Former Chain Game Star Project Wildcard's Post-TGE Market Cap Falls Below One Million, Peak Era Saw a Single Round of Funding of $46 Million, Community Questions "Soft Rug"

March 27 — Wildcard, the former star blockchain game project once backed by a $46 million Paradigm-led investment, held its Token Generation Event (TGE) at 1 p.m. ET today. Launched initially on Arbitrum, the token surged to a peak market capitalization of $1.1 million post-launch and now trades at $809,000. Its liquidity pool totals just $209,000, drawing widespread community questions about the project’s accountability and allegations of a “soft rug.” ### Background In June 2022, Wildcard closed a $46 million Series A funding round led by Paradigm, with participation from Griffin Gaming Partners, Polygon, and other firms. The project announced the Wildcard Alliance to build “Wildcard”—a PvP hybrid of card, MOBA, and competitive gameplay initially built on Polygon, later expanding to Arbitrum. Founders Paul Bettner and Katy Drake Bettner boast strong credentials, having worked on hit games like *Words With Friends* and *Lucky’s Tale*. ### Subsequent Developments The project revised its roadmap multiple times. Its latest funding came in June 2025: Thousands (a Web3 creator protocol and marketing infrastructure platform affiliated with Wildcard) and the Wildcard Alliance announced a $9 million round co-led by Arbitrum Gaming Ventures and Paradigm. Funds were earmarked to accelerate Wildcard’s game development, the Thousands protocol, and Thousands.tv—a creator-driven user acquisition and live streaming system. However, a crypto market cool-down left the game and platform far short of expectations. Undeterred, the team proceeded with the TGE, which failed to win investor favor and has not secured a listing on any major centralized exchange (CEX).