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Cryptocurrency News Articles
PARAM Token Launch Announcement: Revolutionizing Gaming with AI and Blockchain
May 23, 2024 at 03:53 pm
Web3 gaming platform Param Labs announced the upcoming launch of the PARAM token. It will take place on May 29 at 8 AM UTC.
The PARAM token is the native token of the Web3 gaming platform Param Labs. It is used for various purposes within the Param ecosystem, including paying gas fees, participating in Wager Matches, and earning staking rewards. Token holders also have a say in governance through democratic voting and enjoy exclusive discounts. The token is designed to promote long-term price growth through a deflationary mechanism.
The Param ecosystem combines blockchain and AI technologies to unite unique IPs and revolutionize gaming. In contrast to traditional cryptocurrencies, which can be bought and sold on exchanges, PARAM tokens are earned by participating in activities like farming and soft staking. The total supply of PARAM tokens in the ecosystem is two billion.
To earn PARAM tokens, users can participate in the farming system by engaging in specific tasks. They can also earn tokens by playing games in the Param ecosystem. Once earned, PARAM tokens can be used to claim more tokens or NFTs in exclusive airdrops or to purchase branded merchandise, which is only available within the Param ecosystem.
The Param Launchpad will feature exclusive collections from leading gaming brands, allowing users to mint and own gaming assets. These assets can be used in the Kiraverse Game or traded on marketplaces like OpenSea, Blur, and MagicEden. Holders can stake PARAM to earn "partner points," which can be redeemed for partner project tokens.
While users can unstake at any time, doing so prematurely will result in the forfeiture of any accumulated partner points. However, users will get back all the PARAM they staked. Stakers will also participate in DAO once governance is live.
The launch of the PARAM token was made possible by Param Labs' participation in a successful $7 million funding round led by Animoca Brands, with participation from Cypher Capital and Delphi Ventures. The PARAM token will be used to power the gaming ecosystem of Param Labs.
The funding will be used to further grow and develop the gaming platform, with a focus on integrating the PARAM token. The token is set to play a crucial role in Param Labs' operations, ensuring a unique gaming experience.
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