Original author: Karen, Foresight News
Relying on the @ official promotion account and the strategy of interacting with it, the viral marketing of the Web3 game ecosystem Portal and the vision of integrating multi-chain games and players have driven it to introduce a wider user group. Data proves that Portal has indeed attracted the participation of a large number of Web3 users such as KOLs and ordinary users.
As of the time of writing, a token sale-related tweet posted by Portal on December 8 had received 28,000 likes, 35,000 retweets, 341,000 comments, and 9.1 million views. According to Keyhole analysis data, the average number of likes per post on Portal in the past month reached 12,800, and the average number of forwards reached 8,596 times.
Portal will start pre-sale on December 14, and before that, a white paper was released last week. Portal stated, It aims to establish a unified Web3 game ecosystem by connecting games and players on different blockchain networks through cooperation with LayerZero, and provide players with access to a large number of games and game distribution opportunities.
What is the background of Portal?
The white paper shows that Portal was developed by the Portal Foundation, a Cayman Islands organization, and aims to support and promote the Portal ecosystem by empowering gamers, game developers and decentralized governance.
According to information disclosed by Portal in recent days, members of Portal’s advisory board include:
John Yao: CEO of e-sports club Team Secret. John Yao will provide insights and resources into the mainstream esports scene. Team Secret is a European professional team founded in August 2014. It mainly participates in competitive projects such as League of Legends and DOTA 2.
Jamie King: Co-founder of Rockstar Games. Rockstar Games is the game development branch of Take-Two Interactive. It was established in 1998. The companys works are most famous for the Grand Theft Auto series. However, Jamie King resigned from Rockstar Games in 2006. According to GAMERANT, the reason why Jamie King parted ways with Rockstar Games was due to miscommunication between the game producers on the direction of development after the success of Grand Theft Auto. Jamie Kings primary responsibility at Portal is to drive the inclusion of Web2 games and advise on game and IP creative and direction strategies.
Russell Hanson: served as the chief scientific officer of the Consensys Endjinn AI team from 2018 to 2019. His responsibility was to develop and improve the artificial intelligence model of cryptocurrency. Russell Hanson will bring generative AI + automation to Portal and its growing library of games and digital assets.
Matt Dixon: served as the business development director of Electronic Arts from October 2016 to August 2022.
Portals strategic investors include Newman Group, which will provide advice on Portals Asia strategy. The author has not seen other strategic investors yet. 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 at launch. Portal also mentioned in its Twitter profile that it is built on LayerZero (the white paper notes a partnership with LayerZero) and has partnerships with Magic Eden and M 80 (esports and gaming organizations).
Magic Eden has also previously confirmed that all NFTs in the future Portal ecosystem can be purchased on Magic Eden using Portal tokens.
It is worth mentioning that Yuga Labs posted a vague tweet on November 29, which read, You must have no idea how much I wanted to tweet I invented portalcoin all day long. I posted this Tweet to stop this intrusive idea. Go ahead, degens. @0x vvp Also thinking of more coincidences, in early November, Yuga Labs will cooperate with Magic Eden to launch the new Magic Eden ETH market, and the Portal token Will be used as a tradable in-game asset in Magic Eden.
Portals Twitter account was registered in May 2023, and has only one follow list (i.e. LayerZero, but LayerZero does not follow anyone). The first tweet was posted on June 27. The number of fans currently reaches 270,000, including NFT OG Franklin and many NFTs, Web3 games, KOLs, etc.
However, Portals token page mentioned that its game token was jointly developed with LZ Technology, but the author has not found any information related to LZ Technology yet. There is no information available as to whether the initials LZ are related to LayerZero.
M 80 partners include Portal. Source: M 80
What is a Portal?
Portal aims to connect games and players on different blockchain networks based on LayerZero, establish a unified Web3 game ecosystem, and provide players with access to a large number of games and game distribution opportunities. It will also cooperate with networks such as Solana, Polygon, Avalanche and Klaytn. integrated.
At the end of November, Portal launched the first season of Portal airdrop mining activity on the Crystal Dash website, allowing users to interact with it on X (Twitter) and earn Portal. That is, Portal allows you to earn Crystal Dash points by creating tweets about Portal (or simply @Portal official) or by directly interacting with Portal content. Points can be used to upgrade your level. The higher the level, the more fragments you have. The fragments can then be synthesized into crystals, which are equivalent to Portal airdrops. At the end of each season, points and levels will be reduced to 0, and the fragments will be retained.
