All the current toon monsters are only available from this event. Make sure you get all the ones available from duel reward and event point rewards, otherwise you will have to wait until the next event.
Since you don't have to use Gate Keys to duel against Pegasus, you can use different characters to learn new drop skills. Use decks to farm Pegasus lvl 40 that can get a high score without using any set skill.
Pegasus will start to appear in your Duel World once you reach 250,000 points. You don't need any star chips to duel him if he appears in your world. Be on the lookout for his appearance and duel him to get a x20 point multiplier based on your duel assessment score!
1. Collect Star Chips
During the event period, players have to acquire an event item, "Star Chip", by winning a duel against Standard Duelists to challenge Pegasus at the Gate. By earning certain amount of Points from a duel against Pegasus, the character will be available to you!
Note: You can’t save star chips for next event so it is better to use them all up for some drop items.
Tips for collecting SC faster
To maximize Star Chip gains, use an auto duel deck that has a high chance of winning against the CPUs. You can also tell your friends to send you Vagabond with easy challenges instead of 1 hand to get exp. Duel Orb can also be used to instantly replenish the SDs in your duel world. If you plan on using Boosted Duel Orb, then prepare your best auto duel deck beforehand in order to not waste any time.
I happened to start this game just after the last Pegasus event. It's been about 4 months now and haven't had a chance to get the character. It wouldn't be so bad except relinquished and toon kingdom are staples in so many competitive decks. This makes the game extremely unfair to newer players since such powerful cards are simply not available to them. Only thing about this game I am disappointed in,