It’s been a forgettable week for the crypto industry. The collapse of Silvergate, Signature and the Silicon Valley Bank left most tokens deep in the red over the last week or so. For instance, on March 11, Bitcoin slipped below the $20,000 mark for the first time since Jan this year. The rest of the crypto market followed in BTC’s footsteps, registering substantial losses between March 3 and March 12.
However, while most other tokens experienced sell-offs, the presale of the TOADS token has seen significant investor interest during this period. Moreover, most experts believe that this token could see substantial gains in the coming months. But what is the TOADS token and why is it expected to rally? Tag along to find out.
What is the TOADS token and how does it work?
TOADS is a memecoin that serves as the native cryptocurrency and governance token of DigiToads, a play-to-earn platform built on the Ethereum Network. Upon joining the game, users are provided with a DigiToads NFT. In the initial stage, this NFT is a tadpole which users must nurture until it grows into a toad.
Every DigiToad comes with its unique attributes, strengths, and weaknesses such that players get to explore a wide range of in-game characters. Users can then upgrade and battle their toad with other players to win more TOADS tokens and other rewards.
The TOADS token is an integral part of the platform's gaming mechanism and you will need these tokens to buy potions, food, and training equipment for your DigiToads. The more DigiToads users collect, the more training tools they unlock. This will allow users to upgrade the size, abilities, and strengths of the DigiToads. As such, players would get a competitive edge in battles against their opponents.
After the completion of every season in this game, the top 25 percent of players listed on the leaderboard will receive TOADS tokens as a reward. Moreover, 50 percent of the funds raised from the sale of in-game items will be distributed among the top 25 percent of players. This way, players can monetize their gaming skills and earn real money.
Another 10 percent of the funds collected from in-game purchases will be re-distributed to all token holders. This will allow for even greater earning potential. The platform’s unique tokenomics should create demand for the TOADS tokens and boost their value over time.
The platform also has a staking feature. Users can stake their DigiToad NFTs with the platform to earn additional rewards. The platform will deduct and collect two percent of all transaction fees, which will later be equally distributed amongst stakers. This adds an extra earning avenue for DigiToads users.
Other interesting features and benefits
DigiToads also has a token-burning mechanism. The platform will collect 2 percent from all ‘buy’ and ‘sell’ transactions, which will later be burnt from the supply. This diminishing supply could ensure price stability and growth in the long run. Moreover, the platform is also offering giveaways during its presale. According to the website, one lucky winner will receive a lump sum payment of $50,000 at the end of the presale.
To be eligible for this giveaway, users need to hold 40,000 TOAD tokens, which are worth approximately $100. Users can also increase their chances of winning the giveaway by participating in some additional tasks, such as following the platform's social media handles.
The project is also focused on supporting environmental initiatives. For that, it has dedicated 2.5 percent of the profits made from the DigiToads project to charities that help in replanting trees and preserving the Amazon rainforest. With all these offerings and features combined, DigiToads promises to become a top contender in the blockchain arena.
Why is the token expected to rally?
The project’s presale went live on March 9. Over the last few days alone, the token has managed to raise $132,249. This means that DigiToads has raised more than 20 percent of its stage 1 presale target in under a week. Moreover, the price of the token will be increased after each presale round.
This should provide early-stage investors with substantial returns before TOADS is even listed on any exchanges. Moreover, the P2E ecosystem and a staking platform open up more avenues for investors to grow their investments. Keeping all this in mind, the platform projects a 450 percent return on investment for early-stage investors.
Conclusion
DigiToads is an up-and-coming play-to-earn platform. It has already grabbed the attention of investors and raised a substantial amount of money in the first few days of its presale. However, cryptocurrencies are highly volatile and prices can plummet in a matter of minutes. Therefore, it is extremely important to do your own research about the project and invest only as much as you can afford to lose completely.
