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Multichain Whitehat Hacker Returns 259 ETH: Report

The users of cross-chain protocol lashed out over an unsolved security vulnerability that appeared earlier this week and the platform’s failure to act. Later on, though, Multichain revealed that one whitehat hacker returned 259 ETH, worth approximately $813,000.

The Multichain Exploit

It all started when Multichain announced the existence of a flaw that made several accounts vulnerable to malicious entities. The team behind the protocol urged its users to revoke approvals for six tokens – WETH, PERI, OMT, WBNB, MATIC, and AVAX, in order to protect their assets, an action that inevitably prompted hackers to rush in and exploit the vulnerability.

Update
According to the tracking data, one whitehat hacker has returned 259 ETH (https://t.co/BvTwOQTsE1). At this moment, a total of 602.693538 ETH is exploited. We are trying to get more funds back.

— Multichain (Previously Anyswap) (@MultichainOrg) January 20, 2022

Three hackers siphoned off with around $1.9 million worth of Ether, according to Multichain. However, the Co-founder of ZenGo Tal Be’ery estimated that the total stolen amount has likely crossed $3 million.

One of the hackers swiped $1.43 million from users who failed to update their approvals. Another hacker offered to return 80% and kept the rest $150,000 as a tip. Seeing this, one of the victims, who reportedly lost $960,000 in the exploit, negotiated with the hacker by offering a reward of 50 ETH to the address in return for the funds.

The Chaos

Users were left confused after Multichain, in a since-deleted tweet, said that “funds are safe” even when the exploit was underway. Several victims urged Multichain to compensate and even accused the scammers of trying to impersonate the firm to steal more user funds.

The bug was first reported by DeFi security company Dedaub, but Multichain had claimed to have fixed it.

Previously known as Anyswap, Multichain is essentially a cross-blockchain router protocol that enables users to swap and exchange digital tokens across chains. In doing so, it significantly slashes fees and streamlines the entire process. The company secured $60 million in a seed funding round led by Binance Labs in December.

The latest breach comes on the heels of CryptoCom admitting to an exploit where hackers stole more than $30 million on January 17th. Earlier CryptoCom announced suspending withdrawals after a slew of complaints from users who claimed that their funds had disappeared. But it wasn’t until Thursday that the company officially acknowledged the breach after being repeatedly accused of vague communication.

Nirvana NFTs With Rare Pictures Of The Band Will Be Auctioned Next Month

Those Nirvana fans with some cash left after the cryptocurrency crash of the last week will have the opportunity to own a piece of the history of their favorite band immortalized on the blockchain.

On February 20, 2022, an auction will be held with never-before-seen images and artworks of Nirvana. The auction will be crypto-only and will take place on the same day as the birthday of Kurt Cobain, leader of the iconic band, who committed suicide on April 5, 1994.

Nirvana is Inmortalized on the Blockchain

The auction will include 27 images and 15 never-before-seen artworks created from a series of pictures taken by photographer Faith West on October 1, 1991, during a band concert at J.C. Dobbs in Philadelphia, six days before the release of the album Nevermind.

The images, which are now on display in Rarible, include black-and-white photos as well as some psychedelic color edits and some GIFs featuring various moving pictures.

One of the Nirvana NFTs to be auctioned. Source: Rarible

The auction is organized by Pop Legendz, a startup that mints NFTs related to the music industry. The NFTs are not all cheap, although the price of the tokens may be justified considering that the band has acquired a legendary status in the rock scene. Also, the material had not been available to the public until the time of the announcement. The price for each image starts at 1ETH and 67ETH for the GIFs. The auction will likely end at much higher prices.

The winners will not only get the NFT. They will also get a unique framed, 16 “x24” print of one of the images signed by the photographer.

For members of the Nirvana Fan Club, there are special conditions: 100 users will be able to buy GIFs at $499, and 100 images will be sold at $99. Only members of this club will be able to pay by credit card. All other buyers will have to pay with cryptocurrencies.

Half of the proceeds will be donated to The Trevor Project. This charity helps youth in the LGBTQ+ community prevent suicides. Another part will go to Grid Alternatives, an organization that distributes solar panels to low-income families.

NFTs And The Entertainment Industry

NFTs are unique tokens that use the properties of a blockchain standard to prove ownership. Unlike normal cryptocurrencies or non-fungible tokens that can be exchanged for others of exactly the same properties (such as 1 BTC or 1 ETH), NFTs are minted one at a time and have their own properties. Hence their name.}

Because they are unique, their main use is as proof of identity or ownership. And in recent months, the entertainment and gaming industry has been able to exploit their characteristics.

