What Is Heroes of Mavia (MAVIA)? How It Works, Tokenomics and Risks

Heroes of Mavia is a Web3 mobile MMO strategy game developed by Skrice Studios, where players build bases, raise armies and raid rival bases on a fictional island called Mavia. MAVIA is the ecosystem's native token, serving as both a governance asset and a medium exchangeable with the in-game resource Ruby. As of November 10, 2026, MAVIA trades around $0.02524 with a market cap of roughly $6.31 million, placing it at rank #1512 on CoinGecko.

MAVIA at a glance

As of November 10, 2026:

The problem it's trying to solve

Conventional mobile games typically lock all player progress and items inside a publisher's server. Once that server shuts down or an account gets banned, whatever value a player accumulated simply disappears, and virtual items can't be moved or sold freely outside that platform. Heroes of Mavia tries to flip this by turning Legendary items such as skins, statues and consumables into tradeable NFTs sold through the Ruby Marketplace.

According to its official site, mavia.com, the project's stated mission is to bring Web3 mobile gaming to the masses and onboard Web2 players into Web3 through an experience that still feels familiar to everyday mobile gamers. That framing fits the broader GameFi pitch: give players genuine ownership of in-game assets instead of data sitting on a company's server.

How Heroes of Mavia works

Players build a base on a plot of land, then defend it with walls, turrets and traps to keep rivals from stealing stored Gold, Oil and Ruby. On offense, players assemble armies from more than twelve types of infantry, vehicle and air units, each with its own strengths and weaknesses, which makes pre-battle planning matter.

Ruby, the game's earnable currency, comes from winning offensive battles and completing challenges. Gold and Oil are additional resources a base produces on its own and that can also be stolen from rivals. Gold funds HQ level upgrades, the only way to grow a base, while Heroes and Statues boost a base's offensive and defensive strength.

Two economic features set Heroes of Mavia apart from a typical mobile title: the Ruby Marketplace, where Legendary NFT items like skins and statues trade with real-time stats, and the Ruby Exchange, which the official site describes as live, allowing direct, real-time swaps between Ruby and MAVIA.

What MAVIA is used for

MAVIA functions as the ecosystem's governance token. Holders can vote on key decisions shaping the development of the Mavia ecosystem, including both the current game and future titles, according to the official site.

Beyond governance, MAVIA also acts as an asset directly swappable with Ruby through the Ruby Exchange, tying the token's value to in-game economic activity rather than limiting its role to off-game voting alone.

MAVIA tokenomics

According to CoinGecko data, MAVIA's circulating supply, total supply and max supply are all identical at 250 million tokens. That means MAVIA's fully diluted valuation matches its current market cap of roughly $6.31 million exactly, since no additional tokens are set to be minted beyond that maximum.

On vesting, the official site only states that team and advisor allocations are vested over as long as six years, with a similar schedule applied to pre-sale investors. Specific allocation percentages per party, cliff dates and monthly unlock schedules aren't disclosed in the sources we reviewed, so the fuller tokenomics picture simply hasn't been published in detail in what we checked.

Given that CoinGecko's recorded circulating supply already matches the max supply, it's possible that figure reflects every token minted on-chain regardless of its contractual lock status. Traders who want to know exactly how many tokens are freely tradeable should check the project's official documentation directly.

Team, funding and brief history

Heroes of Mavia is developed by Skrice Studios, a blockchain game development studio based in Vietnam that, according to its official site, works exclusively on Mavia. The studio describes itself as a specialist in high-quality 3D art and animation, aiming to deliver an AAA-grade mobile game while onboarding Web2 players into Web3.

The official site states the project is backed by world-class partners without naming specific investors in the text we reviewed. CoinGecko's category data tags the project under Animoca Brands Portfolio, suggesting some connection to that portfolio, though the exact investment structure isn't detailed in this source.

The token's all-time high was recorded on February 18, 2024, marking that period as a notable point in MAVIA's trading history, though its official genesis date isn't disclosed in the data available to us.

Market and on-chain data

As of November 10, 2026, MAVIA's spot price on CoinGecko sits at $0.02524 with 24-hour volume of $523,152 and a market cap of $6.31 million. Over the past 30 days price fell 17.9%, and over the past year it's dropped 72.3%. Compared to its all-time high of $10.59 on February 18, 2024, the current price is roughly 99.8% lower, a pattern common among GameFi tokens that saw a major hype cycle followed by fading market momentum.

