Case Studies
Tabi
The Second Ponzi Chain after Berachain - Game Chain as Mining Split Scheme
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| TABI |
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| |
| The second Ponzi Chain after Berachain |
| Game Chain = Mining Machine Split Scheme |
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+-----------------------------------------------------------+Positioning
Nominally, Tabi is a Cosmos-based, VM-agnostic gaming chain
But gaming means schemes. Gaming chain = announcing a new mining machine split scheme
Token Model
Tabi is essentially a Dividend Scheme, with one token $Tabi in three states:
| State | Description | Use |
|---|---|---|
| $Tabi | Gas token | Basic transactions |
| veTabi | Locked token | Converted from locked $Tabi or mined, non-tradeable |
| veTabi (Staked) | Governance | Vote for games, earn protocol revenue and bribery rewards |
Deposit-Withdrawal-Payout Model
Macro View
Deposit: User buys $Tabi or mining machine
Revenue/Payout:
├── veTabi → Stake and vote for games
├── Earn $Tabi protocol revenue + project bribery rewards (variable)
└── Payout ratio = Total $TABI output sold / Total $TABI + machine purchases
Withdrawal: User or project sells $TABIComparison with Berachain
| Dimension | Berachain | Tabi |
|---|---|---|
| Core mechanism | Primarily Mutual-Aid | Primarily Dividend |
| Goal | Maximize liquidity | Increase user sunk cost |
| Reward source | Definite BGT + fees | Project-provided rewards |
Why Tabi Chose Dividend Model
Audience: Gaming projects + gaming participants
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Gaming is basically dividend schemes
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Main logic: Increase user sunk cost, promote continuous reinvestment
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Tabi logic: Hold tokens → Increase staking rate and opportunity costProject-User Game Theory
Similar to Berachain, projects must maximize veTABI TVL for maximum returns:
Can only provide more rewards
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Continuously launch schemesBut this is a game:
| Risk | Result |
|---|---|
| Too much PUA | Users vote with their feet |
| Too high payout ratio | Project doesn't profit |
Open Questions
- What is the mining mechanism?
- How to ensure games fairly share rewards with voting players?
- How does Tabi extract value chain-wide beyond gas?
Core Formulas
Tabi essence:
├── Game chain = Mining machine split scheme
├── Primarily dividend + project bribery
└── Designed around user sunk cost
Difference from Berachain:
├── Bera: Definite rewards + mutual-aid logic
└── Tabi: Project rewards + dividend logic
Core game theory:
├── PUA intensity vs user retention
└── Payout ratio vs project profitabilityAs a Ponzi chain with major VC investment like Berachain, definitely worth continued attention