Pixelverse price rose on Friday as investors cheered its recent launch on top exchanges like Bybit, HTX, and Gate.
The newly launched PIXFI token was trading at $0.0886 on Friday, giving it a market cap of over $451 million.
Pixelverse also surged after the developers launched perpetual staking, which allows token holders to generate returns by holding the tokens. Perpetual staking means that users only need to stake once to receive rewards from the entire ecosystem.
In the first stage of staking, users received common, uncommon, rare, epic, and legendary loot boxes. Items in the legendary loot boxes, such as clothes, masks, and real estate vouchers, will be exclusively for staking.
The perpetual staking feature came a day after the developers unveiled their airdrop, where all users received their NFT rewards, which are claimable on July 25th. 10% of the PIXFI tokens were allocated to rare, epic, and legendary NFTs, while 20% were awarded to Pixelverse and Pixelchain users.
✨ Pixelverse Airdrop: Rewarding True Community Members with PIXFI TokensThe upcoming TGE and airdrop are set to be one of the largest ever. That's why Pixelverse is redefining airdrop distribution to ensure fairness for the Pixelverse community.Key PointsAll users to… pic.twitter.com/v5TbxU43F1
— Pixelverse (@pixelverse_xyz) July 18, 2024
Pixelverse also introduced a unique approach to prevent dumping and bot activity. Immediate withdrawal of the PIXFI token granted users just 10% of the airdrop, with the rest transferred back to the community incentive pool to reward the community.
Pixelverse, which is part of the TON ecosystem, has seen strong growth in the past few months. It has attracted over 75 million users and 15 million daily active users.
The developers have also launched the Playground demo and inked partnerships with other platforms like Pudgy Penguins, Notcoin, and Coq Inu. They have also built Pixelchain, the first layer-2 network for the TON Network.
A layer-2 network is a sidechain that reduces the load on a parent blockchain network and accelerates its performance. Popular Ethereum layer 2 blockchains like Polygon and Arbitrum have better transaction speeds and lower costs than Ethereum.
Pixelverse browser launch ahead
The next key catalyst for the Pixelverse token will be the launch of the mobile browser in August. This browser will make it easy for users to participate in the ecosystem and possibly earn rewards.
A key risk for the PIXFI token is that many cryptocurrencies rise initially after the airdrop and then pull back as the momentum fades. For example, Wormhole (W) initially rose to $1.8540 after the airdrop and then dropped to $0.30.
Similarly, the zkSync token rose to $0.40 shortly after its airdrop and then dropped to $0.18. Other recent airdrops like Rapper Iggy Azalea’s MOTHER and Andrew Tate’s DADDY also rose and then dropped after a few days.
