On February 21, 2024, Binance announced the launch of the 47th new coin mining project Portal ($Portal). Users can then invest BNB and FUSD into the Portal mining pool on the Launchpad official website after 8:00 (East 8) on February 22, 2024, and receive $Portal token mining rewards within 7 days. Combining the recent funding of Binance Launchpool, peer benchmarking, and mining cost calculations, we preliminarily estimate that the opening price bottom of $PORTAL is 2U, and the reasonable price is around 2-2.5U. If there is a capital FOMO situation, the price can be further pushed up to 3U. Due to the release of chips by the team and early investors at the opening, the high price may lack sustainability.
1. Project Introduction
1. Basic Introduction
Portal aims to connect games and players from different blockchain networks based on LayerZero, build 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. Portal also provides a one-stop login solution Portal Passport, which can integrate player identities and assets of various games. The middleware introduced by Portal can manage the game's on-chain transactions, enhance gameplay and allow Web3 and Web2 players to participate.
2. Detailed product features
1) The Portal login port allows Web2 and Web3 users to register and log in with one click, providing opportunities for a wider range of game users to participate.
2) Portal also adds Web2 and Web3 payment methods, which reduces the complexity and threshold of payment and makes it more convenient for Web2 game users to participate.
3) Portal provides Web3 asset integration, allowing users to easily access all their game assets.
4) Portal provides an online social system to facilitate real-time interaction and social interaction for users
5) In the game browsing interface, users can explore more than 200 games from multiple chains and experience the games through Portal.
3. Application of core technologies
The Portal stack also includes Portal Wallet and Companion App. Portal Wallet eliminates the complexity of managing mnemonics 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 analysis;
The Companion App allows users to explore games, trade cross-chain assets, socialize, and stake-to-scale (driving visibility and attention for games on the Portal platform).
The Portal network's "nodes" form a synchronization layer that combines the Portal Web3 engine and the LayerZero Oracle/Relayer. This means that nodes provide a second layer of validation for cross-chain transactions supported by a distributed infrastructure owned and operated by the Portal community. Nodes can be run in the cloud or on-premises. In exchange for their validation services, nodes are eligible to accrue network rewards and fees, which can be claimed at the end of a 24-hour period.
4. Product highlights:
1) Rich ecology and eye-catching popularity: The Portal ecosystem has launched more than 200 games, covering various types such as MMORPG, strategy games, survival games, etc., and has accumulated more than 340,000 fans.
2) Strong institutional background and cooperation: Portal was developed by the Cayman Islands organization Portal Foundation, and its gaming partners include Space Nation, Oxya Origin, Nine Chronicles, Crypto Unicorns, MagicCraft, DeFi Kingdoms and the well-known e-sports and gaming organization M80.
5. Ecosystem:
As mentioned above, Portal has launched more than 200 games, including MMORPG, SLG (strategy), MOBA, Survival (survival games, etc.), and has reached a cooperation with Solana's well-known NFT trading platform Magic Eden to handle the game NFT asset trading part.
2. Financing History
Portal raised $29,000,000 through a private and public sale. The project sold 33% of the supply to fund the development of the platform and ecosystem.
Investors include Newman Group, Sothebyâs Vice President and Head of Digital Art and NFT Michael Bouhanna, MonnPay co-founder Max Crown, 9GAG CEO 9gagceo, Pixelmon CEO GiulioX, Parallel co-founder Kalos, etc.
3. Team Information
John Yao: CEO of esports club Team Secret. John Yao will provide insights and resources into the mainstream esports sector. Team Secret is a European professional team founded in August 2014, mainly participating in competitive events such as League of Legends and DOTA 2.
Jamie King: Co-founder of Rockstar Games. Rockstar Games is a game development branch of Take-Two Interactive, founded in 1998. The company's works are best known for the Grand Theft Auto series. However, Jamie King left Rockstar Games in 2006. According to GAMERANT, the reason why Jamie King parted ways with Rockstar Games was that the game producers had miscommunication on the development direction after the success of Grand Theft Auto. Jamie King's main responsibilities at Portal are to promote the inclusion of Web2 games and provide advice on game and IP creativity and direction strategies.
Russell Hanson: Served as Chief Science Officer of the Consensys Endjinn AI team from 2018 to 2019, responsible for developing and improving artificial intelligence models for cryptocurrencies. Russell Hanson will bring generative AI + automation to Portal and its growing library of games and digital assets.
Matt Dixon: Served as Director of Business Development at Electronic Arts from October 2016 to August 2022.
Token Economy
The total supply of $Portal is 1 billion, and 16.71% of the tokens will be unlocked at the opening.
$Portal token release cycle
Token Function:
â Transactions: Users can use $portal to purchase game items and other game products in online games.
⥠Cross-chain fee tokens: Users can use $portal to pay cross-chain transaction fees.
âą Staking: Users can stake through Launchpad to obtain newly issued game tokens and NFTs.
⣠Node: Users can purchase $portal nodes to assist the network in verification.
†Network consensus: Users can stake $portal to nodes and become Portal network node validators.
V. Community Situation
Twitter: 357.4K; https://twitter.com/Portalcoin
6. Online performance prediction
Binance Launchpool Historical Performance
From the figure below, we can see the performance of Binanceâs recently launched tokens through Launchpool and Launchpad. We can see that the recent Launchpool has a high return rate and high participation. The number of BNB participating in this Launchpool has exceeded 16 million.
Comparison of Launchpool project opening performance:
Funding comparison:
The opening circulation of $Portal tokens is 16.71%, corresponding to 1.671 billion tokens. From the perspective of funds, we believe that the performance of the last seven projects after the recovery of the economy is more referenceable. According to the average opening transaction volume of the last seven Launchpool projects, the average increase in the opening circulation market value of recent projects is 39.58x, corresponding to an average market value of 328 million US dollars. If the opening of $Portal tokens reaches this circulation market value, the corresponding price is about 1.96 US dollars.
Mining cost calculation:
If we consider the BNB borrowing cost of Binance, we refer to the 7-day moving average of BNB price (calculated based on BNB price of 380U at the time of writing this article) and the mining cost of $Portal is about 4.37U.
OTC pricing:
According to the Aevo.xyz market quote, $Portal is currently trading at 2.53U.
Benchmarking in the same field:
If we compare it with the game ecosystem platform that has been launched on Binance or the game ecosystem projects on Binance LaunchPool/Pad, we believe that the initial price of $PORTAL will be between 2-2.5 USD.
risk warning:
It is worth noting that $PORTAL is different from other Binance Launchpool projects in that the token shares of the team and consultants, private investors, and public investors are all released at the opening. In previous Launchpool projects, almost no tokens of the team and investors were released at the beginning of the launch. This means that there will be selling pressure of low-cost chips after the opening.
Summarize:
Therefore, after comprehensive consideration, we believe that the reasonable price range for $PORTAL is 2-2.5U. If there is capital FOMO, the price can be further pushed up to 3U. However, due to the release of chips by the team and early investors at the opening, the high price may not be sustainable.
References
Binance Launchpool-PORTAL,
https://www.binance.com/zh-CN/research/projects/portal
Binance Launchpool new project revealed,
https://www.bitalk8.com/article/20867
Price acquisition:
Get OTC prices at https://app.aevo.xyz/aevo
Secondary benchmark price acquisition, https://www.coingecko.com/
Note: This article does not constitute any investment advice and investors should be aware of investment risks.