Outside of the gaming world, which is a booming industry, more and more artists are launching NFT collections offering a unique user experience. From concert tickets to song royalties, NFTs are revolutionizing the way artists conceive their relationship with fans.

Decentraland Guide and Review: How to Play the Blockchain Game?

Online gaming is arguably one of the best use cases for blockchain-based technology. The ability to assign traceable and verifiable ownership to in-game items provides tremendous capabilities.

This concept has grown in popularity, and perhaps one of the first games to pioneer the field was Decentraland.

The below is a comprehensive guide on Decentraland – what it stands for, how it was launched, and how to play it in a detailed step-by-step guide.

Quick Summary:

Name: Decentraland

Launch date: 20.02.2020

Tokens and network: Ethereum, LAND, MANA

What is it about: Decentraland is a decentralized virtual platform where users can create, travel, and monetize experiences, content, and applications.

Associated brands and celebrities: Samsung, Australia Open 2022, Digital Currency Group, JJ Lin, and others.

What is Decentraland?

Decentraland brings forward a decentralized virtual reality (VR) platform that’s built on top and powered by the Ethereum blockchain. Within it, users are able to create, experience, and monetize experiences, applications, and content.

In essence, it’s a virtual reality where the 3D land is permanently owned by the community, which provides members with absolute control over their creations. You can log in, create an avatar, and start exploring, buying land, and building all sorts of builds ranging from playgrounds to virtual cinemas and galleries.

Those who own land can control the content published to their portion of the land and these contents can range from interactive systems such as games to static 3D scenes such as paintings, for instance.

One thing that makes Decentraland different compared to other popular blockchain-based games is the fact that it’s not controlled by a centralized organization. Instead, there’s a Decentralized Autonomous Organization (DAO) that governs the policies created to determine how the Decentraland world would behave.

As of writing this, there are already many cool places that users can visit in Decentraland, but more on that in the How to Play section below.

Gameplay Image of Decentraland

The Decentraland DAO

The Decentraland DAO was created to turn the game into the first truly and fully decentralized virtual world and it has been a part of the original vision of the game’s developers.

The DAO owns the most important smart contracts, as well as the assets that make up Decentraland – the LAND Contract, the wearables, the content servers, the Estates Contract, and the marketplace.

This DAO also owns a lot of the game’s native MANA tokens, which allows it to be autonomous while also enabling it to subsidize different operations and initiatives.

Those who participate in the DAO (read all LAND and MANA holders) can schedule votes to decide on different issues such as:

Addition and replacement of content servers
Upgrading LAND to add more features
Specifics and dates of LAND auctions
Primary sale fees
Addition of new wearables and so forth

The Team Behind Decentraland

Decentraland was conceptualized in a detailed whitepaper written by Esteban Ordano, Ariel Meilich, Yemel Jardi, and Manuel Araoz. It’s also worth noting that they got some help from notable experts such as Michael Bosworth from Google, Jon Choi from Dropbox, Jake Brukham from CoinFund, and so forth.

The team’s vision became a reality on February 20th, 2020 (20.02.2020), when Decentraland went live to the public. The launch included the establishment of the Decentraland DAO, as well as the full decentralization of the world’s infrastructure and the public access to what it had to offer.

It was an important moment in Decentraland’s development roadmap because, after it, no single entity was ever able to single-handedly modify the rules of its code stack.

While there are no verified sources of information revealing the current playebrase of Decentraland, the fact that it has grown to become one of the leading metaverse-based virtual realities in the blockchain industry right now (as of writing these lines in January 2022) is undeniable.

A lot of this was made possible thanks to the big players who stepped through its digital doors and set foot into its digital lands.

From Samsung to AO 2022: Noteworthy Decentraland Partnerships

Speaking of partnerships, one of the most considerable advents in this regard was surely Samsung revealing its attempts to dive deeper into the metaverse through Decentraland. These include limited-supply collections of Samsung Decentraland wearables that users can buy to customize their in-game avatars.

One of the four tennis Grand Slam tournaments – the Australian Open, also announced that it will join the metaverse by partnering up with Decentraland.

One of the well-known backers of the project is the industry-leading Digital Currency Group spearheaded by famous crypto proponent Barry Silbert.

In June 2021, Sotheby’s – the world’s older auction house, also claimed its stake in the metaverse. It opened the first-ever virtual gallery, choosing Decentraland as the main destination. This is how it looks from within the game itself:

Decentraland Tokenomics: Explaining LAND and MANA

The game itself is comprised of many parts, and its intricacies are numerous. However, understanding its tokenomics is critical to being able to play it. The two primary tokens in Decentraland are LAND and MANA.

