Original Author: Virtuals Protocol

Original Compilation: Deep Tide TechFlow

The Single Release Model Can No Longer Meet Demand

The birth of Virtuals Protocol is to support builders, rather than restrict them to a single path. As the agency market continues to evolve, our release mechanism has also developed.

In 2024, our focus is on validating the feasibility of the agency market itself. The early release prototypes prioritized speed and experimentation, aiming to verify whether agencies can exist on-chain, trade publicly, and begin to coordinate actual economic value. The goal of this phase is not optimization, but exploration.

By 2025, the focus shifted to "fair access." We launched the Genesis model to ensure large-scale fairness, allowing everyone to participate through contributions rather than capital. This model successfully achieved the democratization of releases and established transparency. However, over time, its limitations gradually became apparent: relying solely on fairness does not enhance belief, and the lack of built-in fundraising paths makes it difficult for quality builders to sustain long-term development.

The Unicorn model emerged as a correction to the above issues. It refocuses the system on "belief," rewarding early trust and providing asymmetric returns by linking funding to performance. For builders seeking funding support and public accountability, the Unicorn model has indeed achieved the desired effect. However, as the ecosystem matures, it has become clear that different builders face different challenges.

Startups need distribution channels, teams in the growth stage need capital formation, and teams that have established credibility and are ready for large-scale releases need a clear market entry path.

The single release model cannot meet all needs

Image: Pegasus (left), Titan (middle), Unicorn (right)

We are proud to introduce Pegasus, Unicorn, and Titan. These three mechanisms together build a unified agency release framework that supports early experimentation, belief-based growth, and large-scale releases, while maintaining shared liquidity, unified ownership, and a coherent ecosystem.

Comparison of Release Mechanisms

Image Translation: Gemini

How to Choose the Right Launch Mechanism?

Pegasus: Distribution First, No Preferential Allocation

Pegasus is designed for early builders who want to quickly release, test ideas, and gain credibility through actual usage rather than preferential token allocation. It prioritizes distribution and community formation while keeping the release structure lightweight.

Pegasus does not include team allocations reserved by the protocol or automatic fundraising mechanisms. Almost all token supply is allocated to liquidity, with only a small amount reserved for ecological airdrops. Founders wishing to hold tokens must purchase them under the same market conditions as others, ensuring that token holdings are obtained through actual performance rather than pre-allocation.

A transparent price discovery mechanism is achieved through a bonding curve, which automatically transitions to Uniswap once a threshold is reached. Pegasus efficiently answers a core question: does the market really need this agency?

Unicorn: Belief, Capital, and Accountability

Unicorn is designed for builders who wish to raise significant capital without sacrificing consistency. It introduces a structure that rewards belief and strengthens accountability while maintaining open participation.

All Unicorn releases start from a small-scale and open model, with no pre-sales, whitelists, or restrictive allocations. An anti-sniper mechanism prevents bots from dominating early trades, converting initial volatility into protocol-native buybacks that enhance liquidity.

The core feature of Unicorn is Automated Capital Formation (ACP). A portion of team tokens will only be automatically and transparently sold once the project achieves real market appeal, with proceeds ranging from $2 million to $160 million in fully diluted valuation (FDV). Founders will not receive funding until the project proves market value, earning funds through market recognition instead.

Unicorn redefines ownership with real meaning by directly linking returns, funding, and credibility to performance rather than promises.

Titan: A Large-Scale Structured Release Tailored for Credible Teams

Titan is designed for teams that already have a clear foundation in terms of credibility, scale, and capital needs. Titan releases are suitable for projects that have reached a high readiness baseline.

This typically includes teams with existing products, verified track records, institutional support, or clear real-world deployment paths. Because these teams do not require early market validation, Titan does not rely on bonding curves, phased discovery, or protocol-enforced distribution mechanisms.

Titan releases require a minimum valuation of $50 million and must pair liquidity with at least $500,000 USDC at the time of the Token Generation Event (TGE). This requirement ensures market depth, reduces volatility due to insufficient liquidity, and aligns Titan releases with builders ready for large-scale operations.

The transaction tax for Titan releases is fixed at 1%. Token economics, vesting plans, and allocation structures are fully defined by the founding team but must comply with standard protocols and regulatory constraints.

Teams choosing Titan need to invest capital upfront and accept higher expectations for transparency, liquidity, and long-term participation in the Virtuals ecosystem. In return, they gain a clear market entry or migration path, deep initial liquidity, and immediate legitimacy without artificial constraints.

Titan exists to support agency projects that are already prepared to operate at an institutional or ecosystem scale.

Titan Migration

Titan also supports the migration of existing agency tokens to the Virtuals ecosystem. This path is suitable for projects that already have active tokens, existing holders, or current liquidity, wishing to achieve deeper integration with the Virtuals stack (including $VIRTUAL liquidity, ACP compatibility, and long-term ecosystem consistency).

Titan migration follows the same baseline requirements as Titan releases, including a minimum implied valuation of $50 million and at least $500,000 liquidity paired with $VIRTUAL. These requirements ensure market depth during migration, reduce disruption to existing holders, and maintain consistency in large-scale integration.

The Road Ahead

The agency market is still evolving. As it transforms, Virtuals Protocol is also continuously evolving.

Each of Virtuals' release mechanisms is based on the experiences we gain from builders' practices and real market behaviors. Early prototypes taught us how agencies are born; the Genesis model demonstrated how fairness can scale; the Unicorn model proved how belief and capital formation can align. Pegasus, Unicorn, and Titan are comprehensive embodiments of these experiences, building a flexible yet cohesive system.

This framework is not static but designed to adjust as agencies mature, builder needs change, and agency economies expand into new domains. Our goal is not to lock builders into a certain model but to ensure the right model is provided at the right time, without sacrificing liquidity, ownership, or ecosystem coherence.

By listening, iterating thoughtfully, and releasing openly, Virtuals Protocol continues to set standards for the release, growth, and integration of agencies.

There has never been a single path for agency releases.

The only right way is to adapt to the current market demands and maintain the discipline of evolution as the market changes.

– aGDP

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