Polygon (PoS) contract 0xd55f…a509 · Last updated 30 Jun 2025
⚠️ Quick-scan risk ledger
| # | Threat vector | Evidence & status |
|---|---|---|
| 1 | Upgradeable proxy — token sits behind an AdminUpgradeabilityProxy; admin wallet can hot-swap logic, add taxes, mint/burn. | |
| 2 | Supply concentration — largest wallet ≈ 39 % of Polygon supply; top-10 ≈ 62 %. | |
| 3 | Fragmented liquidity — token now trades on its own Supernet, Polygon, Ethereum & BNB; 24 h CEX+DEX volume ≈ $80 k. | |
| 4 | Deep draw-down — price remains ≈ –98 % below Mar-2021 ATH. | |
| 5 | Validator centralisation — Supernet’s initial 11 validators are team-curated; governance still highly centralised. |
Project in a nutshell
Chain Games markets itself as a Web3 esports & wagering layer. It ships turnkey SDKs that let game studios plug real-money skill wagering into Unity titles, while CHAIN acts as both entry fee and reward token. Since 2020 the team has released several first-party games (Super Crypto Kart, Chain Faces, PGA Tour Rise) and is now building an app-specific L2 (“Chain Games 2.0 Supernet”) to cut gas latency and own the entire settlement stack.
Competitive niche: Unlike AAA on-chain RPGs (Illuvium, BigTime), Chain Games goes after instant-play browser titles with cash-wager hooks — a corner of GameFi often ignored by bigger studios.
Team & track record
| Name | Role | Notables |
|---|---|---|
| Adam Barlam | CTO & Founder | Ex-Intel & GoDaddy; co-founder of TrustSwap; public face in most AMAs. |
| David Rosenbaum | President | 20 yrs AAA studio ops |
| Arman Mouhibian | CFO | FinOps background |
| Peter Gleason | Minority Shareholder | Early seed investor. |
| Advisors: Fred Chesnais (ex-Atari CEO), Josh Loveridge (Stratton Studios), Kyle Simpson (Web evangelist). |
History & reputation
- No hacks/rugs since 2020 launch.
- Founder’s prior crypto ventures: BravoCoin (defunct) and Rebuzz (abandoned) — minor FUD surfaces in forums but no legal issues.
- Partnerships: PGA Tour (2024), Stratton Studios (2024)
1 | What’s new — the Supernet is live
- Main-net launch: announced five months ago; boot-nodes went online the next day.
- Gas token: CHAIN is used to pay fees on the chain.
- Staking traction: within ten days 18 M CHAIN (> 4.7 % of supply) was staked to Supernet validators.
- Bridge: a bi-directional Polygon ⥂ Supernet bridge is live; liquidity migration is in progress.
Implications
| Positive | Negative |
|---|---|
| Dedicated block-space removes Polygon congestion & fee spikes. | Chain-specific liquidity may fragment order books. |
| Fee burn theoretically creates CHAIN sink. | Validator set is permissioned → central-point-of-failure. |
2 | Latest product driver — Project Prismatic
At a glance
• Launch: March 2025 (CrazyGames exclusive)
• Engine: Unity WebGPU — console-grade 3-D in any Chromium browser
• User score: 8.8 / 10 from > 10 k votes (as of 30 Jun 2025)
• Monetisation: episodic DLC ($5) + cosmetic NFTs (mint on Polygon)
Why it matters for CHAIN:
- Non-wager revenue — a slice of DLC/NFT sales is earmarked for CHAIN buy-backs once the Supernet is online (team Discord AMA, 15 Jun 2025).
- Sentiment bump — Discord MAUs jumped 41 % (8 k → 11.3 k) since Episode 1 and Twitter mentions of #ProjectPrismatic flipped from 42 % positive in Feb to 68 % positive in June (internal keyword scrape).
- Browser-FPS narrative — WebGPU shooters (EV.io, MiniRoyale) are gaining traction; Prismatic positions Chain Games in that growing cohort.
Bottom line: Prismatic is the strongest adoption funnel Chain Games has shipped since 2021 and is already chipping away at the “dead GameFi” meme.
3 | Smart-contract & security overview (Polygon ERC-20)
| Audit item | Status | Notes |
|---|---|---|
| Source verified | No | Only proxy byte-code verified — logic contract hidden. |
| Upgradeable | Yes | AdminUpgradeabilityProxy; admin address unlabeled ➜ master control risk. |
| Hard-cap | 500 M | Enforced at proxy layer… but cap can be overridden on upgrade. |
| Transfer fees | None today | Owner could add via upgrade. |
| Blacklist / pause | Not observable without source. | |
| Recent owner ops | No Upgrade or OwnershipTransferred events on Polygon in 2024-25 — still worth live-monitoring. |
Verdict: Treat CHAIN as proxy-governed — hold only if you are comfortable watching admin wallets or using on-chain alert bots.
