Interpreting FTX's Latest IEO Project C2X: A Web3 Gaming Platform Co-Built by South Korean Gaming Giant Com2uS and Terra
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Interpreting FTX's Latest IEO Project C2X: A Web3 Gaming Platform Co-Built by South Korean Gaming Giant Com2uS and Terra
What sets C2X, the blockchain gaming platform jointly developed by Com2uS and Terra—two industry giants—apart from other similar projects?
Navigating Web3 tides with focused insightsLast December, a friend from Taiwan sent me the following message, which was how I first learned about C2X and Com2uS:
C2X is an open blockchain gaming platform jointly launched by Com2uS Holdings, a publicly listed game developer from South Korea, and Terra Labs, a blockchain development organization.
One is South Korea’s leading blockchain powerhouse; the other is a dominant player in traditional gaming—truly a “powerhouse alliance.”
The latest update on this project is that on March 18 at 21:00 (UTC+8), it will conduct an IEO on FTX, releasing a total of 13.4 million CTX tokens.
According to the application page, participants must stake 150 FTT tokens at least 24 hours before the sale begins and complete Level Two KYC verification.
This article aims to help you understand C2X—the blockchain gaming platform co-developed by giants Com2uS and Terra—and explore what sets it apart from similar projects.
Com2uS and Terra
Founded in 1998, Com2uS is one of South Korea’s largest mobile game developers. In 2013, it was acquired by its rival Gamevil, which last year rebranded as Com2uS Holdings.
The Com2uS Holdings behind C2X actually combines the rich resources of two veteran game studios—Gamevil and Com2uS—each with over two decades of history. It owns the well-known game IP Summoners War, renowned for its gameplay, which has surpassed 100 million downloads globally and generated $2 billion in revenue. Other successful IPs include Zenonia (over 63 million downloads), Kritika (over 10 million downloads), and multiple titles like DK Mobile, Baseball Superstars, and Golf Star, each with millions of downloads. Undoubtedly, it is a traffic-generating giant in the gaming industry.
In 2020, Com2uS invested in Coinone, a major South Korean cryptocurrency exchange, and also backed prominent blockchain companies such as Wysiwyg Studio, Animoca Brands, The Sandbox, Upland, and Mythical Games. In 2021, inspired by Wemade’s successful transition into blockchain gaming with Legend of Mir 4, the entire South Korean gaming industry began paying close attention to the shift toward NFTs and GameFi. As one of the country’s largest game developers, Com2uS Holdings did not want to miss out.
Initially, Com2uS planned to collaborate with the blockchain platform Hive to develop blockchain versions of games like Summoners War, but later chose to partner with Terra to build a new platform—C2X.
Terra needs little introduction. At the end of last month, it announced a $1 billion funding round led by Jump Crypto and Three Arrows Capital to add BTC reserves to its $UST stablecoin. Currently, Terra ranks second in total value locked (TVL) across blockchains and seventh in overall market capitalization at approximately $33.5 billion.
The collaboration between Com2uS and Terra thus appears natural. On one hand, while LUNA has performed strongly, Terra’s DApp ecosystem remains relatively underdeveloped. Beyond DeFi protocols centered around UST, there is a significant gap in gaming. Partnering with Com2uS could fill this void and expand UST’s utility scenarios.
On the other hand, although Com2uS is a gaming OG, it is still a newcomer in GameFi and requires an experienced “driver.” Terra, with its established ecosystem and traffic, and as another South Korean giant, becomes the “ideal choice.”
Thus, C2X was born!
C2X: An Open Gaming Platform
C2X is an open blockchain gaming platform built on the Terra chain. Although initially created to facilitate the blockchain transformation of Com2uS’ existing games, it is not limited to them—other game studios can also use C2X to develop blockchain games in the future.
C2X’s unique feature lies in offering a software development kit (C2X SDK) that helps developers integrate blockchain and crypto functionalities into games, including tokenomics design, NFT secondary markets, wallets, and other technical solutions, enabling rapid blockchain integration. Additionally, C2X operates a node to ensure security and stability during high-volume game operations.
If we were to draw a comparison, C2X resembles Gala Games, aiming to become a “Steam for blockchain games.”
Many platforms dream of becoming the “Steam of blockchain gaming”—how does C2X stand out among already mature competitors?
Currently visible platforms mainly include:
B2C Platforms:
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C2X
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Gala Games
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WEMIX
B2B Platforms:
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Forte
Compared to existing B2C blockchain gaming platforms like Gala Games, C2X’s biggest advantage lies in its more mature game development foundation and a wealth of high-quality game IPs—potentially making it a truly traffic-driving blockchain gaming platform.
