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Portal’s gaming token hits $425 million in market cap

TL;DR

  • Portal’s Ethereum gaming token has hit $2.54 per token, reaching about $425 million in market cap.
  • A central hub for crypto gaming.

A highly anticipated gaming token and cross-chain platform known as Portal made its debut recently, amid excitement from airdrop participants and Binance token stakers. The token, named PORTAL and built on the Ethereum blockchain, initially hit the market at $2.54 per token, with approximately 167 million tokens available, representing about 17% of the total supply of 1 billion tokens. This places the market capitalization at around $425 million.

Portal’s gaming token reaches milestone figure

Despite the anticipation, the token experienced a significant price drop shortly after its listing on the Binance exchange, falling to $3.36. This 24% decrease within just 10 hours is not uncommon for newly launched tokens, especially those that are heavily traded. Nonetheless, the trading volume for PORTAL has already surpassed $500 million.

The launch of Portal not only allowed trading of the token but also enabled participants in the project’s airdrop farming campaign on Twitter to claim their portion of the initial airdrop. While some users encountered issues with claiming their tokens due to regional restrictions, others reported receiving substantial amounts of PORTAL tokens, valued in the thousands of dollars.

Additionally, customers of Binance who staked tokens in reward pools were rewarded with a share of 50 million tokens as part of the exchange’s Launchpool campaign. The total value of crypto assets staked for this campaign reached over $9 billion at its peak, setting a new record for Binance’s launch platform.

It is described as a cross-chain platform designed to serve as a central hub for cryptocurrency and NFT (Non-Fungible Token) games across various blockchain networks. This platform aims to provide gamers with a single location to access games, conduct transactions, manage their assets, and more. Notably, Portal is poised to support games on networks like Solana and Polygon, in addition to Ethereum.

A central hub for crypto gaming

The team behind Portal comprises individuals from the crypto startup SuperDuper, known for the Creepz NFT project on Ethereum, as well as veterans from the video game industry, including former employees of Rockstar Games and Electronic Arts. Moreover, the project is being represented by the prominent Hollywood agency WME (William Morris Endeavor).

Portal has announced plans to introduce special token staking benefits in the near future. Players will have the opportunity to stake their tokens within the platform, unlocking various perks such as VIP access to token and NFT sales, as well as early access to upcoming blockchain-based video games.

Additionally, Portal intends to host more seasons of its engagement-driven “Crystal Dash” airdrop campaign to further reward users. Furthermore, the platform will introduce nodes that users can purchase to support the network and receive incentives, similar to the model implemented by the Xai gaming network on the Ethereum scaling solution Arbitrum.

With its ambitious goals and backing from experienced players in both the cryptocurrency and gaming industries, Portal aims to become a significant player in the emerging landscape of blockchain-based gaming platforms. As it continues to roll out features and engage with its community, it will be interesting to see how Portal evolves and whether it can fulfill its promise of being a central hub for crypto and NFT games across multiple networks.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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