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Game Analysis

SIPHΞR - An overview before the Alpha release

Latest updates: Dec 15 2022


Project Highlights

  • SIPHΞR is a dungeon looter-shooter game (Diablo, Warframe, Destiny 2) with Roguelike mechanics. By combining popular concepts with a unique twist, the game brings a unique and high quality experience to the blockchain gaming market.
  • To play the game, you will need at least 1 NFT. The game economy will function much like a traditional game, in which players will most likely earn value through game items instead of tokens, unlike the first generation of web3 games, which were mostly EARNER ONLY ECONOMY.
  • SIPHΞR has a huge fanbase with 106k followers on Twitter and 173k members on Discord. The team creates a positive, family vibe in their social channels and demonstrates their enthusiasm for the gaming business and player-first view.
  • There is presently no data to analyze the official revenue streams of the planned game model, however based on the traditional game model, NFT sales, Seasonal Passes, and transaction fees might be feasible sources of income.
  • SIPHΞR has raised $6.8 million in a seed round led by Arrington Capital, Hashed, and Konvoy Ventures. The blockchain gaming startup’s seed round is the second-largest for a Vietnamese blockchain gaming startup after that of Sky Mavis (Axie Infinity). The round also saw participation from Defiance Capital, Signum Capital, Dragonfly Capital, and CMT Digital, among others.
  • Developed by Ather Labs (156 full-time members) - a Vietnamese-based studio led by Tin Nguyen (World Architect) alongside two co-founders/advisors Loi Luu and Victor Tran from Kyber Network.
  • SIPHΞR also has both a comic series and a cinematic film (in the near future) available only for NFT holders (INU or NEKO)
  • The team is prepared for not just one but five potential economic outcomes. The dedication and diligence of the development team is undeniable. Whether these scenarios pan out or not, the team will be flexible and adapt. This is most encouraging. SIPHΞR’s goal will always be to create a good game that people enjoy playing and are happy to contribute to the game economy to fully enjoy the experience.


SIPHΞR is a compelling multiplayer action game combining dungeon crawler and battle arena elements built on Ethereum. The game is set in the virtual land of Sipheria, which consists of several interconnected worlds called Blocks. Each Block is unique, with a mix of jungle and laboratory worlds waiting to be explored.

The game recently switched its engine from Unity to Unreal 5. Why?

Live action multiplayer is hard because you have to sync across clients. There are three big reasons for this change:

  • Multiplayer Experiences: Unity has to rely on 3rd party solutions. There will be bugs and problems in the future when the game releases the new build and can not handle more players (the goal is to host 100+ sipherians per section, which is a lot).
  • It’s easier to build the graphics, vfx, and animation for the game with Unreal 5.
  • Unreal 5 is leaning into UGC, and is supportive of web3 and NFTs. They are a strong ecosystem partner, providing free resources to developers.

Story inspiration shared by Tin Nguyen - Founder of SIPHΞR

SIPHΞR takes place in a future world in which humans upload digital consciousness. In this digital world, living through surrogate avatar vessels, players will find themselves in control of digital organisms resulting from a combination of CRISPR-genome extraction and ethereal elements: Siphers. This digital world is controlled by an AI "god" named Kasoka (Japanese for dreamer). SIPHΞR also has both a comic series and a cinematic film in the near future available only for NFT holders (INU or NEKO)

???? SIPHΞR is in preparation for their second round of pre-alpha and early alpha playtesting with updated gameplay and fun elements that are well known in web2 games. If you want to participate in the upcoming playtest, register now at https://sipher.xyz/!


1. Core Gameplay

  • Dungeon-style gameplay in which teams of three players can join together to track down and defeat monsters and bosses. There will be a chance to receive rare drops, whether it be materials or cosmetic items, which players can collect or sell to other players.
  • A mixture of Dungeon looter-shooter (similar to the successful titles of Diablo, Warframe, Destiny 2) combined with Roguelike mechanics - a genre undergoing a massive resurgence.
  • Fast-paced, high-adrenaline, with a top-down view at a 45-degree angle that’s more comfortable for mobile players. A twist on the roguelike genre brings the fun and luck of each roguelike level into the meta progression as well as the building and crafting process of characters and gears.
  • Lots of guns & gear to loot, craft, and collect

Power Boost

In SIPHΞR, you can use your memories to get a power boost. The memories that you recall are stray bits of information from the earlier designs of reality before it was altered. These bits of information can be accessed by the SIPHΞR to recall their incredible powers within the weapons, bodies, and other equipment.

