- Esports Players League (ESPL) successfully launched its utility token ESPL ARENA (ARENA) through a collaboration with PancakeSwap, selling all its tokens for $1.4 million. Before the launch, $3.6 million was committed during the farming stage to farm ARENA utility tokens.
- ESPL Arena’s user-generated tournament (UGT) solution was launched in conjunction with the esports platform’s initial farm offering (IFO). The UGT will allow tournament organizers to automatically disburse prizes in the form of digital assets to winning participants.
- The ARENA utility tokens are available for stake farming via PancakeSwap’s Syrup Pools.
Jan. 18, 2023 — ESPL, a global integrated esports tournament and platform provider for gamer communities, has officially launched its utility token, ARENA, in collaboration with PancakeSwap through an IFO on Jan. 16, 2023.
The total amount raised reached $1.4 million, with over $3.6 million worth of PancakeSwap (CAKE) committed during a 2-hour launch on Jan. 16, 2023. Thirty-five million ARENA utility tokens were available for $0.04 per token during the IFO.
Source: https://pancakeswap.finance/ifo
ESPL’s Arena is the first host-to-earn esports platform that aims to enable the esports industry to adopt Web3 technology and business models. The newly launched utility feature will ease the complexity of organizing online esports tournaments and provide a secure and transparent method of prize disbursement for the platform’s 280,000+ global esports athletes.
The utility token was jointly launched with Arena’s UGT solution, giving rise to a more efficient tournament system that leverages Web3 and blockchain technology. The UGT platform will power ESPL Arena’s robust esports ecosystem with next-gen host-to-earn capabilities, granting tournament organizers access to a powerful new economic model for gamer engagement and community building. The ARENA utility token is available on PancakeSwap.
Commenting on the success of ARENA’s IFO, ESPL’s general manager, Ivy Fung, said:
“It is a defining moment to integrate blockchain into the traditional Web2 esports tournament model. With ESPL pushing the frontiers of innovation through the decentralization of tournament hosting and the automation of prize distribution (via the ARENA token), I am confident that we’ll foster a stronger esports gaming community than before.”
ESPL has a track record of excellence in Web2 and Web3 esports tournament systems and organizing, having hosted over 2,000 tournaments and reaching over 33 million users worldwide since 2019. Its global investors include Warner Music Group, 500 Startups, Genting Ventures, iCandy Interactive, RightBridge Ventures, Infinity Ventures Crypto and Arcanum Capital.
About Esports Players League
Founded in 2019, the Esports Players League is a global esports tournament and platform provider developing an integrated and open ecosystem for tournaments, focusing on the grassroots gamer community and digital interactivity. The platform runs on a hybrid online and on-ground model and has a foothold in 16 countries across Asia, Europe and the Americas.
Interview opportunities are available. Please email Daston Lam at [email protected].