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Portal Launches Ethereum Gaming Token: Hits $425 Million Market Cap, Rewards Airdrop Participants

Portal's Ethereum-based gaming token airdrop ignites a $425 million market cap.

Fri, 01 Mar 2024, 09:20 am UTC

The highly anticipated gaming token and cross-chain platform Portal debuted on Thursday, rewarding airdrop participants and Binance token stakers before forthcoming staking rewards and other features.

At the launch, the PORTAL token, minted on Ethereum, was priced at $2.54 per token, with over 167 million tokens currently circulating, constituting nearly 17% of the total supply of 1 billion tokens. Currently, this places the market cap at approximately $425 million.

Initial Volatility and Airdrop Rewards

According to Decrypt, despite its initial listing price of $3.36 with crypto exchange Binance, the PORTAL token experienced a significant dip of 24% in less than 10 hours—a typical volatility pattern for newly launched tokens in the heavily traded crypto market. Trading activity has already exceeded $500 million worth of PORTAL.

Alongside its availability for trading, participants of Portal's airdrop farming campaign on Twitter from late last year can now claim their share of the initial airdrop. While some users have encountered claiming issues and regional restrictions, others have reported receiving substantial amounts of the gaming token.

Introduction to Portal and Future Plans

Portal is positioned as a cross-chain platform, a central hub for crypto and NFT games across multiple networks. It aims to provide gamers with a unified platform to access games, conduct transactions, manage their assets, and more. Portal is set to support games on Solana and the Ethereum scaling network Polygon, among others.

The Portal team comprises individuals from the crypto startup SuperDuper, known for the Creepz NFT project on Ethereum, and veterans from the video game industry, including Rockstar Games and Electronic Arts personnel. Additionally, the project is represented by the prominent Hollywood agency WME.

Looking ahead, Portal has announced the launch of special token staking benefits in the coming days, allowing players to stake their tokens within the platform to access various perks such as "VIP access" to the token and NFT sales, and early access to upcoming blockchain video games.

An Altcoin Buzz report says that PORTAL's strategic tokenomics strategy aims to increase its value gradually by implementing a limited supply and carefully planned distribution methods.

Moreover, the platform plans to introduce more seasons of its engagement-driven "Crystal Dash" airdrop campaign to enhance user rewards. Portal will also initiate nodes that users can purchase to support the network in exchange for incentives, similar to the Xai gaming network on Ethereum scaler Arbitrum.

Photo: Microsoft Bing

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