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June 3, 2023

Gaming-Focused Layer-2 Crypto Project Surges by Over 90% After Announcement of New $80,000,000 Ecosystem Fund

By Daily Hodl Staff

A gaming-focused layer-2 crypto project nearly doubled its value on Friday after announcing a new $80 million ecosystem fund.

COMBO (COMBO), which previously went by the name Cocos-BCX, bills itself as “a leading provider of scaling solutions for Web3 game development.”

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The project’s native token shot up from trading around $1.00 early Friday morning to a high of $1.92 later that day, a 92% increase.

The altcoin has retraced from its Friday high and is trading at $1.77 at time of writing.

The price surge happened shortly after COMBO announced its new fund, which the project says will be “an integral part of COMBO’s vision of collaborative world-building and industry growth.”

“The COMBO team has allocated $80 million to the Ecosystem Fund. These funds will be made available to developers who are creating web3 games on COMBO –  a leading game-focused layer-2 chain. In addition to funding, the Ecosystem Fund also provides developers with access to a network of advisors and gaming industry veterans who can help guide successful applicants through the web3 game development process.”

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The project says it’s looking for developers who “push the boundaries of what’s possible” in Web3 gaming.

Even after the recent rally, COMBO still remains down by more than 67% from its all-time high of $5.44, which it hit in November 2021.

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