Ethereum Based NFT Game, Axie Infinity, Raises $860,000 in Governance Token Sale

Top Ethereum-based crypto game Axie Infinity has raised $860,000 in its sale of AXS governance token.

The firm launched the AXS token officially this month on Uniswap and Binance. It was valued at $0.12 when it was first launched. But its current market price stands at $0.47, according to CoinGecko.

The fundraising was led by Delphi Digital and was necessary to make yield farming more simplistic. Other contributors to the funding include Sparg and Arca.

Axies’ are used like CryptoKitties, which are non-refundable tokens, symbolized by cryptographically distinguished cartoon characters that are almost difficult to find elsewhere. The NFT collectible creatures are rare, especially the Axie NFT, which was sold for 300 ETH ($1,300) this month.

Axie Infinity the only NFT project with over 10,000 users

Jeffrey Zirlin, the co-founder of Axie Infinity, commented on the achievement in an interview.

“We’ve overtaken CryptoKitties by quite a lot,” he said, adding that the company is the first Ethereum-based NFT project to cross the 10,000 level for monthly active users.

Based on information available on data site DappRader, Axie Infinity game currently maintains over 2,500 users per day, which makes it the most popular game on the Ethereum blockchain.

AXS token has been in development for two years

The AXS project may be coming when blockchain is taking center stage for the latest technology. But the Vietnam-based start, who also developed the Sky Mavis game, said the AXS token project began two years ago. According to Zirlin, the launch would have happened earlier, but the pandemic put a little hold on its development.

The scale of today’s governance token is coming amidst collaboration with Chainlink, announced a few days ago.

The announcement stated that Chainlink’s decentralized ETH/USD had been integrated into the game to make sure players always see the current price. The game also added Chainlink’s Verifiable Randomness Function (VRF) for more efficient in-game play involving breeding Axis.

Zirlin also said that the governance token’s primary goal is to bring everyone onboard by aligning their incentives. Core developers, content creators, and players can all have their aligned incentives, which the token will provide.

He also revealed that the tokens would have both fee-sharing features and governance functions, and the proceeds from such features will be sent to the Community Treasury.

Zirlin also confirmed the crypto gaming firm is about launching a new game mode, which will be available on the platform early next year. The game will feature an animal crossing-like setting, where the players can farm on virtual pieces of land to earn in-game tokens.

The play-to-earn approach is part of the game’s success.

Zirlin responded to questions about the game’s play-to-earn approach and said the process is one reason for its success.

According to him, players can spend time playing the Axie Infinity game to earn ERC-20 tokens, which is approximately $5 per hour.

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MoonBeam Network Aims to Bring Ethereum Developers to Polkadot by Recreating EVM

The MoonBeam Project is making some interesting plans. The project aims to create a custom parachain, one emulating the Ethereum Virtual Machine environment. Should they pull it off, they’d effectively recreate Ethereum (ETH) within the Polkadot blockchain (DOT).

MoonBeam Aiming For Ethereum Emulator

Polkadot developers, and most other interoperability projects, typically need to develop an entirely new blockchain in order to host their respective decentralized apps. The Substrate framework of Polkadot, however, is aiming to simplify the process, seeing as not all DApps need such a monumental level of control over the environment.

MoonBeam stands as the project for Polkadot aiming to become an Ethereum emulator, operating within the same virtual environment powering all the smart contracts within the Ethereum blockchain.

Strong Governance And Cheap Fees

The MoonBeam team further highlighted that developers of Ethereum DApps only need to make minimal code changes in order to maintain the use of developer tools, such as Metamask and Truffle. As this is happening, Polkadot integration would mean easier interoperability for the entirety of the Polkadot ecosystem. This is due to other modules of Substrate still being available, which would allow the implementation of social recovery for wallets, on-chain governance, and other features to be available by developers in ready-made code.

The MoonBeam team claims that it will stand as a more affordable smart contract platform, one with a strong on-chain governance system. This sentiment is often emphasized by the co-founders of Polkadot, with them believing that this stands as a necessity for blockchain systems.

