Farcana, an online shooting game built on blockchain technology, announced the staking facility for its $FAR token. It allows the users to stake their tokens in the Polygon network and get an interest of 60% APR. This bonus is designed to increase the activity level and make users interested in further development of the Farcana ecosystem.
$FAR’s Significant Growth Following Staking Announcement
According to Coingecko data, the $FAR token surged by 24% on September 25 following the announcement of the staking program. This rise demonstrates the increasing interest in Farcana’s offerings, as the token ranks as the second most traded asset on the Bybit exchange, trailing only Eigenpie’s EGP1. Earlier this year, on January 23, $FAR was officially listed on Bybit.
Ilman Shazhaev, CEO and Co-Founder of Farcana shared insights regarding the token’s recent performance. He noted that the decline in $FAR’s value reflected earlier listing strategies that lacked sufficient utility. He said, “We’re offering this 60% APR to reward our loyal community and early adopters; we want our holders to put their tokens to work while we continue to build out the Farcana ecosystem, slowly but surely.”
He emphasized that speculation rather than sustainable growth has primarily influenced the token’s price fluctuations. Shazhaev remarked that the newly introduced staking program is critical in providing meaningful utility for the token. He highlights the significance of this initiative of the staking program, stating,
“Staking is just the first step in creating long-term stability and utility for the token. The upcoming game launch will be a turning point, and we’re building towards that by ensuring that the token already offers value and utility well before the release.”
To stake their $FAR tokens, users must log into their Farcana accounts, connect their crypto wallets, and select the Polygon network. This streamlined process allows players to actively engage with their tokens while Farcana continues to develop its gaming infrastructure.
Strategic Funding and Development Initiatives by Farcana
Farcana recently raised $10 million in seed funding from notable investors, including Animoca Brands and Polygon Ventures. This financial backing supports the game’s development, allowing for improvements to gameplay and infrastructure. As of September 2024, Farcana has introduced new in-game characters and enhancements to the gaming experience.
Founded in 2022, Farcana combines elements of storytelling with competitive multiplayer gameplay. The game, set in near-future Mars, features Axelar-enhanced characters competing in a tournament. Players benefit from blockchain technology, which promotes player ownership and rewards. The team behind Farcana includes industry veterans and has collaborated with local institutions to enhance the gaming experience. Farcana’s staking program illustrates its dedication to building a sustainable ecosystem while providing value to its token holders. As it approaches its official launch, the program is expected to encourage user loyalty and foster a thriving community around the game.