Farcana, a blockchain-based shooter game built on Unreal Engine 5, has officially launched its staking program for the $FAR token. The new staking feature allows users to lock their $FAR tokens and earn a competitive 60% APR, one of the highest incentives among the recent Web3 games. According to its team, users will need to select the Polygon network to stake their tokens.
To stake, players should sign into their Farcana account, connect their crypto wallet, and choose the Polygon network. The staking program will potentially expand Farcana’s ecosystem and encourage long-term engagement from its user base.
In response to this news, the $FAR token experienced a sharp rise, soaring by 24% on Monday, September 25, as per Coingecko data. The increase reflects heightened interest in Farcana’s staking program and the broader growth of its token economy.
Additionally, the $FAR token has achieved a notable ranking on the Bybit exchange, now standing as the second most traded asset on the platform, trailing only behind Eigenpie’s EGP1. This marks a significant milestone for the game, whose token was officially listed on Bybit earlier this year on January 23d.
“Until the game goes live, our token has been largely driven by speculation—a model that doesn’t drive sustainable growth. That’s why $FAR has also underperformed in the current market,” said Ilman Shazhaev, CEO and Co-Founder of Farcana. “To address this, we are introducing several meaningful utilities and Staking is one of them. We’re offering this 60% APR to reward our loyal community and early adopters; so that they can put their tokens to work while we continue to build out the Farcana ecosystem, slowly but surely.”
Farcana’s staking announcement follows its successful $10 million seed funding round, which was supported by prominent blockchain investors such as Animoca Brands, Polygon Ventures, Fenbushi Capital, and Merit Circle.
These funds have enabled Farcana to expand its development and refine its gaming infrastructure.
As of September 2024, Farcana has introduced several exciting updates and improvements, including new in-game characters, arena and UI overhauls, and an exclusive in-game marketplace.
Founded in 2022, Farcana offers a unique blend of futuristic storytelling and competitive multiplayer gameplay, drawing comparisons to popular titles like Overwatch and Valorant. Unlike these games, however, Farcana features smaller, walled maps, and its game modes are designed to leverage the power of blockchain technology for player rewards and ownership. Set in the near future, where humanity has settled on Mars, the game’s narrative revolves around a superpower-granting substance called Axelar. Players take on the roles of Axelar-enhanced characters competing in a perpetual tournament on Mars.
The Farcana team is based in the MENA region and includes notable figures from the gaming industry, such as Carlos “Ocelote” Rodríguez, the founder and former CEO of G2 Esports, who now serves as their advisor. The team has also actively engaged with local institutions, partnering with Dubai’s Economy and Tourism Department to host a pre-alpha gameplay test at the Dubai Esports Festival in June 2023.
This latest staking program signals Farcana’s commitment to enhancing player engagement and broadening its decentralized ecosystem. As blockchain gaming continues to grow, Farcana’s creative model—combining competitive gameplay with blockchain-driven rewards—sets it apart in the rapidly evolving industry.