???? To help make every run a unique and exciting experience, SIPHΞR has a Boosts (Skills) system with classes, subclasses, and gear. Players will have to test out many character builds to find the "Perfect build" that works best for their style of play, and for their team. With so many variables, players will find endless enjoyment in this process of crafting and mastering unique SIPHΞR for themselves.

*Gamers love the feeling that comes with mastering a new game and leveling up their skills. If you’re a gamer, you know that irresistible sensation of becoming a total badass once you've gotten the hang of things or find your "Perfect build".

2. Guilds in SIPHΞR

  • Guild members are periodically given Perks and Power-Ups.
  • Guilds of a certain member size or total combined level of all members can also unlock special areas to explore and take on new challenges in Guild Wars.
  • Guilds are able to collect dues from their members. A Guild Master and Guild Governance Body sets the Guild’s membership policy.

???? There are no details on how blockchain gaming guilds are supported. But Tin has expressed he is pro-guild if they provide education, support, and evangelizing for web3 games. He expects many guilds will become esports organizations, host tournaments, and help grow the audience and player base for Sipher and other web3 games.


3. Tournaments

Players can join special tournaments in which up to 16 teams can compete against each other. In the current model, the winning team will take 70% of the prize pool while the runner up gets the remaining 30%.

There are also some leaked images of a Season Pass similar to the Battle Pass in Dota2 TI to offer gamers more enjoyment when playing.


Game Types

In standard PVP, matchmaking servers pair players of similar skill levels. Game types will include: Deathmatch, Capture the flag, Defend the hill, Prison break, Infection/corruption, etc. There will also be Strategic PVE-high-score modes vs bosses (Raid) and Last-man-standing dungeons, in which players battle waves of NPC enemies together (not fighting other players).

These various modes helped inspired the wide ranging class system. Strategy and character build will be key, along with team coordination.

???? Different game modes appeal to different players. That also adds to the importance of gear customization, which means that one player can have a different build that’s optimized for each mode.



SIPHΞR combines captivating cypherpunk ideals, crypto-native culture– like the beloved Shiba Inu– and a comic-book art style in the crafting of its characters and virtual environments. Sipheria constructs a rich lore around the factions and various species: the Inus, Toris, Nekos and Burus.

1. Characters (INU - NEKO - BURU)

Each playable character in Sipheria is a Non-Fungible Token (NFT). This means that you have complete ownership over your characters and are able to buy/sell/trade them with other players. All characters have randomized traits that make them completely unique from one another. Each NFT character belongs to a certain species, has a sub-race, wears a specific armor piece, and wields a specific weapon.

Sneak peak of BURU (Still in development)

There are a total of 40,000 characters with 4 different species in each stage of SIPHΞR Roadmap in the collection name “Sipherian Surge”. The first 10,000 Sipher NFTs of each character race are considered "Genesis Siphers" and also provide early access to pre-releases of the game including Alpha and Beta tests. **Currently, two out of four species have been created: Inu and Neko. Buru and Tori will be created and released via public sale in the next stage.

2. Weapons & Gear

Gear is very important and unique, with a range of cosmetics, gameplay abilities, and status effects. Building a collection and evolving with the meta will be key.

???? Tin has acknowledged that gear is extremely important in looter-shooter games. You can build a repertoire of 21 cards for dungeon runs. Apart from three character boosts, the remaining stat boosts are from your gear. Gear will change the base mechanics of character functions. For instance, you can make a bullet split into 3. Gear itself will have a massive game economy. They are similar to Magic the Gathering cards in that you should keep as many as you can in order to assemble and make adjustments your best set. Gear will help retain players’ interest in the game, allowing them new experiences all the time.

