UAE-based team shooter Farcana recently announced the launch of a new FAR token staking program to improve its market performance.
The program offers a 60% Annual Percentage Rate (APR) on staked FAR, making it one of the most attractive incentives among current web3 games.
Since its launch in February 2024, FAR has experienced a significant decline of 96%. The founder and CEO of Farcana, Ilman Shazhaev, attributes this decline to the early listing decisions of the token, which emphasized the need for a more robust utility within the ecosystem.
Following the introduction of the new staking system, FAR has seen a 24% jump in its value and has become the second most traded asset on the crypto exchange Bybit. However, this positive development is part of a larger trend affecting altcoins and web3 gaming tokens in 2024.