Portal Unleashes Record Demand on Binance of $8.6 Billion in Staking
Binance reports unprecedented demand for Portal staking pools ahead of the cross-chain gaming token's listing next week.
The long-awaited Portal gaming token is launching next week, and the pent-up demand is huge. Cryptocurrency exchange Binance kicked off its Launchpool campaign on Thursday, allowing customers to stake other cryptocurrencies to earn PORTAL rewards, and it's already breaking records after attracting several billion dollars in funding.
More than $8.6 billion of Binance Coin (BNB) and the FDUSD stablecoin have been staked in the Binance rewards pools for Portal, as of this writing. The Portal team celebrated it as a record for any Launchpool campaign in a tweet on Thursday, and a Binance representative confirmed to Decrypt that the claim appeared to be "correct" based on his data.
At the time of writing there are around $6.16 billion in BNB staked in the pools, along with $2.46 billion in FDUSD. The campaign will run until February 29, at which time Binance will list the Ethereum-based gaming token on its exchange.
Binance is offering 50 million PORTAL tokens through the pools, which is equivalent to 5% of the total supply of 1 billion tokens. Portal's pre-market trading price has fallen in recent days, according to Whales Market, with the current offer price at $0.57 per token, bringing the estimated value of the reward pool to around $28.5 million. . The offer price was slightly above $1 on Wednesday.
