Bybit Announces $PARAM Launchpool Staking and Airdrop Event ahead of Listing
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UAE /Param Labs/ – Cryptocurrency platform Bybit is set to list Param Labs and its PARAM token on 29th May 2024 at 10:00am (UTC) launching with a USDT trading pair.
The listing announcement comes shortly after the project successfully onboarded over 2 million users worldwide for its flagship game, Kiraverse. The company has closed an oversubscribed funding round led by Animoca Brands, Delphi Ventures, Cypher Capital, P2 Ventures (formerly Polygon Ventures), Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group, and MH Ventures.
To celebrate the $PARAM listing, Bybit will host a Launchpool skating event from May 29 to June 5th, allowing users to buy and stake $PARAM to earn more tokens. In addition, Bybit and Param Labs are launching an Airdrop event, where participants can complete social media and referral tasks to earn more $PARAM.
Hosted on the Ethereum network, $PARAM is the governance and utility token that powers the Param Labs ecosystem, as the company states its use for gaming, merchandise and content, governance, and more. According to the company’s official litepaper, the token can be used for staking rewards, platform payments including in-game transactions and rewards for its Kiraverse game, governance for the community, and as a payment method for its ‘wager match’ on its flagship Kiraverse game. PARAM means discounts on merchandise and gain exclusive access to Param and its partner products, experiences and events.
Param Labs recently announced the onboarding of Activision Blizzard Consumer Products VP Steve Young to the board. The company has generated over $4M + revenue in the past 12 months through its unique Pixel-to-Poly service and NFT sales, while they also onboarded gaming and esports organisations such as Chronic, Loud GG and more as marketing and strategic partners for expansion. The team is experienced in working with companies like Activision, Epic, EA, Ubisoft, and more. This team has achieved over $40 million in EBITDA revenue.
The company collaborated with gaming and retail giant GameStop to create ‘Bucks Season 2’ NFTs, which are available in the Kiraverse game as playable characters. More recently, Param collaborated with brands such as Neo Tokyo, Pudgy Penguins, Immutable X, Animoca Brands’ Mocaverse and 50 more partners through various IP partnerships.
Anthony Anderson, the CEO and co-founder of Param Labs, says:
“We’ve come a long way over the past three years, where it all began with a video game. Param Labs has grown into an infrastructure committed to offering true digital asset ownership and enabling bottom-up IP creation, with brands that we see and interact with regularly. The token will be an important part of our progress, as it’s designed to supercharge our ecosystem – listing on Bybit is a step in the right direction.”
Bybit exchange also communicated this development in an official blog post on May 24 and shared the news on X about its upcoming 20,000,000 PARAM listing prize pool to celebrate Param Labs upcoming listing. According to the official blog, Bybit announced special events starting from May 29th, 2024, 8AM UTC till June 5th, 2024, 8AM UTC. Interested users can register for the event through Bybit.
About Param Labs
Param Labs is at the forefront of leveraging artificial intelligence and blockchain technologies to advance the rapidly growing $200B+ gaming industry. By addressing some of the most significant challenges believed to limit the sector’s long-term growth, Param Labs is setting new standards for innovation and user engagement. Its ecosystem is crafted to provide gamers with digital ownership over their gaming assets, and to enable the creation of user-generated value across their experiences.
With a keen focus on solving apparent issues in the gaming world, Param Labs designs products that not only aim to seamlessly integrate millions of new users into the benefits of Web3 technology but also to empower individual creators and studios. The team is dedicated to developing the necessary tools for effortlessly utilising the advantages of emerging technologies, paving the way for the future of the gaming industry. Through its efforts, Param Labs is positioned as a pivotal player in transforming how gamers interact with digital content, promoting a more inclusive and dynamic gaming environment.
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