PlotX Closes a $5 Million Pre-Series A Funding Grant from Polygon and Hashed; Announcing a New Staking Program

PlotX, one of the fastest-growing GameFi dApp on the Polygon ecosystem, has concluded a $5 million pre-Series, a funding round and grant. As per a press release on January 17, PlotX received funds from Polygon Studios and Hashed with participation from high-profile crypto venture funds, including the gaming-focused Animoca Brands and celebrity angel investors like Sandeep Nailwal–the co-founder of Polygon, and Ethan Kim–the co-founder and partner at Hashed.

Funds to Realize a Sustainable GameFi Ecosystem

Acquired funds will go towards realizing the dApp’s global ambitions of replicating–and even outperforming–the stellar performance posted by Axie Infinity—a wildly successful play-to-earn game developed by Sky Mavis, a Vietnamese studio. 

Over $3.6 billion of assets had been moved within Axie Infinity’s internal marketplace by mid-January, distributing over $700k in commission to active players. Commenting on the funding success, the co-founder of PlotX, Ish Goel, said the financial support would help them create a sustainable and accessible GameFi ecosystem.

“We are thrilled about the infusion of this new capital as grant + funding. Polygon is the torchbearer of scalable L2 solutions around Ethereum, and we’re humbled by the support we have received from their community and others. It’s still Day One at PlotX, and we’re just getting started with our vision of building the most accessible and sustainable GameFi ecosystem in the world.” 

PlotX Has Over 80K Users, Launches a Skill-based Trivia Game

PlotX is already one of the fastest-growing dApps in the equally active Polygon ecosystem. When they concluded their pre-Series A funding round, there were over 80K users as the dApp registered a 144 percent user growth month-on-month. PlotX has a skill-based trivia game where players can earn rewards every hour by predicting real-world events. 

Currently, their primary focus is on cryptocurrencies considering the sphere’s high liquidity and a perpetually active market allowing users to earn rewards provided they play, any day or hour. PlotX offers eight markets, including the BTCUSD, MATICUSD, ETHUSD, and SOL pairs, for users to predict and earn rewards. The creators have gone a notch higher. Through the crypto prediction game, they are rolling out what they say is a “Web 2.5 user interface”, allowing users to place predictions for as low as $1.

Over $2.6 Million In Rewards Distributed

By mid-January 2022, the skill-based trivia predictions game has created over 73k markets where more than 578k predictions have been made. Meanwhile, over $5.8 million have been locked, and users rewarded with over $2.6 million in rewards. 

Unlike centralized options, making predictions is on-chain and non-custodial, and the user retains control without paying high Gas fees. Smart contracts-driven, all PlotX’s rewards are distributed from the pair’s pool on Polygon. 

Polygon Is Building, Hosts Over 3K Unique dApps

Polygon is host to over 3K unique applications acting as a dependable launching pad for projects needing a decentralized, scalable, and cheap-to-transact base layer. Besides the scaling and fee benefits, Polygon continues to develop, acquiring ZK Rollups’s firm Mir Protocol for $400 million. Layer-2 solutions like ZK Rollups securely route transactions off-chain before being confirmed on the mainnet. With this feature, Polygon would generate more proofs faster and verify more transactions in a single proof.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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