Gaming platform Portal has launched its own token. In less than a day, the market value of the asset broke through $500 million. On February 29, the Ethereum-based gaming platform introduced the native token of the project. It has already been listed by the largest cryptocurrency exchange Binance.
Portal: Market Indicators
The currency debuted on Binance at $3.36. In less than 24 hours, the capitalization of the asset reached $500 million. However, since then everything has changed. According to CoinMarketCap, at the time of writing, the coin is trading at $2.22, having dropped by 12.5% over the past 24 hours.
Capitalization, meanwhile, fell back to $366 million. The daily trading volume over the last 24 hours fell by 19.81% and is currently estimated at $367 million.
Portal Tokenomics
The emission of the cryptocurrency is 1 billion tokens. There are about 167 million in circulation. Of the total supply, 5% will go to pay rewards for the Binance Launchpool launch platform. In just two days, the project collected $8 billion in the pool, which indicates huge interest from the community.
The team will allocate assets as follows:
5% – Binance Launchpool;
23% – to the team and advisors;
23% – to the project treasury;
22% – private investors;
11% – to public investors;
10% – first community incentive;
4% – second community incentive;
2% – liquidity.
According to rumors, the platform is planning to conduct two token distributions. This is evidenced by two incentives for which the project allocated tokens. However, so far the developers have not provided any accurate information.
What is Portal?
Portal is a cross-chain gaming platform whose goal is to unite gamers from different blockchains. Seamless interaction is ensured through a partnership with the LayerZero protocol. The project does not have any major investors yet. It will initially support blockchain games on networks such as Solana, Ethereum and Polygon.
The team behind the creation of the platform includes developers from the crypto startup SuperDuper. The project is developing a collection of non-fungible tokens (NFTs) such as Creepz NFT. In addition, industry veterans Rockstar Games and Electronic Arts are also working on Portal.
Future plans
On the official page on X (formerly Twitter), the developers wrote that today, March 1, they are launching the staking function. Players will be able to block funds on Portal and receive certain privileges for this. For example, early access to video games that the project is developing.
Introducing Portal Nodes: GRID
Nodes supercharged. A decentralised cross-chain data network. And your way to power the future of gaming.
Available in $PORTAL. Learn more at https://t.co/fNmrbcB0uy 👀 pic.twitter.com/x7LcWe74LR
— Portal (@Portalcoin) March 1, 2024
It also plans to launch a node system. Users will be able to purchase them to support the network in exchange for incentives. In addition, the team promised to publish a more detailed roadmap during the first month of spring.
