The cryptocurrency market welcomed a new player on Monday morning with the launch of the PIXEL token. Its entry was marked by various play-to-airdrop campaigns and a rewards program on Binance Launchpool, which contributed to its rising value.
Retro-Style Farming Game
PIXELS is a retro-style farming and social game, reminiscent of popular titles like Harvest Moon and Stardew Valley. What sets it apart is its incorporation of a crypto token economy with NFT land plots and pets.
Initially built on Polygon, PIXELS migrated to Ronin last fall – a gaming-centric Ethereum scaling sidechain. This move aimed to improve the game’s blockchain infrastructure, providing a smoother and more efficient gaming experience for its users.
The current market capitalization of PIXEL is estimated at $441 million, based on its circulating supply. This puts it within the top 200 most valuable cryptocurrencies in the market. With 771 million tokens currently in circulation out of a maximum supply of 5 billion, the fully diluted valuation exceeds $2.8 billion.
Successful Rewards Campaign
To kickstart its entry into the market, Binance conducted a rewards campaign through its Launchpool platform. Customers who staked Binance Coin (BNB) or FDUSD stablecoin in designated liquidity pools for gaming tokens were eligible to receive 350 million PIXEL tokens. Following this successful campaign, Binance listed the PIXEL token for trading.
As a gesture of appreciation to its supporters on the Ronin network, PIXELS developers announced a surprise airdrop of 20 million tokens over a recent weekend. This move was well-received, as evidenced by a surge in daily active users from 20,000 to approximately 700,000.
Contributing to Ronin’s Adoption
The success of PIXELS has not only brought attention to the game itself but also contributed to the adoption of the Ronin network. Developed by Sky Mavis – the team behind Axie Infinity, Ronin has been gaining recognition as a leading gaming blockchain network with the incorporation of more studios and games.
In conclusion, the launch of PIXEL token in the cryptocurrency market has been met with enthusiasm, thanks to its unique features and successful marketing strategies. As it continues to gain traction and contribute to the growth of Ronin network, we can expect to see more developments from both PIXELS and the gaming industry as a whole.