Coinbase Lists New PIRATE Token

Coinbase has introduced trading support for the new PIRATE token, which is integral to the blockchain-based role-playing game Pirate Nation. Customers of the leading US crypto exchange can now trade PIRATE, which serves as both a utility and staking token in Pirate Nation.

The Ethereum-based token debuted on Wednesday and saw an impressive 90% increase within its first 24 hours. Coinbase included PIRATE under its “Experimental Label,” a category for tokens considered riskier and with lower liquidity.

Other exchanges like Gate.io, based in the Cayman Islands, and Coins.ph from the Philippines have also started offering trading services for PIRATE.

Pirate Nation allows players to build crews, construct ships, explore islands, hunt for treasure, and battle creatures, all within an entirely on-chain gaming ecosystem. According to the project’s litepaper, the game operates on the Apex chain, a blockchain developed by the gaming studio Proof of Play:

“At the time of publishing this litepaper, the game consists of over 300 smart contracts, all game logic lives on chain, and our current player base generates over 1 million transactions through in-game actions on Proof of Play’s Apex chain every day. Throughout much of Pirate Nation’s first Season, Apex has ranked within the top 3 EVM (Ethereum Virtual Machine) based L2’s / rollups for transactions per second (TPS) and gas per second (MGas/s).”

Amitt Mahajan, Co-Founder and CEO of Proof of Play, said:

“Our mission at Proof of Play is to create fun, accessible onchain games and, in the process, develop novel technologies that make onchain game development easier for everyone. The single most important design principle of the $PIRATE token is ensuring Pirate Nation is made better, and more engaging, through its existence, and we are excited to offer utility while rewarding our dedicated community. We believe that Proof of Play Points are a way to recognize & reward players for their participation in the Proof of Play ecosystem.”