Binance Launches Portal, a Cross-Chain Gaming Platform, on its Launchpool

Binance has announced the 47th project on its Launchpool platform – Portal (PORTAL), a cross-chain gaming platform that aims to bring more users to the Web 3.0 ecosystem.

Portal is a decentralized platform that allows users to create, play, and monetize games on various blockchains, such as Ethereum, Binance Smart Chain, Polygon, and Solana. Portal leverages the power of Bitcoin as the base layer for security and liquidity, and enables cross-chain interoperability through its own Portal Bridge protocol.

Portal’s native token, PORTAL, is used for governance, staking, rewards, and fees on the platform. Users can also use PORTAL to access exclusive games, features, and benefits on Portal.

Binance Launchpool is a platform that allows users to stake their BNB and FDUSD tokens into separate pools to farm new tokens from selected projects. Users can participate in the Launchpool without any lock-up period or minimum staking requirement, and they can also withdraw their staked tokens at any time.

Binance Launchpool will offer 50 million PORTAL tokens, which is 5% of the max token supply, as rewards for staking BNB and FDUSD. The farming period will start from 2024-02-22 00:00 (UTC) and last for seven days, until 2024-02-28 23:59 (UTC).

The distribution of PORTAL rewards will be as follows:

  • 80% of the rewards (40 million PORTAL) will go to the BNB pool, with an hourly hard cap of 23,809.52 PORTAL per user.
  • 20% of the rewards (10 million PORTAL) will go to the FDUSD pool, with an hourly hard cap of 5,952.38 PORTAL per user.

The staking webpages for both pools will be available in around five hours from now.

Binance will also list PORTAL on its exchange at 2024-02-29 10:00 (UTC) and open trading with five trading pairs: PORTAL/BTC, PORTAL/USDT, PORTAL/BNB, PORTAL/FDUSD, and PORTAL/TRY. The Seed Tag will be applied to PORTAL, which means that the token will have a 10% trading fee discount for BNB holders.

Portal has recently raised $34 million in a seed funding round led by notable crypto venture capital firms such as Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io. The seed round brings the total funding of the project to $42.5 million, which includes an $8.5 million angel round that closed in 2021.

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