Eureka Research Report: $MAX Panoramic Analysis, Deep Dive into the MATR1X Platform
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Eureka Research Report: $MAX Panoramic Analysis, Deep Dive into the MATR1X Platform
Matr1x is a project with the potential to become the leading project in this cycle's Web3 gaming sector.
Navigating Web3 tides with focused insightsAuthors: Eureka Researcher, 0xJuly
Summary
Matr1x is positioned as infrastructure and a distribution system for Web3 cultural entertainment—a pioneering cultural entertainment platform integrating Web3 gaming, artificial intelligence, esports, and blockchain infrastructure. It aims to transform the global gaming and digital content industries through blockchain and AI technologies, accelerating the arrival of the Web3 era.
From a team and funding perspective, Matr1x's core team members have over 10 years of collaborative experience, with backgrounds in developing top-tier Web2 FPS games and operating high-DAU products. The project is well-funded, having raised over $20 million publicly, including a recent investment from North America’s premier gaming fund Makers Fund on July 26.
In terms of overall architecture, the Matr1x platform currently includes four native Web3 games: the classic mobile shooter MATR1X FIRE, the battle royale mobile game MATR1X BATTLE, the RPG+Roguelike 3A title Castile, and the Web3 MOBA Evermoon. Notably, Matr1xFire has surpassed 2.5 million global downloads. Additionally, Matr1x operates its own esports platform GEDA and M1-Chain, a game-focused public chain built on OP-stack—establishing it firmly as a full-fledged platform. All four games belong to genres that rank among the top five in user scale within Web2.
Regarding project development, Matr1x remains in its early stages. The team follows a "hit-first" strategy, with its flagship product Matr1xFire即将 entering the play-to-earn testing phase. It has already received strong market feedback and positive user metrics, backed by an active community. Castile recently concluded its first test with a retention rate exceeding 90%, while Matr1xBattle and Evermoon are expected to undergo testing by year-end or next year.
On tokenomics, MAX serves as Matr1x’s governance token, with no public fundraising round. It supports applications and services within the ecosystem, capturing value through allocations from the Matr1x treasury, participation in MATR1X Launchpool, eligibility for airdrops from other projects, and more. Holding $MAX entitles users to future benefits across the Matr1x ecosystem. Due to the team’s hit-driven strategy, many users currently associate Matr1xFire strongly with the Matr1x brand. However, as the platform evolves, Matr1x will increasingly be perceived as a comprehensive platform—more comparable to Ronin and Immutable. A key advantage of Matr1x over Ronin and Immutable lies in its team’s proven expertise in game development, Web2 operations, and demonstrated excellence in Web3 execution. Thus, $MAX ≈ $RON + $AXS or $MAX ≈ $IMX + $ILV may serve as more accurate analogies.
From a sector perspective, after the GameFi summer of 2021, the Web3 gaming space has remained largely dormant. This cycle’s games show significant improvements in gameplay and quality, but come with longer development and operational cycles. “Play-to-Earn” (P2E) remains the dominant theme in Web3 gaming today. Among these emerging projects, Matr1x stands out as one of the most promising. Unlike previous-generation game chains or publishing platforms, Matr1x differs significantly: first, it possesses in-house R&D capabilities, with both Matr1xFire and Matr1xBattle developed internally; second, it employs a product-first hit strategy, aiming to prove its ability to create successful Web3 games via its initial breakout title; third, compared to chains/platforms like Ronin, Immutable, and Gala, Matr1x offers deeper support and incubation for ecosystem partners—not only assisting with launches on its platform but also providing comprehensive technical, operational, and asset issuance support—making it highly attractive to third-party developers.
In conclusion, Matr1x has strong potential to become a leading project in this wave of Web3 gaming innovation.
Note: Eureka's research reports are based solely on the state of the project at the time of writing. As fundamentals evolve, our assessment may change accordingly. Markets carry risks; invest cautiously. This article does not constitute investment advice. Readers should consider whether any opinions, views, or conclusions presented here align with their personal circumstances. Investment decisions made based on this information are at the reader’s own risk.
$MAX Price Estimation (For Entertainment Purposes Only)
The following table lists several reference assets I personally consider closely aligned with $MAX in terms of project positioning, fundamentals, and token economics. In the first table ("Initial Listing Price"), the benchmark data reflects each asset’s price on its listing day. The second table ("Mid-to-Long Term Price") estimates future valuation as Matr1x matures into a full-fledged platform, drawing comparisons with three established gaming chains using current market data.
