The 80-fold increase is facing market selling pressure; where will Binance Launchpool's new project Portal go?

Author: Mia, ChainCatcher

Editor: Marco, ChainCatcher

Against the backdrop of a continuously improving cryptocurrency market, the Web3 gaming ecosystem Portal made a splash in the Binance Launchpool segment with an opening surge of over 80 times, marking the first shot of this bull market and creating the highest increase in Binance's new coin mining this round. It surpassed the previous analysts' expectations of a maximum opening price of 2-3U, breaking through most miners' expectations with a price of 4.3U, creating a new round of wealth creation myth.

Portal Gaming = Web3 World's Steam?

Portal Gaming is a platform focused on Web3 games, offering features such as one-click login, easy payment, and centralized management of in-game assets (like NFTs and account abstraction). The platform emphasizes social and multiplayer gaming features and supports cross-chain operations, achieving seamless integration of games across different blockchain networks through interoperability protocols like LayerZero.

The Portal Gaming website shows that it has listed over 200 games and plans to integrate more networks, such as Polygon, Avalanche, Solana, and Klaytn. Its goal is to become the Steam gaming platform of the Web3 world, providing players with a smooth and free gaming experience.

Background of Portal Gaming

According to the white paper, Portal Gaming is developed by the Portal Foundation in the Cayman Islands, dedicated to building a unified Web3 gaming ecosystem by connecting games and players across different blockchain networks. The team behind it comes from top gaming studios and has made significant contributions to several disruptive projects.

Portal Gaming claims that it currently has established partnerships with several well-known gaming companies and organizations, including Space Nation, Oxya Origin, and Nine Chronicles, further expanding the influence of its ecosystem. Meanwhile, Newman Group, as a strategic investor, will provide valuable advice for Portal Gaming in the Asian market.

Additionally, Magic Eden has stated that in the future, all NFTs in the Portal ecosystem can be purchased using Portal tokens on Magic Eden. At the same time, the collaboration with LayerZero will promote cross-chain interoperability, providing players with more access and distribution opportunities for games. The addition of partners like LayerZero, Magic Eden, M80, and MWE has brought more resources and collaboration opportunities to Portal.

Portal Coin

Portal Coin, as the universal game currency and native token of the Portal Gaming platform, not only has traditional in-game payment and transaction functions but also governance capabilities. According to the tokenomics, the maximum supply of Portal Coin is 1 billion tokens, which will be minted at the genesis and then released to the community treasury over time to ensure the stable supply and long-term value of Portal Coin.

Transaction Fee Payment and Treasury Mechanism

Portal Coin is used to pay transaction fees, which consist of cross-chain transactions verified by Portal nodes and native fees of the Portal network. When players pay transaction fees, a portion of the tokens will be burned, while another portion will be deposited into the treasury. The tokens in the treasury will be redistributed as rewards to nodes, game developers, and ultimately back to players, ensuring the liquidity and value stability of Portal Coin.

In-game Payments and Cross-chain Transaction Pricing

Within the Portal network, all transactions support Portal Coin as one of the payment options for in-game or game-related markets. Additionally, all fees associated with any cross-chain transactions conducted through the Portal network are priced in Portal Coin. This makes Portal Coin an important payment tool in the platform's gaming ecosystem, facilitating interoperability and convenience in gaming.

Staking and Voting Mechanism

Portal Coin also introduces a staking and voting mechanism, providing players and game developers with opportunities to earn rewards and participate in governance. Players can earn rewards by staking Portal Coin, while game developers can increase their game's visibility and attention on the Portal Gaming platform through staking. This incentive system is known as the stake-to-scale system, which promotes decentralized game distribution while enhancing interaction and collaboration between players and game developers.

Providing Liquidity

Portal Coin can also provide central liquidity for on-chain game tokens and game assets, thereby gaining some economic benefits for the Portal ecosystem as a whole. This functionality also makes Portal Coin a bridge connecting different games and assets.

Price Facing Selling Pressure

Previously, through frequent interactions with users via official Twitter accounts, Portal successfully attracted a wide user base, including crypto KOLs and community users, through viral marketing. Its IDO also sparked significant discussion on Twitter, which is why the private placement airdrop has garnered much attention.

According to a report from Binance Research, 50 million new coins will be released for mining at the opening, with 28 million released for private placement, 8 million for the team, and combined with treasury, public offering shares, and airdrops, a total of 160 million Portal Coins will be released to the market, accounting for 16.82% of the total circulating supply.

Previously, due to the high enthusiasm for the airdrop, crypto community users disclosed that there was congestion in the Portal chain's Claim before the opening, with gas fees soaring over $50. However, for a private placement price of 0.15, early investors have already made over 20 times their investment. Exchanging $50 for $1000 is undoubtedly a great deal, and this substantial return not only proves the potential and value of the Portal project but also brings significant selling pressure to the market. According to Scopescan monitoring, a certain address received about 1.27 million PORTAL airdrops, which, at a previous price of about $3, amounted to approximately $4.8 million in PORTAL airdrops, and that address has since exchanged PORTAL and deposited it into multiple CEXs and sent it to other addresses.

Aside from the private placement, the currently released tokens from Launchpool are also in profit, and the Portal market will bear dual selling pressure from both private placement and miners.

According to previous monitoring by ai_9684xtpa, the gas fee source address for the Portal market-making address has had transactions with DWF Labs and Amber Group, but the former is more likely. The PORTAL market maker is likely DWF Labs, so how will DWF Labs, known for its "explosive rise and fall," respond to the heavy selling pressure above?

Market data shows that after the opening surge to 4.3U, the Portal price has now retreated to around 2.4U, and the selling from private placement and miners may continue.