Web3 gaming platform Param Labs has announced the upcoming launch of the PARAM token on May 29 at 8 AM UTC. The PARAM token will be listed on multiple exchanges, and Param Labs will announce the listing partners shortly. Param advises airdrop users to double-check authenticity and to avoid scams by only interacting with verified Param social media accounts.
What is the PARAM token?
The PARAM token is currently used to power operations across Param’s network layers, in Wager Matches, and more. Token holders benefit from staking rewards, exclusive discounts, and a role in governance through democratic voting. A deflationary mechanism further promotes long-term PARAM price growth. The Param ecosystem uses AI and blockchain technologies to unite unique IPs, thereby revolutionizing the gaming ecosystem.
Currently, PARAM tokens cannot be bought or sold, as it has not been listed on any crypto exchanges yet. The Param ecosystem will have a total supply of 2 billion tokens.
Moreover, participants in the Param airdrop, who engaged in farming activities to earn PARAM tokens, are eagerly anticipating the upcoming exchange listings. While some users may miss the May 23 deadline to connect their Webb3 wallets to their gaming dashboard and claim their tokens, all eligible participants will be able to claim their airdrop rewards once the full launch takes place.
These tokens can be used to claim more tokens or non-fungible tokens (NFTs) in exclusive airdrops or to purchase branded merchandise available exclusively within the Param ecosystem.
Staking PARAM for partner points and governance
Param Labs has announced the creation of multiple products within its ecosystem, including Param Launchpad. This will feature exclusive collections from leading gaming brands, allowing anyone to use the token to mint and own gaming assets.
These assets can be used in the Kiraverse Game or traded on OpenSea, Blur, MagicEden, and other marketplaces. Holders need to stake PARAM to earn “partner points” which they can redeem for partner project tokens. While you can unstake whenever you want, doing so prematurely will forfeit any partner points accumulated. However, you will get back all the PARAM you staked.
Stakers will also have a say in DAO once governance is live. Param Labs took part in a successful $7 million funding round led by Animoca Brands, with participation from Cypher Capital and Delphi Ventures. The PARAM token will manage Param Labs’ gaming ecosystem.
According to an official statement, the funds will be used to grow and develop the gaming platform further, with an emphasis on integrating the PARAM token.
