Arcade2Earn, the play-to-earn gaming platform that recently migrated from Solana to Ethereum and Avalanche, has successfully secured $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.
We are excited to announce that we have closed our private token round with a $4.8 million raise. 🔥😎
It's been a fantastic journey, and we are ready to showcase Arcade to the world.
Yes, our TGE has been finalized. 🚀
Learn when it is below. 👇https://t.co/QmB14eTpDC— Arcade 👾 🎮 (@arcade2earn) January 23, 2024
Arcade2Earn‘s decision to switch from Solana to Ethereum and Avalanche was based on the understanding that certain technical requirements were better suited to these platforms, even though the majority of the application was already built on Solana.
Josh Poole, co-founder and CEO of Arcade2Earn, emphasized the importance of not compromising functionality and clarified that the Solana code will not be discarded, but will be used in future multi-chain expansions.
The funding round, conducted through a simple agreement for future tokens (SAFT), took about a year to conclude, ending in late 2023, according to Poole.
In addition to the funding, Arcade2Earn plans to hold a public token sale for its $ARC cryptocurrency on February 27, which will last 72 hours on the Fjord Foundry platform.
The sale will involve 1.875% of the total token supply, equivalent to 15 million tokens of the 800 million available.
Poole indicated that this public sale will be a one-time event, with future distributions depending on community incentive programs.
Investors who participated in the private round will be subject to a six-month waiting period from the token generation event on February 27, followed by an 18-month linear vesting period, according to Poole.
Arcade2Earn, in development since its founding in 2021, experienced delays in its launch
The delays were due to several factors, including the transition from Solana and the additional time required by its gaming partners.
Despite these challenges, Arcade2Earn launched a closed alpha version of its platform last month, attracting around 1,500 unique users through community airdrops and partner activations.
The platform uses a unique gaming system called “Mission Pools”, which allows players to play and win without the need to own non-fungible tokens (NFTs).
This system involves Mission Pool Operators (MPOs) and Mission Pool Contributors (MPCs).
MPOs, which can include gaming guilds and individual players, play web3 games using NFTs from Arcade’s treasury or loaned to the platform.
On the other hand, MPCs, represented by Arcade token holders, support specific MPOs and in-game activities by depositing $xARC tokens into Mission Pools, earning rewards based on mission success.
Regarding the migration to Ethereum and Avalanche, Poole highlighted that Ethereum is used for the main liquidity token, ARC, while Avalanche is the platform for the synthetic token $xARC.
This dual-chain strategy seeks to take advantage of the depth, security and stability of Ethereum, along with the speed and lower transaction costs offered by Avalanche.
Arcade2Earn is positioning itself as an innovative platform in the growing play-to-earn gaming space, with significant investments backed by prominent players in the crypto space.
The strategic migration to Ethereum and Avalanche, along with the planned public token sale, marks an exciting chapter in the evolution of this platform.