Initial Listing Price
Mid-to-Long Term Price
Conclusion
The referenced tokens—$Pixel, $Ace, and $Portal—are all associated with gaming or gaming platforms. By comparing their initial listing performances and factoring in current market conditions, we estimate $MAX’s launch price range at 1.2–2 USDT (not investment advice). Currently, users acquire $MAX primarily through two channels: airdrops to YATC and KUKU holders (linear vesting), and unboxing rewards via the official Apollo Program. The current cost for users to obtain one $MAX through unboxing ranges between 0.6–1.5 USDT.
$MAX = multiple hit games + game-specific blockchain + Web3 game publishing platform + Web3 esports platform—all components already realized by the project. Currently, due to the team’s hit-first strategy, many users perceive Matr1xFire—their debut FPS mobile game—as dominating the Matr1x ecosystem. However, as the platform expands, Matr1x will increasingly be recognized as a holistic platform, making comparisons to Ronin and Immutable more appropriate. Matr1x holds a distinct edge over Ronin and Immutable thanks to its team’s robust game development capabilities, strong Web2 operational expertise, and proven Web3 execution skills. Therefore, equating $MAX to $RON + $AXS or $IMX + $ILV is a more fitting analogy.
1. Current State of the Web3 Gaming Sector — An Uphill Battle
Following the end of the GameFi Summer driven by breakout titles like Axie Infinity and Stepn, many concluded that the GameFi narrative failed to resolve inherent death spiral issues, rendering it partially invalid. Although VCs continued investing heavily in Web3 gaming during the subsequent bear market, no standout product has emerged yet.
It's worth noting that beyond Web3 gaming, this cycle hasn’t produced any truly innovative breakout products either—contributing significantly to the ongoing market stagnation.
As a capital-intensive sector, Web3 gaming demands substantial upfront investment. Teams aiming to build mid-to-large-scale, high-quality games that meet or exceed Web2 standards typically require significantly more time, manpower, and funding than projects in other sectors. Development cycles can stretch 2–3 years, with budgets reaching millions of dollars—barriers that eliminate most teams outright. Hence, credit must be given to those few teams that have delivered solid products thus far.
Challenges in Operations and Economic Design
However, merely building a product isn't enough in Web3. Integration with Web3 elements, community management, and Web3-specific marketing pose immense challenges—issues that are critical to a project’s survival. Most teams today fall short in these areas. Those deeply involved in the Web3 gaming space will resonate with this reality. The majority of game projects focus solely on product development, outsourcing marketing to third-party agencies and delegating economic model design to VCs or consultants. This team structure is fundamentally flawed. When core team members lack deep understanding of Web3 and outsource mission-critical functions, relying only on financial incentives, the relationship becomes fragile and unsustainable.
Survival Challenges
Project funding details are publicly available—but have you calculated how much capital actually remains after accounting for R&D costs, monthly payroll, and marketing expenses? The truth is, many projects are running low on funds. Without tangible results, securing follow-up financing becomes harder, creating a vicious cycle. Lack of capital means insufficient resources for marketing, user acquisition, and exchange listings—leading inevitably to decline. It’s foreseeable that several upcoming projects will soon drop out of contention.
Listing Difficulties
Exchange listings remain a make-or-break milestone for nearly every project—or even the final hurdle for many teams. Exchanges have clear demands: traffic and revenue. Traffic refers to the number of new users (especially international ones) a project can bring; revenue refers to the trading volume and listing fees a project can generate. Top-tier exchanges aren’t swayed by money alone—they care about reputation.
BN dominates the market and, amid this ETF bull run, is moving toward greater compliance—meaning stricter listing standards. Consequently, getting listed on secondary-tier exchanges like OKX or Bybit may now be harder than on Binance, as teams rush to secure alternative listings before failing to qualify for Binance. This aligns with recent insider rumors I’ve gathered: over 200 projects are reportedly queued for OKX listings, and at least three gaming projects have already been rejected. The situation could worsen going forward (unverified).
This is the harsh reality of the Web3 gaming landscape: projects relying solely on narratives and PPTs are being filtered out; only those with strong products, solid funding, and capable teams remain in the race to redefine Web3 gaming. Matr1x stands among the top tier of these survivors.
2. Project Overview
2.1 Project Introduction
MATR1X is an innovative cultural entertainment platform combining Web3 gaming, artificial intelligence, esports, and blockchain infrastructure, dedicated to transforming the global gaming and digital content industries through blockchain and AI technologies, accelerating the advent of Web3.
Currently, the MATR1X platform features four native Web3 games: the classic mobile shooter MATR1X FIRE, the battle royale mobile game MATR1X BATTLE, the RPG+Roguelike 3A title Castile, and the Web3 MOBA Evermoon, along with the esports platform GEDA and M1-Chain, a game chain built on OP-stack. MATR1X FIRE has surpassed 2.5 million global downloads.