LAND Token Explained

The land within the Decentraland metaverse is represented by non-fungible LAND tokens. In essence, these are non-fungible tokens (NFTs) that track the land ownership on Ethereum’s blockchain.

For a detailed guide on what is an NFT – take a look here. To see how to mint NFTs on OpenSea – click here.

LAND tokens are built on top of the ERC721 protocol standard which makes it a digital asset that can be traded with other users – just like any other NFT.

One of the main differences between LAND and other NFTs like the Bored Ape Yacht Club collection, for example, is that players are able to use LAND within Decentraland to construct 3D spaces and applications like in the example below:

Land parcels are 16m x 16m. The height is restricted based on these limitations as well. Moreover, LAND is a digitally scarce token, and it corresponds to the fixed total amount of MANA tokens.

Quick Interesting Facts:

On November 24th, 2021, TokensCom paid 618,000 MANA (worth $2.4M at the time) to buy a patch of land in Decentraland. This is the most expensive virtual real estate to date (January 2022).
In June 2021, someone bought a plot of virtual land for $1 million.
Chinese celebrity singer JJ Lin has bought three pieces of virtual land on Decentraland.

How to Buy LAND?

There are a couple of ways users can buy virtual properties (LAND) in the Decentraland metaverse. The first one of them is to participate in timely auctions that are announced by the team every now and then and sell unclaimed LAND.

The more popular one is to go to Decentraland’s Marketplace and buy it there. Once you get to the marketplace, you will get prompted to connect a web wallet and we recommend that you use the most popular one – MetaMask (unless you have another one that you’re used to.) If you don’t have the wallet installed, visit the official website, install the Google Chrome extension and follow the instructions carefully.

Important: in case you install the wallet for the first time, be aware of phishing and double check you visit the correct website URL, read here for more security tips.

Once you have your wallet connected to the Marketplace, you can click on “Land” in the top left corner, and you will see the following map:

The little squares are the LAND units, and you can click on each one of them to check their details and place a bid (in case it’s owned by someone, like most of them already are). To buy it, you have to place a winning bid:

MANA Token Explained

The other token that’s essential to Decentraland’s in-game economy is MANA. Unlike LAND, MANA is a fungible ERC20 cryptocurrency that can be burned or spent in exchange for LAND parcels. It can also be spent in the Decentraland Marketplace to buy various things that the game has to offer.

How to Buy MANA?

Unlike LAND, MANA is traded freely on many leading crypto exchanges such as Binance. You can create an account at each one of them and buy some of it on the open market. If you want to use them in the game, though, you need to transfer them to the wallet you are using.

Now that all of the above is clear, let’s see how to actually play the game.

How to Play Decentraland

Once you get to the official website of the game, you will see a big red button in the middle that you should click to get started. Then, you will be prompted to either play using your wallet or continue as a guest:

For this guide, we will connect a MetaMask wallet and sign the necessary permissions. Once the game loads, you will be able to create your very own avatar. This will be the character that you play the game with, so make it pretty:

There’s a bunch of traits that you can choose from, such as the body, head, top, bottom, shoes, accessories, and add different collectibles. Additionally, you can also buy items using the Marketplace but more on that below.

Once you have your avatar ready to roll, hit the “done” button in the bottom left. Now you would have to name it, agree to the terms and conditions and you’re ready to roll.

You get dropped at Genesis Plaza alongside all the new players that have just started their journey:

Notice that there’s a tutorial box towards the bottom of your screen – we highly recommend that you keep that up until you are used to playing the game, as it will give you the basics.

Once you’re at Genesis Plaza, start controlling your avatar using the traditional “W, A, S, D” keys – just as in most MMO games.

All around Genesis Plaza, you will find a few pillars, each one of which is filled with different activities that you can do:

Alternatively, you can also jump through the middle in the giant hole-looking whirlwind thing and explore other avenues:

Another cool thing is that when you press M, you toggle the map. There, you can search for different locations and “jump in” right to them without having to walk there.

On the bottom right, you will find your current location. On the top, there is a navigation menu that allows you to explore different options. For example, if you hit the “explore” button you will get redirected to a page where you can find various places, events, and so forth.

Remember that earlier in the guide we mentioned that Sotheby’s opened a gallery in Decentraland? Well, let’s check it out.