As a development platform, C2X runs on Terra’s mainnet, which is not EVM-compatible, requiring pioneering efforts and resulting in a relatively closed ecosystem compared to the common practice of EVM compatibility among previous blockchain games. However, Terra is a key part of the Cosmos ecosystem, and through IBC, C2X can tap into the broader Cosmos network’s traffic.
Additionally, note that Forte, the blockchain development and testing platform recently raised $910 million, may be C2X’s biggest competitor in the B2B space—though the key difference is that Forte currently does not operate consumer-facing services.
However, the biggest current challenge in blockchain gaming remains token economic model design—achieving balance between Play and Earn to ensure long-term sustainability. For platform ecosystems, another critical issue is how to balance economies across different games.
C2X addresses this by introducing multiple games while establishing internal asset equilibrium, allowing game assets to be exchanged within the same ecosystem. For example, when data and transaction volume decline in one game, its in-game assets can be converted into those of another game via the internal ecosystem.
Ecosystem and Economic Model
The key difference between blockchain games and traditional games lies in reshaping the production and distribution of value within games. Therefore, a healthy, self-sustaining ecosystem along with sound economic and governance models is crucial to a game’s success.
Within the C2X ecosystem, production methods and value distribution are managed through C2X Token ($CTX), GAME TOKEN, Beta Game Launcher, Treasury Pool, Swap Pool, and C2X Station.
C2X Token ($CTX): The primary token of the ecosystem. $CTX can be exchanged with all assets within the game ecosystem—including NFTs and game-specific tokens across various games—and can also be used for NFT trading on the platform’s marketplace, serving as an in-game currency.
GAME TOKEN: Each game will have its own independent sub-token with a limited supply. A key feature is that tokens, assets, items, and resources across different games can be interchanged. For players, this greatly reduces the risk associated with their in-game assets. Even if one game fails, they can convert their assets into those of another game. Exact operational details will only become clear after the platform launches.
Beta Game Launcher: Every user holding C2X Token ($CTX) can vote on upcoming games on the Beta Game Launcher—a compelling mechanism since players best understand what makes games enjoyable. Games that aren’t fun or profitable can be filtered out by community voting, giving players significant agency.
Moreover, game developers receiving platform and game tokens via the Beta Game Launcher gain a new form of fundraising. These tokens allow developers to further refine their games and balance in-game economies, supporting long-term operation.
Treasury Pool: Funded by a portion of transaction fees generated within the platform, used to support the stable operation of the C2X ecosystem.
Swap Pool: Enables exchanges between C2X tokens, game tokens, and other external tokens stored in the C2X wallet. Built-in swap functionality allows users to trade assets seamlessly without switching interfaces.
C2X Station: C2X’s native wallet, built on Terra. Users can directly exchange all tokens on the ecosystem with LUNA within the wallet—given LUNA’s current status, this also creates a new value entry point for LUNA.
So, what exactly is the purpose of $CTX—the platform’s governance token?
It serves two main functions:
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(1) Holders have proposal and voting rights on the C2X platform, including deciding which games get listed;
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(2) CTX acts as a medium of exchange, freely usable to purchase NFTs or game tokens on the platform.
The total supply of CTX is 2 billion tokens.
Transaction fees generated from every token trade flow into the Treasury Pool, which uses these funds to continuously reward ecosystem participants and ensure platform stability.
Currently, no release schedule for the token economy or investment details are disclosed. However, based on partners listed on the official website, we can glimpse the underlying capital landscape.
Terra is South Korea’s largest blockchain project; Hashed is South Korea’s largest crypto VC; Allm is a South Korean game developer known for Blade & Soul, acquired by Com2uS last year; RPG REPUBLIC is another South Korean game company… In summary, top-tier Korean lineup. However, a current weakness is that C2X itself lacks strong grassroots community traffic, which may only grow significantly once games officially launch.
Conclusion
C2X plans to launch ten games this year, with Summoners War: Lost Centuria and Chromatic Souls: AFK Raid—two flagship IPs from Com2uS—set to go live in April. These games will be available simultaneously on the App Store and Google Play, ensuring ease of access for users.
C2X aims to build a gaming ecosystem platform, and explosive growth on the B2C side is worth anticipating. Initially, thanks to its partnership with Terra—a reputable and high-momentum blockchain project—it can attract users from the crypto community. Meanwhile, Com2uS brings an established player base from traditional gaming. Ultimately, however, the platform’s long-term success depends on the team’s ability to construct a robust game ecosystem and deliver high-quality game titles.
The collaboration between Com2uS and Terra unites technology, game resources, blockchain expertise, and user bases. As the first gaming-focused project Terra has partnered with, whether C2X can create ripples in today’s calm market remains to be seen.
Note: Not financial advice.
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