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Detailed explanation of Portal: Originated from viral marketing, now listed on Binance

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A look at the Web3 gaming ecosystem portal background, token utility, and token economics.

Original Title: "Binance Launchpool New Project Portal Revealed: From Viral Marketing, Background to Platform Economy"

Original Author: Karen, Foresight News

Editor's note: Today, Binance announced that the new coin mining project Portal has launched its 47th phase. Users can deposit BNB and FDUSD into the PORTAL mining pool on the Launchpad website after 08:00 on February 22, 2024 (GMT+8) to receive PORTAL rewards. The total mining period for PORTAL is 7 days. As a result, the PORTAL OTC trading price on Whales Market has risen to the $2 range. Just last month, Portal completed a $34 million seed round of financing with participation from Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate Ventures. This article provides a detailed introduction to Portal from the perspectives of background, token utility, and token economics. The full text is as follows:

This article was first published on December 11, 2023, with the original title "Unveiling Portal Before Pre-Sale: From Viral Marketing, Background to Platform Economy".

Through the official Twitter account and interactive strategies, the viral marketing of the Web3 game ecosystem Portal and the vision of integrating multi-chain games and players have driven its introduction to a wider user base. Data shows that Portal has indeed attracted a large number of KOLs, ordinary users and other Web3 users to participate.

As of the time of writing, Portal's token sale-related tweet posted on December 8th received 28,000 likes, 35,000 reposts, 341,000 comments, and 9.1 million views. According to Keyhole's analysis data, Portal's average number of likes per post in the past month was 12,800, and the average number of reposts was 8,596.

Portal will start pre-sale on December 14th, and the white paper was released last week before that. Portal stated that "it aims to establish a unified Web3 gaming ecosystem by connecting games and players from different blockchain networks through cooperation with LayerZero, and provide players with access to a large number of games and game distribution opportunities."

Portal 有何背景？

translates to

What is the background of Portal?

The white paper shows that Portal is developed by the Portal Foundation, an organization based in the Cayman Islands, with the aim of supporting and promoting the Portal ecosystem through empowering game players, game developers, and decentralized governance.

According to the information recently disclosed by Portal, the members of the Portal Advisory Committee include:

· John Yao: CEO of esports club Team Secret. John Yao will provide insights and resources into the mainstream esports industry. Team Secret is a European professional team, founded in August 2014, mainly participating in competitive games such as "League of Legends" and "DOTA 2".

· Jamie King: Co-founder of Rockstar Games. Rockstar Games is a game development subsidiary of Take-Two Interactive, founded in 1998. The company is best known for its work on the Grand Theft Auto series. However, Jamie King left Rockstar Games in 2006. According to GAMERANT, the reason for Jamie King's departure from Rockstar Games was due to a lack of communication regarding the direction of the company's development after the success of Grand Theft Auto. Jamie King's main responsibilities at Portal were to promote the inclusion of Web2 games and provide advice on game and IP creative and strategic direction.

· Russell Hanson: Formerly served as the Chief Scientist of Consensys Endjinn AI team from 2018 to 2019, responsible for developing and improving artificial intelligence models for cryptocurrencies. Russell Hanson will introduce generative AI + automation to Portal and its expanding game and digital asset library.

· Matt Dixon: Served as the Director of Business Development at Electronic Arts from October 2016 to August 2022.

Portal's strategic investors include Newman Group, which will provide advice for Portal's Asian strategy. The author has not yet seen any other strategic investors. Portal's game partners include Space Nation, Oxya Origin, Nine Chronicles, Crypto Unicorns, MagicCraft, DeFi Kingdoms, etc. According to the official website, more than 200 games are ready to integrate Portal tokens when they are released. Portal also mentions in its Twitter profile that it is built on LayerZero (the white paper points out that it has a partnership with LayerZero) and has partnerships with Magic Eden and M80 (esports and gaming organizations).

Magic Eden has also confirmed that all NFTs in the future Portal ecosystem can be purchased with Portal tokens on Magic Eden.

It is worth mentioning that Yuga Labs released a vague tweet on November 29th, which reads "You definitely don't know how much I want to tweet 'I invented portalcoin' all day. I'm tweeting this to stop the invasive thought. Keep going, degens." @0xvvp also noticed more coincidences. In early November, Yuga Labs will collaborate with Magic Eden to launch a new Magic Eden ETH market, and the Portal token will be used as a tradable in-game asset in Magic Eden.

Portal's Twitter account was registered in May 2023, with only one account followed (LayerZero, but LayerZero does not follow anyone). The first tweet was posted on June 27th, and the current number of followers has reached 270,000, including NFT OG Franklin and several other NFT, Web3 game, and KOL accounts.

However, it is mentioned on the token page of Portal that its game token was developed in collaboration with LZ Technology. However, the author has not yet found any information related to LZ Technology. There is also no information available to reference whether the initials LZ are related to LayerZero.

M80 partners include Portal. Source: M80

What is Portal?

Portal aims to connect games and players from different blockchain networks based on LayerZero, establish a unified Web3 gaming ecosystem, and provide players with access to a large number of games and game distribution opportunities. It will also integrate with networks such as Solana, Polygon, Avalanche, and Klaytn.

At the end of November, Portal launched the first season of its airdrop mining activity on the Crystal Dash website, allowing users to interact with Portal on X (Twitter) and earn Portal. In other words, Portal allows users to earn Crystal Dash points by creating tweets about Portal (or simply @Portal official) or by interacting directly with Portal content. Points can be used to upgrade levels, and the higher the level, the more fragments can be obtained, which can then be combined into crystals, equivalent to Portal airdrops. At the end of each season, points and levels will be reset to 0, but fragments will be retained.

And in the second season event that started on December 5th, points can only be obtained by participating in Portal Power tweets, and interaction with them must occur within 12 hours after the release of Portal Power. Any interaction after the time limit will not earn points (20 points for likes, 40 points for replies, 50 points for retweets, and 60 points for quotes).

Portal also provides a one-stop login solution, Portal Passport, which can integrate players' identities and assets from various games. The middleware introduced by Portal can manage on-chain transactions of games, enhance gameplay, and allow Web3 and Web2 players to participate.

What does the Portal whitepaper say?

What is the use of Portal token?

According to the Portal whitepaper, the uses of Portal token include transaction fees, payment methods, helping games on the Portal platform gain higher visibility and attention through voting and staking, governance, etc. Specifically:

1. Used for paying transaction fees. Transaction fees consist of cross-chain transactions verified by Portal nodes and native fees of the Portal network. Although Portal has not yet disclosed the detailed fee structure, according to the white paper as shown in the following figure, after players pay transaction fees, a portion will be destroyed and a portion will be placed in the treasury (this part is used as rewards distributed to nodes, game developers, and feedback to players).

2. All transactions within the Portal network will support PORTAL tokens as one of the payment options for in-game or game-related markets, and all fees related to any cross-chain transactions conducted through the Portal network will be priced in PORTAL.

III. Voting and staking are also one of the main utilities of PORTAL tokens. Players and games can earn rewards through staking, and can also help games gain higher visibility and attention on the Portal platform through voting. Portal refers to this incentive system as the stake-to-scale system, which not only benefits both players and games, but also enables decentralized game distribution.