4 | Tokenomics & holder map
- Max supply: 500 M Minted: 493.5 M
- Circulating (CoinGecko estimate): 379.9 M → Mc cap ≈ $7.3 M Mkt-Cap/FDV: 0.77
- Top-1 wallet: ≈ 39 % of Polygon supply (appears to be the original staking distributor).
- Top-10 wallets: ≈ 62 % — includes exchange hot wallets and team reserves.
- Liquidity: deepest pair still Gate.io; Polygon DEX pools average <$1 k depth either side, making $15 k+ market orders risky.
Implication for traders: slippage & whale risk far outweigh smart-contract gas costs; use limit orders and monitor top-holder transfers to CEX addresses.
5 | Community health check (post-Prismatic)
| Metric | Mar 2025 | Jun 2025 | Δ |
|---|---|---|---|
| Twitter followers | 33.8 k | 35.9 k | +6 % |
| Discord MAUs | 8.0 k | 11.3 k | +41 % |
| CrazyGames score | — | 8.8 / 10 | n/a |
| Overall sentiment score* | 52 → 59 / 100 | Improving |
*Composite of X sentiment, Discord emoji ratio, DappRadar reviews.
Interpretation: Project Prismatic has proven there is still a core audience willing to evangelise Chain Games; however reach remains niche versus GameFi peers.
6 | Relative valuation snapshot (browser shooters)
| Project | Browser FPS? | Daily players* | Token Mcap | Proxy upgradeable? |
|---|---|---|---|---|
| CHAIN | ✅ | ~5.5 k | $7 M | Yes |
| EV.io (EGLD) | ✅ | 12 k | — (token-less) | n/a |
| Shrapnel (SHRAP) | ❌ (client) | 1.2 k | $38 M | Yes (timelock) |
| Gunzilla (GUN) | ❌ | pre-alpha | $62 M | Yes |
*Steam + browser analytics.
Take-away: If Prismatic sustains > 10 k DAU, CHAIN’s $7 M cap appears modest versus peers commanding 5-10× valuation, but the proxy and liquidity haircut remains unique to CHAIN.
7 | Market structure & price outlook (Q3 → Q4 2025)
- The price is 0.01938224 USD currently with a change of 0.00 USD (0.02%) from the previous close.
- The intraday high is 0.02054901 USD and the intraday low is 0.01886479 USD.
Chart notes (1-day candles):
- 200-day EMA at $0.024 is the ceiling to flip.
- Resistance ladder: $0.023 (200-DMA) → $0.031 (Aug-24 swing) → $0.063 (Aug-20-24 spike).
- OBV flat → no clear accumulation yet.
- RSI ~48 → momentum neutral.
Key levels
| Level | Why it matters |
|---|---|
| $0.0175 | May double-bottom & high-volume node |
| $0.023 | 200-day EMA / range top |
| $0.031 | Aug-24 swing high (supply shelf) |
Bias: Cautiously bullish into October provided price holds > $0.017 and daily volume grows > $250 k. Upside likely capped at $0.03 without fresh liquidity.
This is not financial advice; use it as a data point, not a directive.
8 | Catalyst tracker
| Bullish triggers | Bearish triggers |
|---|---|
| Episode 3+ adoption — > 20 k DAU in Prismatic | Proxy upgrade adding tax/blacklist |
| Confirmation of CHAIN buy-back from DLC revenue | Liquidity fragmentation during Supernet launch |
| Industry-wide “on-chain gaming” narrative (Saga, XAI, zkSync Hyperchains) | Macro risk-off / BTC < $55 k |
9 | Risk-mitigation cheat-sheet
- Set alerts for
Upgrade&OwnershipTransferredevents on 0xd55f…a509. - Use limit orders — avoid single DEX orders > $15 k.
- Watch bridge flows — big moves from top wallets to CEX or bridge addresses often front-run volatility.
- Monitor Prismatic votes on CrazyGames; a fall below 8.5 or stagnation in vote count would signal waning traction.
- Track Supernet test-net; delays beyond Q4 could dampen the “new chain” catalyst.
- Monitor validator count — < 15 independent validators by Q4 keeps centralisation high.
🏁 Bottom line
Chain Games now runs its own Supernet, has a bona-fide hit with Project Prismatic, and offers a micro-cap entry ($7 M) into the growing browser-FPS niche. Fee-burn plus buy-backs could create new demand, but structural hazards remain: opaque upgradeable proxy, whale supply, thin liquidity and validator centralisation.
Ideal user: nimble traders comfortable babysitting on-chain alerts and sizing small.
Caution for investors: insist on contract source verification and broader validator set before considering larger exposure.
Always conduct your own research and never risk funds you can’t afford to lose.
Stay nimble, size low, and remember: all crypto investing carries a real risk of total loss.