Coinspeaker
Arcade2Earn Secures $4.8M for P2E Platform in Funding Round Led by Crypto.com Capital
Arcade2Earn, a play-to-earn gaming platform that recently transitioned from Solana to Ethereum and Avalanche, has successfully raised $4.8 million in a recent funding round, with Crypto.com Capital leading the investment. Other notable participants in the funding round include Solana Ventures, Shima Capital, KuCoin Labs, and GSR.
The funding, realized through a simple agreement for future tokens (SAFT), took approximately a year to conclude, concluding at the end of 2023, according to Josh Poole, the co-founder and CEO of Arcade2Earn.
In addition to the funding, Arcade2Earn is set to launch a public token sale for its $ARC token on February 27, lasting 72 hours on the Fjord Foundry platform. The sale will involve 1.875% of the token’s total supply, equivalent to 15 million tokens out of 800 million. Poole mentioned that this public token sale would be a one-time event, with future token distribution relying on community incentive programs.
Investors participating in the private token round will undergo a six-month cliff period from the token generation event on February 27, followed by an 18-month linear vesting period.
Arcade2Earn’s unique gaming system, known as “Mission Pools,” allows gamers to play and earn without the need to own non-fungible tokens (NFTs). The system involves Mission Pool Operators (MPOs) and Mission Pool Contributors (MPCs).
MPOs, which can include gaming guilds and individual gamers, play web3 games using NFTs from Arcade’s treasury or those lent to the platform. On the other hand, MPCs, represented by Arcade token holders, support specific MPOs and in-game activities by depositing $xARC tokens in Mission Pools, earning rewards based on the success of the missions.
Arcade2Earn Shifts the Gaming Platform to Ethereum
According to Josh Poole, Co-founder and CEO of Arcade2Earn, the decision to shift to Ethereum and Avalanche was due to the realization that certain technical requirements were better suited for these platforms, despite the majority of the application being already built on Solana. Poole emphasized the importance of not compromising functionality and mentioned that the Solana code hasn’t been discarded; instead, it will be utilized for a planned multi-chain expansion in the future.
Currently, Arcade2Earn is actively building on Ethereum and Avalanche, utilizing Ethereum for its primary liquidity token ARC and Avalanche for its synthetic platform token $xARC. This dual-chain approach aims to anchor the main liquidity token to the depth, security, and stability of Ethereum while leveraging the speed, lower transaction costs, and higher throughput offered by Avalanche.
Arcade2Earn, in development since its establishment in 2021, faced delays in its launch due to various factors, including the shift from Solana and additional time required by its gaming partners. Despite these challenges, Arcade2Earn introduced a closed alpha version of its platform last month, attracting around 1,500 unique users through community airdrops and partner activations. Poole mentioned that several more airdrops are planned leading up to the token generation event, aiming to onboard several thousand users during this timeframe. Previously, the project had received coverage during its $3.2 million seed funding round in October 2022 when it was primarily running on Solana.
Arcade2Earn Secures $4.8M for P2E Platform in Funding Round Led by Crypto.com Capital