2.2 Basic Information
3. Project Deep Dive
3.1 Team
The MATR1X founding team is passionate about Web3 and gaming. Core members have collaborated for over 10 years, averaging more than 10 years in gaming and over 5 years in blockchain. Collectively, they’ve developed and operated games with over 400 million users and generated over $500 million in revenue. Their portfolio includes Call of Duty Mobile, PUBGM, CrossFire (PC and mobile), and WeChat Pay—making them one of the rare teams globally capable of building large-scale mobile games.
3.2 Funding
3.2.1 External Game Financing
Detailed Matr1x Funding Information
As of July 26, 2024, Matr1x has completed four external funding rounds, raising over $20 million. Investors include Hana Financial Investment, HashKey, Amber Group, Folius Ventures, SevenX, Find Satoshi Lab, Jambo Ventures, and most recently, North America’s top gaming fund Makers Fund. With the latest round closed on July 26, 2024, the team currently enjoys strong financial health.
3.2.2 NFT Sales
Ecosystem NFT Data
YATC
The highest-tier NFT on the Matr1x platform, symbolizing elite status within the Matr1x ecosystem. Holders enjoy priority access to ongoing ecosystem benefits, including whitelist spots for 2061 and KUKU, test access passes, Fire token staking rewards, and MAX airdrops. An additional 250 YATC NFTs are locked in the treasury and will be awarded to champions of future esports tournaments.
Matr1x KUKU
One of only two platform-level NFTs in the Matr1x ecosystem. KUKU holders gain continuous access to ecosystem benefits and contribute to the creator economy. 2,000 KUKU NFTs remain officially locked and will be distributed to outstanding creators. Current utilities include staking for exclusive KUKU boxes and MAX airdrops. This NFT sale generated 1,857 ETH for the Matr1x team.
Matr1x 2061
A profile-picture (PFP) NFT within the Matr1x ecosystem, primarily serving Matr1xFire—the platform’s first breakout FPS game. As the highest-tier NFT for this game, holders receive ongoing membership perks. Benefits already realized include Fire token staking, KUKU whitelists, accelerated Fire token unlocking, and future airdrops of genesis play-to-earn characters. This NFT sale brought in 666.6 ETH for the Matr1x team.
3.2.3 Unboxing Data
Matr1x Unboxing Data (Source: Dune)
As of August 2, 2024, total trading volume for the two box series reached approximately 11 million MATIC, while weapon skin trades totaled around 20 million MATIC. The rarest skin, Judgment-AWP, sold for nearly $100,000. With upcoming game public testing and in-game integration of skins, liquidity is expected to rise significantly.
3.3 Products & Technology
3.3.1 Blockchain
M1-Chain, Matr1x’s ecosystem blockchain, is now complete. Built on OP-Stack-ZK, it aims to provide superior infrastructure for the MATR1X ecosystem, enhancing user interaction and attracting more high-quality games. The testnet has already launched.
3.3.2 Game Ecosystem
1- Matr1xFire
Web3’s first mobile shooter, currently in global testing with over 2.5 million downloads. It aims to become Web3’s first non-financial application to reach 10 million users. Recently achieved over 60,000 DAU without any incentives, mostly from overseas users. Now approaching play-to-earn testing.
2- Matr1xBattle
Web3’s first cyberpunk-themed battle royale mobile game. Only a trailer has been released so far, but it hints at shared characters and weapon skins with Matr1xFire—confirmed in prior AMAs. Testing is expected by year-end or early next year.
3- Castile
Next-generation idle RPG+Roguelike 3A game.
First test included 5,000 core players, achieving over 90% 14-day retention.
4- Evermoon
A 5v5 MOBA developed by a Thai team, with over 100,000 downloads. Recently announced its official integration into the Matr1x ecosystem.
3.3.3 Web3 Esports Platform
GEDA
GEDA is a Web3 esports gaming ecosystem, launching the world’s first Web3 professional esports championship and a decentralized esports platform, aiming to attract billions of esports fans and gamers worldwide.
GEDA extends Cyber Games Arena (CGA) into Web3, renowned for hosting over 500 global esports events such as "Heroes Return" and "ZOTAC Cup Masters," drawing over 66 million viewers worldwide.
Over the past six months, GEDA has hosted over 50 online and offline esports events globally alongside Matr1x, amassing over 10 million viewers.