Exploring Decentraland

Once you click on Explore on top of the page, you will also find the “Places” button, and as soon as you hit it, some of the popular locations in Decentraland will pop up. We selected Sotheby’s gallery and jumped right to it. Here’s where we ended up:

And the cool thing is that Sotheby’s has actually displayed some art pieces to check out. For instance, this is one of Banksy’s pieces:

You can also just click on the painting itself, and it will send you to the official Sotheby’s page containing the full art details.

What Else Can You do in Decentraland?

It’s important to keep in mind that Decentraland is not exactly the type of game that many would probably be used to – you don’t get to fight other players or go against the environment. Instead, it’s designed to be a pixelated virtual alternative to our world with all the bells and whistles.

Those who buy land can build on it using the builder tool that’s also available from the top navigation menu:

It’s clear that the possibilities are virtually endless. Take our short cruise to Sotheby’s, for example. Just as an idea, you can build out an impressive art gallery, and if players come to visit it, you can commission artwork on display. For instance, if an owner of a Bored Ape NFT wants to sell it, he might consider paying you to display it if gets the sufficient exposure – just as Sotheby’s is doing for their artists.

There are many other avenues that can be explored. You can also go to various theme parks, ride a bus or just run around and explore the Decentraland, which is already getting rather big, and there’s plenty of things to discover.

The Decentraland Marketplace

The Decentraland Marketplace is an integral part of the game. It allows users to buy and sell various items such as collectibles, wearables, and whatnot.

To access it, all you need to do is visit the official website and hit “marketplace” on the top. You can also access in-game by hitting the M button and finding it on the top navigation menu where the map and the builder tool are.

This is what the marketplace looks like:

You can browse for various items and buy them using the in-game currency – the MANA token.

Decentraland Review: Revolutionary but not Unreal

Decentraland boasts a complete metaverse experience as many would imagine it. It’s a fully-fledged digital alternative to our lives on a blank canvas where users are able to build everything from the ground up, and some have already started.

The fact that it’s decentralized and governed through a DAO does set it apart from some other popular releases in the industry.

We spent a couple of days exploring Decentraland’s universe, and it’s safe to say that it is undergoing serious in-game development. There are massive structures being built, galleries, museums, arcade parks, and even a university (albeit not quite finished yet). This shows that there’s some serious interest in the game.

Although anecdotal, it also feels like the game is getting more popular. We played it a couple of months ago and failed to encounter anyone out of Genesis Plaza (the starting zone), but now – we saw quite a few players cruising around and exploring various locations. This is promising.

Of course, if you are used to a triple-a gaming experience, flawless Unreal graphics, and gameplay, Decentraland is not for you – the game is currently a very simple browser-based experience that wouldn’t really impress anyone in terms of design and/or gameplay.

However, it’s one of the earliest attempts to create a blockchain-based game where transactions happen on-chain and users have legitimate and verifiable ownership over the in-game items. As such, the developers have done an admirable job, and it looks like it has a very bright future ahead of it.

Bitcoin Price Analysis: This is the Level to Watch If BTC Breaks Below $35K

The past hours saw a massive sell-off, causing an unexpected and enormous plunge to sub-$40K in the price of Bitcoin. The onchain data is showing an absolute capitulation phase in the market, which was intensified by long-term holders just before the crashing to $35K.

Long Term Analysis: The Daily Chart

Yesterday, Bitcoin lost a critical support range at $37K – $40K. As shown in the chart below, before the price decline beneath $40K, both 50-DMA and 100-DMA lines have crossed the 200-DMA to the downside, indicating further bearish momentum incoming.

Possible support levels are the current price area at $35K followed by $30K (May – July 2021 lows). On the other hand, the former support area ($40K) had turned into significant resistance if the price made a pullback from either of the two support areas mentioned. The daily RSI also indicates on massively oversold, currently sitting at the 20% mark, suggesting that a bullish pullback is possible over the short term.

Short Term Analysis: The 4-Hour Chart

Evaluating the last week’s price action on the 4-hour timeframe, it is evident that the price was under a heavy downtrend and got rejected at the 100-MA several times.

This time was no different, as the price dropped impulsively from $48K to $40K, went through a consolidation phase, and once again, got rejected at the 100-MA. This rejection triggered the next bearish leg down.

With the considerable spike in trading volume and the last couple of candles around the $35k support, we can expect another phase of consolidation before the market decides its next direction.

Onchain Analysis

Spent output profit ratio (SOPR) is a well-known on-chain metric that can map the “Capitulation” phase in a bear market.

The short-term holders have been selling or moving their coins after Bitcoin registered the recent November ATH at $69K. During the recent bloody days, short-term holders were panic-selling and realizing their losses. As you can see, the STH_SOPR metric has dropped to 0.95 during the last shakeout, which is a perfect explanation for the “Capitulation” event.


