transfer, credit/debit card, or crypto deposit. Make sure to deposit enough to cover your intended purchase of ELY tokens, along with any transaction fees.

Step 4: Locate ELY Token

Use the exchange’s search function to find the ELY token by its name or contract address: 3MyaQBG7y3SHLQZa282Jh2xtB2TZKHGzNp1CuZ4Cpump. Review the token’s current market price, trading volume, and market cap to ensure you’re making an informed decision.

Step 5: Place Your Order

Decide whether to execute a market order (buy immediately at the current price) or a limit order (set your desired purchase price). Enter the number of ELY tokens you wish to purchase, review all order details, and confirm your transaction. Gate.io processes orders quickly, ensuring that your purchase is executed efficiently.

Step 6: Secure Your Tokens

For added security, transfer your newly purchased ELY tokens from Gate.io’s custodial wallet to a personal wallet that supports the Solana blockchain.

Conclusion

The ELY token is a cornerstone of the Elysium ecosystem, embodying the convergence of blockchain gaming, metaverse innovation, and decentralized finance. With its rebranding from $LAVA to $ELY, the token has taken a bold step towards establishing a unique identity that caters specifically to gamers and digital creators. Backed by Vulcan Forged’s visionary leadership and supported by a comprehensive suite of ecosystem products—including Elysium Accelerator, Elysium Swap, Bridge, Faucet, Agora Marketplace, Elysium Cloudwallet, Launchpad, and Fortuna Wallet—the ELY token offers a robust foundation for future growth and innovation.

For investors and enthusiasts, the opportunity to join this dynamic ecosystem is now more accessible than ever. By following our detailed guide on how to buy ELY token on Gate.io, you can secure your place in one of the most promising blockchain platforms of 2025. With cutting-edge technology, strong community engagement, and a clear vision for the future, ELY token is set to revolutionize the world of decentralized gaming and digital asset ownership.

Disclaimer: Cryptocurrency investments carry risks. Always conduct thorough research before investing.