Summary
Overall, Matr1x aims to build a flywheel combining multiple hit games, a dedicated game chain, and esports. Its initial four games span FPS, battle royale, idle RPG card games, and MOBA—all among the top five most popular game genres globally in Web2. Especially notable is the shooter genre—the largest category—with over 2 billion FPS players worldwide. Titles like CS2, Call of Duty, PUBG, and Free Fire represent a vast pool of potential users for MATR1X. Clearly, the team set ambitious goals from the outset. With the data achieved by Matr1xFire so far, the team has partially proven its capability to build breakout Web3 products from scratch. However, one success involves some luck; sustained hit-making ability remains to be verified.
4. Project Development
4.1 Historical Timeline
Matr1x Milestones
4.2 Current Status
Matr1x Key Metrics
As of July 27, 2024, the combined social following of the Matr1x ecosystem (including Matr1x, Matr1xFire, Matr1xBattle, Castile, Evermoon, and Geda) exceeds 1.3 million. During the MAX points campaign, unique active wallets (UAW) ranked #1 across all Web3 apps and #1 on Polygon Dapps. Recently, Matr1xFire achieved over 60,000 DAU without any incentives, with play-to-earn testing imminent.
Future Roadmap
Matr1x Future Roadmap
According to Matr1x’s published roadmap, 2024 will focus on expanding game testing and esports initiatives. Q3–Q4 will center on Matr1xFire, progressing from play-to-earn testing to full public release, while Castile enters its second test. Q4 will also announce a major professional esports league and introduce Watch-to-Earn functionality. Beyond 2025, Matr1x will shift focus to testing new products and building core ecosystem infrastructure.
Summary
Overall, Matr1x remains in the early stages of platformization. Positioned as a multi-hit-game platform with its own blockchain and Web3 publishing arm, four known games—Matr1xFire and Castile—are still in testing, while Matr1xBattle and Evermoon remain further from launch. However, the quality of Matr1xFire and Castile has gained strong market recognition. Matr1xFire, in particular, has drawn high popularity and acclaim during testing. With Matr1xFire’s official app store launch, the rollout of subsequent titles, and ongoing global esports events, significant new traffic is expected to flow into the Matr1x ecosystem.
5. Economic Model
Matr1x has publicly disclosed two tokens: $Fire and $MAX. Fire is a utility token within games, with a total supply of 1 billion. It is primarily earned through staking 2061/YATC NFTs pre-launch and through in-game play-to-earn post-launch. Uses include upgrading game assets and opening loot boxes (all burned upon use). The emission process will aim for dynamic balance and may expand to other ecosystem products. $MAX is the platform’s governance token and the primary focus of this analysis.
5.1 $MAX Token Allocation
MAX Token Distribution Chart
Approximate MAX Token Distribution
In terms of allocation strategy, the team groups itself with investors under identical unlock schedules, effectively aligning interests. 276 million MAX tokens are reserved to reward partners and builders who support platform maintenance and development. Specific distributions will depend on ecosystem contributions—including transaction volume, number of real users, and content creation—with final decisions made by Matr1x DAO. Early testers and participants in the Apollo Program will receive 55 million MAX. NFT holders (YATC\KUKU) will receive 94 million MAX.
5.2 $MAX Utility
$MAX is the governance token of the Matr1x platform, with no public fundraising. It is designed to support applications and services within the ecosystem.
Community Governance: Participate in MATR1X community governance, submit proposals, and vote;
Value Capture: Access to treasury distributions, participation in MATR1X Launchpool, eligibility for airdrops from other projects;
Exclusive Privileges: Special rights such as publishing games on the MATR1X platform and competing for club seats;
Staking & Rewards: Stake $MAX to become an ecosystem node, earn rewards, and participate in governance decisions on the MATR1X blockchain, including revenue sharing;
Final Summary
From a macro perspective, this cycle is undoubtedly an ETF bull market. Compared to the last cycle, no groundbreaking, innovative products have emerged yet. Infrastructure is oversaturated, while viable applications remain scarce. The industry still needs a sustainable, user-attracting application with real traction. From a sector standpoint, after the GameFi summer of 2021, the Web3 gaming space has seen prolonged dormancy. While this cycle’s games show vastly improved gameplay and quality, they face longer development and operational timelines. “Play-to-Earn” (P2E) remains the dominant paradigm in Web3 gaming.
Matr1x differs significantly from previous-gen game chains or publishing platforms. First, it has in-house R&D capabilities—Matr1xFire and Matr1xBattle are both self-developed. Second, it adopts a product-first hit strategy, using its first breakout title to demonstrate its ability to build successful Web3 games. Third, unlike Ronin, Immutable, or Gala, Matr1x provides deeper support and incubation for ecosystem projects—offering not just publishing assistance but also technical, operational, and asset issuance support—making it highly appealing to third-party developers.
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