Weapon Crafting system (Customization)

  • Crafting will happen outside of the standard game modes to provide a change of pace.
  • Blueprints for weapon mods can be obtained in dungeons
  • Crafting system is built on 5 slots, each requiring a certain resource from quest rewards.
  • RNG element min-max system for each gear
  • Parts determine boosts.
  • Rarity cores determine the rarity of each item.
  • The final result is always a unique instance (look, feel, and stats).



Recap: Tin’s thoughts addressed in fireside chat - https://youtu.be/Y4GJzshgiHg?t=2380

  • Games are rarely 100% pay to win, as they would get overrun with unskilled players with no regard for meta.
  • Pay to Win dynamic is countered by the complex system of gear, skill boosts, and game mechanics.
  • Account restrictions require leveling up to use high-powered weapons.
  • Stats of powerful items "Compress to a range" in PVP to level the playing field and make PVP more enjoyable (examples: Arena of Valor, Honor of Kings in China, Lost Ark).
  • Fairness depends on game design; skill should be the biggest factor, not gear/money.


3. Other NFTs

  • Spaceships will allow you to travel within the game world quicker. Collect up to 11 different parts to mix and match a custom-built ship


  • Vessel Cores (SIPHΞR Cloning) are obtained through PvE, staking $SIPHER, or participating in community events / airdrops and can be used for cloning.
    • The cloned SIPHΞR will potentially have traits very similar to the original SIPHΞR
    • Having an Uncommon or Rare Vessel Core will increase your chances of having similar traits to your Origin SIPHΞR

Source: comfyventures.com


Dual Token Economy

  $SIPHER (Governance token)
(Capped supply at 1B Tokens.)
$ATHER (Utility token)
(Initial supply at 1B Tokens.)
Deflationary???? - Cloning / Creation of new characters.
- Marketplace txn fees for in-game items.
- Purchasing special items from the SIPHΞR Laboratory.
- Staking for SIPHΞR Vault Governance and staking rewards.
- Incentivizing all participants that contribute to the SIPHΞR Universe (UGC).
- Crafting items as NFTs (cost + speed up)
- Level up Characters
- Level up Equipment
- Burn Equipment & Characters to recover a random % of resources
- Fusion into Sovereign Land Fragments giving ownership rights to purchase certain key strategic parcels of land
Inflationary ???? $SIPHER will be distributed through sales during Seed, Strategic and Public Sales. Following that, $SIPHER will be distributed to those contributing to the game ecosystem and staking. - Game rewards 


Token Distribution and Token Vesting

The significance of a player-driven virtual economy with real-world value cannot be understated. SIPHΞR has designed an intricate gameplay and economic flywheel with a dual token economy to support sustainable growth and player adoption.

Sipher’s game economy cycle

Sipher Economy, In Summary

  • Blueprints (needed for crafting) and Components: Sold from Developers to Earners
  • No In-Game Effect Items: Sold from Developers to Players
  • Gameplay Effect Items: Sold from Earners to Players

To fully understand the SIPHΞR’s game economy, we highly recommend that you check out the following articles:

But to briefly summarize the ideas, the SIPHΞR game economy is designed much like a traditional game, in which players will most likely earn monetary value through items instead of crypto tokens like in most other blockchain games today (EARNER-ONLY ECONOMIES), with the goal of creating a more sustainable and enjoyable system of trading.

  • GAAS: Game as a Service: There should be season passes, content cycles that always provide users with new things to do, new characters and gear to try, new challenges to conquer, etc. This, in conjunction with the crafting system, creates a dynamic market that is always shifting and evolving along with the meta. This will keep up demand for the game and and game items and create a vibrant community.
  • Creating a Diverse Meta: There will be numerous feasible play styles. If you want to be a close-range burst DPS, long-range sustain damage, mid-range tanks, or whatever combo you desire, there should be a healthy meta whereby many play-styles can be competitive. This encourages players to try many different builds with different gear, multiple clones with different abilities, and increases demand for items in the market. This also allows for more interesting matchups and prevents the end game from feeling repetitive on multiple playthroughs.

