The cryptocurrency market welcomed a new player on Monday morning with the launch of the PIXEL token. Its entry was marked by several 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 the integration of a crypto-token economy with NFT land parcels and pets.
Initially built on Polygon, PIXELS migrated to Ronin last fall – a gaming-focused Ethereum sidechain. This move was intended to improve the game’s blockchain infrastructure and provide users with a smoother and more efficient gaming experience.
PIXEL’s current market cap is estimated at $441 million, based on circulating supply. This places it in the top 200 most valuable cryptocurrencies on 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 boost its entry into the market, Binance ran a rewards campaign through its company Launchpool platform. Customers who staked Binance Coin (BNB) or FDUSD stablecoin in designated gaming token liquidity pools were eligible to receive 350 million PIXEL tokens. Following this successful campaign, Binance has offered the PIXEL token for trading.
As a gesture of appreciation to their supporters on the Ronin Network, PIXELS developers announced a surprise airdrop of 20 million tokens last weekend. This move was well received, as evidenced by the increase in the number of daily active users from 20,000 to approximately 700,000.
Contribute to Ronin’s adoption
The success of PIXELS not only drew 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 increasingly gained recognition as a leading gaming blockchain network with the integration of more studios and games.
In conclusion, the launch of PIXEL token in the cryptocurrency market has been received with enthusiasm, thanks to its unique features and successful marketing strategies. As it continues to gain traction and contribute to the growth of the Ronin Network, we can expect more developments from both PIXELS and the gaming industry as a whole.