71% of PIRATE staked into Proof of Play as token price rises 170% following launch

As announced at the start of June 2024, blockchain gaming company Proof of Play launched its PIRATE token on 13th June. PIRATE has gained early momentum – up 170% in one day – following listings on major crypto exchanges including Coinbase, Gate.io, Bybit, and more.

More significantly, although the token could be claimed and traded immediately at launch – around 29,000 wallets have claimed to-date – 71% of claimed tokens have been staked back into the Proof of Play ecosystem. In return these holders are offered PoP points, which serve as a reward to early supporters and users of Proof of Play’s larger network of games and infrastructure.

To-date social RPG Pirate Nation is the only game released by the team, but the plan is to make multiple games, all powered by Proof of Play’s native Arbitrum-based Apex blockchain. 

To this end, users who stake their tokens at the time of claiming them, get a +50% multiplier. 15% of the total token supply was distributed in Season 1, and every three months, users can claim a further share of their allocation, with the team and investors waiting for 12 months before they can start their claims. 

Similarly to Neon Machine’s SHRAP token, the team has also introduced a “spend from stake” feature, enabling PIRATE stakers to use their tokens without having to unstake them.

Consisting of gaming veterans from Epic Games, Zynga, EA, and Activision, Proof of Play is helmed by co-founder and CEO Amitt Mahajan. 

“Our mission at Proof of Play is to create fun, accessible onchain games and, in the process, develop novel technologies that make onchain game development easier for everyone,” said Mahajan.

“The single most important design principle of the PIRATE token is ensuring Pirate Nation is made better, and more engaging, through its existence, and we are excited to offer utility while rewarding our dedicated community. We believe that Proof of Play Points are a way to recognize & reward players for their participation in the Proof of Play ecosystem.”

Discover more about Proof of Play in our interview with CEO Amitt Mahajan, and learn more about Pirate Nation and its tokenomics via the game’s litepaper.