A gaming-centric layer-2 cryptocurrency project experienced a significant surge in its value on Friday following the announcement of an $80 million ecosystem fund. The project, known as COMBO (formerly Cocos-BCX), positions itself as a prominent facilitator of scalability solutions for the development of Web3 games.
On Friday morning, the native token of the project experienced a significant increase in value, rising from trading around $1.00 to a peak of $1.92 later in the day, reflecting a remarkable surge of 92%.
However, since then, the altcoin has retraced from its peak and is currently trading at $1.77 at the time of writing.
This sudden price surge coincided with the announcement of COMBO’s new fund, which the project believes will play a crucial role in fostering collaborative world-building and industry growth.
The COMBO team has allocated a substantial amount of $80 million to the Ecosystem Fund, intended to support developers who are actively involved in creating web3 games on COMBO, a prominent game-focused layer-2 chain. In addition to financial backing, the Ecosystem Fund also provides developers with access to a network of advisors and experienced professionals from the gaming industry, who can offer guidance and support throughout the web3 game development process.
The project emphasizes its pursuit of developers who are pushing the boundaries of what is achievable in Web3 gaming, aiming to bring innovative and groundbreaking experiences to the forefront.
Despite the recent rally, it’s important to note that COMBO’s current value still remains significantly lower, having decreased by over 67% from its previous all-time high of $5.44, which was reached back in November 2021.