Illuvium Team Cuts Wages Again Amid Crypto Gaming Downturn
The Illuvium team has agreed to reduce its wages for the second time in six months. The cut aims to extend the studio's runway beyond a year, with co-founder Kieran Warwick estimating it will last over 12 months. This reduction comes as several crypto gaming studios are shutting down, including Proof of Play.
The Illuvium protocol has generated $9,781 in fees and revenue over the past 30 days, according to DefiLlama, which translates to a trailing-year annualized rate of $123,194. The studio's treasury is valued at $2.78 million against $60 million raised, with ILV staked in its pools worth $2.21 million or 7.98% of market capitalization.
The team has been working on the Overworld MMO and has reduced costs heavily over the past six months. Warwick said the remaining staff are almost entirely focused on this project, which is expected to launch with multiplayer combat, dungeon runs, and creature capture. Four other products are scheduled for release this year, including Loadout, a Solana trading platform that routes 4% of each token's trading volume to the game's treasury.