BEAM Surges 277% In Six Weeks Following Chain Migration and GameFi Recovery

Merit Circle announces strategic partnership with Pantera Capital

By: Samuel Haig Loading...

BEAM Surges 277% In Six Weeks Following Chain Migration and GameFi Recovery

Beam, the gaming-focussed Avalanche subnet from the gaming guild, Merit Circle, is on fire, ranking as the top gaining top 100 cryptocurrency over the past 24 hours with a 37% gain.

The latest spike of bullish momentum was triggered by Merit Circle announcing a strategic partnership with Pantera Capital, a leading venture capital firm in the crypto space, on Dec. 5. Pantera now holds a significant stash of BEAM tokens per the deal, and will support the growth of the Beam ecosystem.

“We believe [gaming] could be a major catalyst for onboarding the next generation of users onto blockchain rails,” said Cosmo Jiang, a portfolio manager at Pantera Capital. “Merit Circle’s core contributors have demonstrated exceptional progress and resilience over the last two years.”

“[We] welcome the renowned fund as $BEAM holders, and have their support in hiring, connecting with existing and future games and overall spreading the word about our DAO, and our gaming ecosystem Beam,” Merit Circle said.

BEAM’s impressive price performance also follows the Merit Circle guild migrating its DAO from Ethereum to Beam from Oct. 26. Users can migrate their MC tokens to BEAM, simultaneously redominating their tokens at a 1-to-100 ratio via a LayerZero bridge. Token migrations will close on Oct. 26, 2024.

On Nov. 28, Merit Circle said tokenholders had already migrated 82.7% of MC’s supply.

BEAM is now up 277% since token migrations went live in late October, coinciding with a marked recovery for GameFi assets across the board. According to CoinGecko, the market cap gained 70% since Oct. 30, currently sitting at $15.7B.

BEAM/USD. Source: CoinGecko.

However, MC remains down more than 86% since its December 2021 all-time high, despite surging 900% since mid-June.

Merit Circle has accumulated a sizable treasury of non-native assets from across the gaming industry since launching in mid-2021, noting it has made more than 70 different investments across the web3 gaming sector.

“We currently have a larger non-native treasury than renowned names such as Uniswap, Sushiswap, Compound, Aave, Lido and Maker,” Merit Circle said.