The idea is that MoonBeam will be interoperable with both Bitcoin and Ethereum, and will be thanks to dedicated bridges that other teams have already built.

ETH Seeing Newfound Competition

Even so, the competition within the DApp scalability arena is a fierce one indeed. Multiple layer-one chains actively compute with the layer-two solutions that are already native with Ethereum. Ethereum’s dominance in the smart contract space is largely thanks to the booming DeFi market within the network, but the blockchain has its limitations, as seen in 2020’s Summer.

With a new demand established, many players are aiming to capitalize on it, such as MoonBeam and Polkadot, thus providing an alternative platform for users to leverage. Other big names in this growing new niche are as follows: Binance Smart Chain, Solana, Cosmos, and the Near Protocol.

As it stands now, Moonbeam has yet to determine a concrete launch date, since it depends on the Parachain auctions of Polkadot going live. The general consensus is this will happen around the first quarter of 2021, but nothing can be stated as a hard fact.

It won’t be long before Ethereum will need to compete against other big names for supremacy within the smart contract arena. Ethereum will be the top player for some time, but historically, technology groups such as this need to upgrade itself constantly, lest it fall on the wayside faster than anyone could predict.

With any luck, an increase in competition will ultimately benefit the consumer of these projects. Ethereum suffered from a massive influx of traffic driving the gas fees through the roof, so a bit of a load off its system wouldn’t be the end of the world.

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Chinese DeFi Protocol dForce loses $25 million in a hacking attack

Chinese-based decentralized finance (DeFi) protocol, DForce, has been attacked. As a result, the company has lost $25 million, which is almost all the total value locked in its system.

A lending platform within dForce network, Lendf Me website, has also been down since the attack.

Mindao Yang, Chief Executive of the dForce platform, has released a statement on the dForce telegram channel. According to him, the security team of the company is still investigating the event and has asked users to stop sending assets to Lendf.Me until further notice. The dForce team also revealed that the Lendf.Me was exploited at block height 9,899,681.

“ confirmed it was attacked at 8:45 Beijing time Sunday at block height 9899681,” said dForce in a news bulletin.

Further details of the attack have not been received as the company says any additional details could hinder the investigation into the situation. And it is not clear whether some of the users successfully withdrew their assets before the total seizure of the funds.

imBTC blamed for the attack

In January, Lendf.Me merged with imBTC, an ETH based coin pegged to BTC. But earlier today, there was an exploitation of a liquidity pool for imBTC on Uniswap, a decentralized exchange. This led to the loss of tokens valued at about $300,000.

There are speculations that the attack was enabled by the imBTC, which was utilized as collateral but turned out to be fraudulent.

The attackers took advantage of a loophole in the ERC 777 protocol of imBTC. The platform does not apply updates automatically, which allowed the hackers to call the Uniswap smart contract for funds withdrawal before the updates. It appears that the attacker has already withdrawn several times before the balance was updated on the imBTC platform.

Attack on Lendf.Me similar to imBTC

Many Twitter users believe that the attack on imBTC and Lendf.Me are similar. As the transaction records have indicated, the hacker continuously engineered a withdrawal request to withdraw imBTC, which was sent by the hacker in the first place.

A similar scheme has occurred in the past

This is not the first time hackers have used this type of scheme to steal money. In 2016, about $60 million Ether was stolen using a similar scheme in the famous DAO hack.

Before this hack, Lendf.Me was among the top 10 biggest DeFi markets by value. But the attack will now swing this position far beyond Lendf.Me.

Just a few days ago, dForce raised about $1.5 million from investors from Huobi and Multicoin Capital. China Merchants Bank international, the investment branch of one of China’s largest banks, also participated in the funding.

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Ethereum Launches “Baseline” Protocol, Backed by EY and Microsoft

ConsenSys, EY, and Microsoft have now officially launched the Baseline protocol. This protocol is designed for businesses and enterprises that plan to leverage Ethereum’s public blockchain but in a secure, private way.