On Binance Futures, the MAVIAUSDT pair trades at $0.02528, down 0.12% over 24 hours, with 24-hour volume of $2.4 million, far exceeding spot volume. Binance's own data puts the 30-day change at -18.0% and the 90-day change at -15.1%, slightly different from CoinGecko's figures due to differing price sources, though the overall direction is the same.

The latest funding rate stands at 0.0050% per period, a small positive figure meaning long position holders pay a modest premium to shorts, pointing to mildly bullish but not extreme sentiment. Open interest, the total value of outstanding futures contracts, sits at $1.3 million, down 16.2% over 30 days, suggesting leveraged speculative interest has been shrinking.

Account data on Binance Futures shows 77% of accounts holding long positions, far outweighing shorts. That kind of lopsided long bias carries long squeeze risk, where a sudden price drop forces many leveraged long positions to liquidate at once, accelerating the decline further.

Competitors

MAVIA risks

• Small market cap, around $6.31 million at CoinGecko rank #1512, which makes the price vulnerable to sharp moves from relatively small trades.
• Thin spot liquidity: daily spot volume is only $523,152, far below the $2.4 million seen on futures, implying wider spreads and weaker spot-market depth.
• High historical volatility, with price down 72.3% over the past year and about 99.8% below its all-time high.
• Futures open interest down 16.2% over 30 days while 77% of accounts still hold long positions, a setup prone to long squeezes if sentiment flips.
• Detailed unlock schedules for team, advisor and pre-sale allocations, vested up to six years per the official site, aren't published in detail in the sources we reviewed, leaving potential sell-side overhang from affiliated parties hard for retail traders to anticipate.
• Token value depends heavily on one mobile game's ability to attract and retain active players; a shrinking player base would weaken demand for both Ruby and MAVIA.
• The token circulates across three different networks, Base, BNB Chain and Ethereum, adding exposure to cross-chain bridge security, a common weak point in multi-chain projects.
• Crypto assets broadly still face regulatory uncertainty across jurisdictions, including specific rules around NFT elements and play-to-earn mechanics in games.

What it means for traders

The gap between MAVIA's spot volume ($523,152) and futures volume ($2.4 million) shows most of the current price action is happening in the leveraged derivatives market rather than organic spot demand. Traders can track MAVIAUSDT's funding rate and open interest on Binance for signs of shifting sentiment, especially given the current 77% long skew.

That long skew, combined with open interest contracting 16.2% over 30 days, could point to cooling speculative interest even as remaining long positions stay exposed to a potential squeeze if price drops sharply. The 30-day and 90-day price changes, still negative across both CoinGecko and Binance data, are worth watching as a gauge of whether the downtrend is continuing or starting to flatten out.

How to buy and trade MAVIA in Indonesia

MAVIA is accessible through Binance's futures market under the MAVIAUSDT pair. In Indonesia, crypto asset trading is supervised by the Otoritas Jasa Keuangan (OJK), so traders should use exchanges that are properly registered and compliant before transacting.

Futures trading involves leverage, which can magnify both gains and losses. Given the dominant 77% long positioning and the shrinking open interest seen in MAVIAUSDT data, traders should weigh the risk of sudden price swings and apply sound risk management, including position sizing and stop levels, before opening a leveraged trade.

FAQ

Is MAVIA legal to trade in Indonesia?

Crypto assets including MAVIA can be traded in Indonesia through platforms registered and supervised by OJK. Always check that the exchange holds a proper license before trading.

What is MAVIA's maximum supply?

MAVIA's maximum supply is 250 million tokens, and according to CoinGecko data the entire supply is already circulating, matching both total and max supply.

How does MAVIA differ from Axie Infinity (AXS)?

Heroes of Mavia is a mobile MMO strategy base-building game with Ruby as its in-game currency, while Axie Infinity is a creature-collecting RPG built on Ronin. Both are GameFi projects but differ in genre and token economics.

Why has MAVIA's price dropped so much from its all-time high?

MAVIA hit $10.59 on February 18, 2024, but as of November 10, 2026 it trades around $0.02524, down roughly 99.8% from that peak. The decline mirrors a broader trend of GameFi tokens losing market interest once the initial hype fades.

What does Ruby do in Heroes of Mavia?

Ruby is an in-game resource earned by winning battles and completing challenges. Players can spend Ruby on Legendary NFT items in the Ruby Marketplace, or swap it directly for MAVIA through the Ruby Exchange.

Where can I trade MAVIA futures?

Binance offers a futures contract under the MAVIAUSDT pair. Futures trading involves leverage, meaning potential losses can be larger than in regular spot trading.