Binance Announces 47th Project on Launchpool: Portal (PORTAL)

Binance has announced the 47th project on the 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 a base layer for security and liquidity, while also enabling 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 Portal games, features and benefits.

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

Binance Launchpool will provide 50 million PORTAL tokens, representing 5% of the maximum token supply, as rewards for staking BNB and FDUSD. Farming time will start from 00:00 UTC February 22, 2024 (7:00 Vietnam time) and last for seven days, until 23:59 UTC February 28, 2024 (6:59 AM Vietnam time). February 29, 2024).

The distribution of PORTAL rewards is as follows:

80% of the reward (40 million PORTAL) will go to the BNB pool, with an hourly hard cap of 23,809.52 PORTAL per user. 20% of the reward (10 million PORTAL) will go to the FDUSD pool, with an hourly hard cap of 5,952.38 PORTAL per user. The staking sites for both pools will be available approximately five hours from now.

Binance will also list PORTAL on its exchange at 10:00 UTC on February 29, 2024 (17:00 February 29, 2024) and open trading with 5 spot pairs: PORTAL/BTC, PORTAL /USDT, PORTAL/BNB, PORTAL/FDUSD and PORTAL/TRY. Seed Tag will be applied to PORTAL, which means the token will receive a 10% discount on transaction fees for BNB holders.

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