Creating Private Networks In Public Chains

The Baseline project itself was announced on the 4th of March, 2020. However, the source code for the project was only published on GitHub within this week, which has made it available to both developers and businesses for the first time.

Baseline was developed with the purpose of allowing enterprises and businesses to build private networks on top of the existing Ethereum blockchain. In typical network conditions, all transactions on Ethereum are open for public scrutiny. In order to avoid this, businesses typically employ their own private blockchains or otherwise leverage an enterprise version of Ethereum.

Leveraging Technology For Data Security

Baseline, however, allows businesses to leverage the public chain of Ethereum without subsequently compromising the privacy of their network through doing so. Baseline leverages zero-knowledge proofs, distributed identity systems, as well as off-chain data storage to ensure that sensitive data stays private within the public blockchain.

ConsenSys gave a public statement about the matter. It explained that the protocol would allow for tokenization and decentralized financial services support within the Mainnet. This will be done in such a way that neither corporate assets nor activities would be revealed to various unauthorized parties in the process. This allows for enterprise data to safely stay within traditional systems without the worry of being uncovered.

Higher Integration With Ethereum’s DeFi

Through using this protocol, businesses will be capable of handling the large amount of transaction processing power that Ethereum holds. This, in turn, makes it easier for various companies to connect their respective activities to the DeFi ecosystem that Ethereum is so well known for.

The announcement itself implies that Baseline was developed primarily for product procurement. An example would be the fact that Baseline is capable of tokenizing information, such as purchase orders and receivables. This information can then be, in turn, handled through a smart contract on the Ethereum network.

The protocol includes a demo as well, called Radish34. This stands as a collaboration between EY and Microsoft that occurred during 2019. This demo demonstrated the potential use for the platform through the management of relationships between buyers and sellers, as well as facilitating real-time calculations when it comes to volume discounts.

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Google Pay Integrates Coinbase Card To Its Offering

Owners of Coinbase cards that also own android smartphones capable of supporting it are now capable of using their cards without the physical copy. This comes through integration with Google Pay, which was announced on the 17th of march. As it stands now, the card can be emulated through Google Pay on a mobile phone.

Payment Options For Europe Only

The Coinbase Card allows for crypto holders to directly connect with their crypto balance on the exchange itself. This, in turn, can be used to spend crypto on various transactions, thanks to an instant conversion to fiat at the moment of purchase.

As it stands now, the card can only be issued to people situated either within the European Union or within the European Economic Area. However, users within the UK are capable of using it as well. Once this card has been issued, it’s possible to use it wherever Visa cards are supported. It stands as a genuine mainstream integration of the crypto industry.

European Central Bank
Source: Daily Express

Offering A Cardless Card Service

Google Pay allows users to emulate a physical card for offline purchases. It does so by leveraging the NFC chip built into the device. It will enable you to use your smartphone on any terminal that has contactless payment options enabled. Both smartwatches and smartphones are capable of handling the service, but it obviously needs the presence of an NFC chip to work. Thus, most budget-oriented smartphones cannot use the Google Pay service, as it simply doesn’t hold the hardware needed to enact it.

However, there are restrictions in Google pay, since it can’t be used in every country that the Coinbase Card is supported. Countries like the UK, Belgium, Ireland, Finland, Italy, France, Spain, Slovakia, Czech Republic, Croatia, Denmark, Poland, Sweden, and Norway are countries where these services are simply not allowed.

Coinbase made further promises to expand the list of countries that enable this service throughout the coming year.

Google Pay, But No Apple Pay

Through the integration with Google Pay, Coinbase cards can be used instantly after a user has ordered it, as it does not need the physical card to function. Amusingly enough, the iOS counterpart for Google Pay, Apple Pay, has yet to be integrated into this service, as well. As it stands now, no updates have been made as to whether or not any of this will be done, or if it will stay on Google Pay exclusively.

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