In case you haven’t heard, web3 gaming is the industry’s latest shiny new toy that promises to change everything. Polemos will release their $PLMS token on June 23rd, 2025. This event represents their official Token Generation Event and is a huge milestone achieved by the company. Immediate liquidity is given through MEXC listing as well as Uniswap listing. Firestarter’s sold-out IKO on Kommunitas shows initial excitement. Before we dub them the lords of the metaverse, let’s add a dash of pragmatism to the mix. Is this a brazen, forward-thinking approach to building an actual, long-term, sustainable Web3 gaming ecosystem? Or is it just another bet cashing in on the hype train? I’m hoping for the latter, and here’s why.

Governance: A Kingdom or a Republic?

The true linchpin of any decentralized system is, you guessed it, decentralized governance. Polemos markets $PLSM as a governance token, giving its holders the right to vote on ecosystem development. How truly democratic is this process? We need to ask hard questions: What percentage of the token supply is held by the team and early investors? What mechanisms are introduced to prevent these whales from buying up votes and developing the ecosystem to their own advantage? Are the decision-making processes transparent and auditable? Without these strong protectors, one of the three main pillars of harmony—the “governance” facet—threatens to turn into a fiction, a centralized fiefdom disguised as a decentralized democratic republic. Imagine the early internet, when the web was still young and open and full of possibility—before the corporate monopolies came in and built their walled gardens. To be clear—this isn’t just Polemos, this is the soul of Web3.

While the perceived success of the IKO is exuberating, such a success wouldn’t be as positive when taking into consideration equity and access. Who really had access to the IKO? Has the gaming community ever truly been an equitable and accessible space for the everyday gamer? Or was it really just primarily the domain of insiders and venture capitalists? A more truly decentralized ecosystem would center inclusivity, not just catering to the same privileged people who are already winning.

Token Utility: Essential or Speculative?

The $PLMS token is the ecosystem’s utility and governance token. It will fuel next-gen asset management, enhance player incentives, and allow healthy participation in ecosystem governance. Let’s face it, most Web3 gaming tokens don’t have real utility. They become speculative assets, buoyed up by hype and unrealistic promises rather than by anything useful. The actual question, then, is not whether $PLMS could be used for a bunch of different purposes. It’s not about whether those functions are key enough to need a token. Can we accomplish the same goals through more conventional methods, without the additional complications and unpredictability of a cryptocurrency? Is it fundamentally essential?

  • Is it essential for asset management? Could a stablecoin or even a fiat currency work just as well, without exposing players to the wild swings of the crypto market?
  • Is it essential for player incentives? Can't rewards be distributed directly within the game, without the need for an intermediary token?
  • Is it essential for governance? Perhaps, but only if the governance model is truly decentralized and resistant to manipulation.

Without a well-articulated and convincing response to these questions, $PLMS has a great chance of becoming just another pump-and-dump. It would have a frightening ability to exploit the aspirations and desires of gamers. Add to that the outside risk of regulatory scrutiny in this climate, and you have a serious risk. Regulators are cracking down on projects that conflate utility with security. To avoid such backlash, Polemos will need to be transparent and demonstrate a strong and defensible use case for $PLMS.

Partnership: Web2 Bridge or Trojan Horse?

Polemos’ recent strategic partnership with Guinevere Capital is being positioned as a bridge between Web2 and Web3 gaming. Guinevere’s mastery and connections in the world of legacy esports are huge assets for sure. Partnerships can be a double-edged sword. Might it introduce potential conflicts of interest or excessive influence from Web2 gaming intermediaries? Is it really the bridge it claims to be, or just another Web2 company cashing in on Web3 buzz?

Founded esports and gaming investment and advisory firm Guinevere Capital, 2016’s only female founded firm exits. Their breathtaking body of work stretches further across Oceania, the Middle East, and Europe. What are their motivations? Do they have a genuine commitment to decentralization and giving power to the players? Or is their true agenda to profit from the development of a Web3 gaming ecosystem? Remember the 2008 financial crisis? These complex financial instruments, first created to limit the spread of risk, were not only unable to do so—they spread risk further, creating a global meltdown. We should be careful not to create other unintended consequences within the emerging Web3 ecosystem. We all know the old saying about hell being paved with good intentions; well, the blockchain is no different.

In the end, all that really matters for $PLMS is whether or not Polemos will be able to follow through with its roadmap. Second, they need to demonstrate a clear and compelling use case for the token. On top of that, they must develop a genuinely decentralized governance structure and tread delicately through the regulatory minefield. Sure the Armory, the scholarship program, the unified rewards system, the onboarding and education initiatives, they’re all great. But they are not enough. They are just tools.

Polemos’ mission to connect Web2 and Web3 gaming together through tech-driven partnerships is bold and admirable. Ambition without prudence is a recipe for disaster. Make no mistake, the $PLMS token launch is a watershed moment, but it’s way too early to call victory. It’s a risk, a pretty savvy one at that, and only time will tell if it comes back to bite them. Nevertheless, investors should proceed with caution and do their own due diligence. Keep in mind though, in the land of Web3 gaming—as in all things—there’s no such thing as a sure bet.