???? The team is prepared for not just one but five potential economic outcomes. The dedication and diligence of the development team is undeniable. Whether these scenarios pan out or not, the team will be flexible and adapt. This is most encouraging. SIPHΞR’s goal will always be to create a good game that people enjoy playing and are happy to contribute to the game economy to fully enjoy the experience.

If a game has a fun core loop that is very replayable, then you already have one of the puzzle pieces for creating a multi-decade franchise. The challenge is planning building out the loop - not as easy as it sounds!




Investors & Partners

SIPHΞR has raised $6.8 million in a seed round led by Arrington Capital, Hashed, and Konvoy Ventures. The blockchain gaming startup’s seed round is the second-largest for a Vietnamese blockchain gaming startup after that of Sky Mavis, the developer of Axie Infinity, which became a global sensation. The round also saw participation from Defiance Capital, Signum Capital, Dragonfly Capital, and CMT Digital, among others.

SIPHER honored as TOP 2 in the KPMG-HSBC EMERGING GIANTS report - The only game on the whole list (Source)


Team - Ather Labs

Tin Nguyen: Managing a successful estate improvement organization and nominated for Forbes Vietnam thirty U30, Tin co-founded and invested in organizations such as DreamPlex, ZoneStartups, EcoTruck, FreshHouse, Recruitery, Mercurial FINance and Cloud Energy.

Loi Luu: CEO and co-founder of Kyber Network, an on-chain liquidity protocol that powers decentralized applications, such as exchanges, money, loan protocols, payment wallets, and so on. A fantastic investor in the blockchain room, Loi has a remarkable portfolio with considerable investments in 1inch, Serum, Mercurial Finance, Krystal Wallet, and so on. By joining SIPHΞR, Loi will allow Sipher to leverage his sprawling network to facilitate its development.

Victor Tran: Co-founder and CTO of Kyber Network, he has been involved in the improvement of blockchains and cryptocurrencies since early 2016. With a deep appreciation for video games and blockchain technology, Victor has joined to help improve SIPHΞR through his confirmed encounter in the blockchain sector.

???? 156 full-time members (Updated on Aug 2022) with passionate engineers, game designers, and artists in the team, they are in a really good position to continue crafting the grand World of Sipheria.

  • Recently opened a 3rd office in Da Nang, Vietnam (home to many professional game developers and designers)



Data as of September 2022 Twitter Discord
SIPHΞR 107k  173k

Marketing Content / Strategies

  • Merch claims

  • INU and NEKO Sculptures


  • Token rewards through Discord Quests

  • "Sipherian Tales" Comics on the Website Ch. 1-3 Backstories about Characters available to NFT holders (token-gated).

  • Short videos on Youtube / Tiktok

  • The Fireside Chat series, hosted by @0xGuru, provides game updates, news, and, most importantly, spreads the love to SIPHΞR fans.

  • Ather Labs' rewards system is a feature-rich infrastructure for builders to incentivize and reward awesome community members.

???? SIPHΞR fosters a healthy and engaged community on a weekly basis with participation prizes, such as the Spaceship Building Contest, POAP Art Contest, Game Nights every weekend, and poker tournaments. Furthermore, the community is very active in responding to every update, and you can feel the excitement in these conversations. They eagerly await the official game launch.


Final Thoughts

SIPHΞR has already attracted a lot of interest from both the crypto investment community and gamers. By blockchain gaming standards, SIPHΞR seems excels in every respect. There’s interesting lore and and backstories behind each character and compelling gameplay with proof-of-concept in traditional games. SIPHΞR is arguably one of the blockchain games with the best graphics and artwork we’ve seen to date. The development team is not only knowledgeable about game development but also blockchain technology. It’s also based in Vietnam, which becoming a thriving hub for crytpo and web3 gaming in SEA. With these advantages, will SIPHΞR be able to replicate the success of Axie Infinity? Time will tell!

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  • Project Highlights
  • Overview
  • Gameplay
  • NFTS
  • Dual Token Economy
  • Roadmap
  • Investors & Partners
  • Team - Ather Labs
  • Community
  • Final Thoughts