In the second season event that started on December 5, points can only be obtained by participating in Portal Power tweets, and you need to interact with Portal Power within 12 hours after it is released. Interactions after that time will no longer be possible. 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 player identities and assets for various games. The middleware introduced by Portal can manage the games on-chain transactions, improve gameplay and allow Web3 and Web2 players to participate.
What does the Portal white paper say?
What are the uses of Portal Tokens?
According to the Portal white paper, the uses of Portal tokens include transaction fees, payment methods, helping games gain higher visibility and attention on the Portal platform through voting and staking, governance, etc. Specifically:
1. Used to pay transaction fees. Transaction fees are composed of cross-chain transactions verified by Portal nodes and Portal network native fees. Although Portal has not yet disclosed the detailed fee structure, according to the white paper, as shown in the figure below, after players pay transaction fees, part will be destroyed and part will be placed in the treasury (this part is used as rewards to distribute to nodes, game developers, and developers). feedback to players).
2. All transactions within the Portal network will support PORTAL tokens as one of the payment options in the game or game-related markets, and all fees related to any cross-chain transactions conducted through the Portal network will be denominated in PORTAL.
3. Voting and staking are also one of the main functions of PORTAL tokens. Players and games can earn rewards by staking, and can also vote to help games gain higher visibility and attention on the Portal platform. Portal calls this incentive system a stake-to-scale system. Not only can both players and games benefit, but it can also decentralize game distribution.
In addition, as the scale of Portal expands, platform data related to player identities will become data collectors (called spectators, such as games and brands) to obtain user resources. Spectators will also be able to stake players to gamers in order to gain access to sample their personal data and compound the players staked share.
At the same time, in addition to game weight distribution, staking also serves as an economic allocation function in the Portal, and also performs the following two key functions: 1. Set the amount of PORTAL that is recycled and destroyed before distribution; 2. Allocate the inflation share between the treasury and the game.
4. Governance, this information will be released later
Portal stack
The Portal stack also includes Portal Wallet and Companion App. Portal Wallet eliminates the complexity of managing mnemonic phrases and private keys, and is compatible with mainstream platforms such as Discord and Google. The platform’s user ID matching system synchronizes wallet addresses with unique IDs, enabling the collection of comprehensive player data and analytics;
Companion App allows users to explore games, trade cross-chain assets, socialize, and Staking-to-scale (driving the popularity and attention of games on the Portal platform).
The nodes of the Portal network form a synchronization layer that combines the Portal Web3 engine and LayerZero Oracle/Relayer. This means that nodes provide a second layer of verification for cross-chain transactions powered by a distributed infrastructure owned and operated by the Portal community. Nodes can run in the cloud or on-premises. In exchange for providing verification services, nodes are eligible to accumulate network rewards and fees, which can be claimed at the end of the 24-hour period.
PORTAL Token Economics
The maximum supply of PORTAL is 1 billion, which will be minted at the beginning of creation and then released to the community treasury over time. The PORTAL reward release rate is released according to the following formula:
For reward distribution, Portal adjusts the distribution of PORTAL based on the pledge ratio. In the figure below, the abscissa S represents the proportion of all circulating PORTAL tokens that have been pledged, and the ordinate represents the game PORTAL distribution, G = √S. Then in game distribution, the tokens allocated to node operators are 20% of the game distribution tokens.
In addition, Portal also introduced the concept of recovery fees in the white paper. When users pay PORTAL transaction fees, these fees will be recovered in real time. Among the recovered PORTAL, part will be destroyed and part will be distributed as platform rewards. The pledge ratio at that time will be used to calculate how much of the recycled PORTAL will be destroyed. If you are interested, you can study the specific recycling fees and destruction adjustment mechanism by yourself.
All in all, Portal allows users to pledge and vote through the Staking-to-scale system to participate in the game attention and visibility on its platform, and empowers tokens with fee collection, rewards, and destruction adjustments, but the long-term value of the tokens The impact remains to be seen. As for whether it can promote the entire Web3 game ecosystem to move towards broader development prospects, it still needs time to verify. As always, this article does not represent any investment opinion, DYOR.
Reference: https://portalxyz.nyc3.cdn.digitaloceanspaces.com/Portal_Whitepaper.pdf