An interesting piece of data that completes the puzzle was the sudden spike in the LTH-SOPR before the recent price drop. This means some long-term holders may have tried to exit the market before the crash and by doing so, they intensified the negative momentum in the market.

Bitcoin’s RSI is Now at the Most Oversold Level Since the March 2020 COVID Crash

The cryptocurrency market lost over $400 billion worth of its capitalization in the past few days alone. The total market cap currently sits below $1.7 trillion.

This came as most of the coins are down tremendously in the past week. Ethereum is down 27.7%, BNB is down 27.8%, ADA is down 17.6, SOL is down 36.2%, and so forth. Bitcoin’s price is currently sitting around $35K and has lost almost 20% in the same time frame.

From a technical perspective, it’s important to note that the Relative Strength Index (RSI), which is commonly used to gauge the magnitude of recent price changes to evaluate market conditions, is down to the oversold area, as seen in the chart below.

Source: TradingView

An interesting thing to consider is the fact that the RSI hasn’t been so oversold since the COVID crash that took place back in March 2020.
Speaking of market sentiment, it appears that we’re in a state of extreme fear, according to the popular Fear and Greed Index.

Source: Alternative.me

$1 Billion Just Sent From Tether Treasury to Binance: Here is Why

Amid the current market crash, $1 billion worth of USDT was transferred from Tether’s treasury to Binance.

The past couple of days were particularly devastating in both the cryptocurrency and the legacy markets.
During Saturday’s trading session, Bitcoin’s price crashed to a low of around $34,000 on Binance, and it’s currently trading at around $35K, struggling to hold above that level.
Now, Whale Alert detected that $1 billion worth of USDT was transferred from the Tether Treasury to Binance.

1,000,000,000 #USDT (1,000,000,000 USD) transferred from Tether Treasury to #Binancehttps://t.co/pctmfmlhGy

— Whale Alert (@whale_alert) January 22, 2022

Tether was quick to explain what happened.

In few minutes, Tether will coordinate with a 3rd party to perform a chain swap, converting from Tron TRC20 to Ethereum ERC20, for 2B USDT. The tether total supply will not change during this process.

This means that Tether has not printed any fresh USDT and is just deploying coins from Tron to Ethereum, sending them to Binance.

Grayscale Bitcoin Trust (GBTC) Premium Plummets 30% to All-time Low Amid Market Sell-off

As the crypto market continues to bleed over the past days, the Grayscale Bitcoin Trust (GBTC) shares have widened their discount in relation to the underlying crypto held in the fund.

GBTC Premium at New Lows

According to recent data from Coinglass, the trust’s negative premium hit a new all-time low (ATL) as bitcoin struggles around the $35,000 mark. The GBTC has been trading on a steady decline since February last year, with the premium now sitting at 30%.

The Grayscale Bitcoin Trust is an investment vehicle provided by Grayscale Investments, one of the largest investment managers for institutions venturing into the cryptocurrencies space.

The GBTC fund allows institutional investors to gain exposure to Bitcoin through a regulated traditional investment vehicle without directly buying, selling, or storing the asset.

GBTC premium, source: Coinglass

 

Each GBTC share represents approximately 0.00095 BTC and tracks bitcoin’s market price. The shares have a minimum holding period of six months and a minimum investment threshold of $50,000, making it very difficult for retail investors to get onboard.

However, with the recent decline in institutional demand for the cryptocurrency, the Trust’s shares premium has traded at a steep discount.

The premium represents the difference between the price of the underlying asset, Bitcoin in this case, and the value of the Trust’s shares.

The latest plunge in premium discounts can be attributed to several factors, including the launch of several spot exchange-traded funds (ETFs), providing institutional investors with an alternative to invest in Bitcoin via a regulated stock market vehicle.

Grayscale Bitcoin ETF Not in Sight

Last year, Grayscale filed to turn its Bitcoin Trust into a spot Bitcoin ETF, which would be backed by actual units of the digital assets and not just linked to it through derivative contracts.

However, the United States Securities and Exchange Commission (SEC) has still not shown any signs of approving a spot Bitcoin ETF, citing several regulatory concerns.

Just a few days ago, First Trust and Skybridge Bitcoin Trust joined the long list of Bitcoin ETF applications rejected by the SEC.

Mercado Libre Made a Strategic Investment in Paxos and Mercado Bitcoin

The largest e-commerce firm in Latin America – Mercado Libre – acquired shares in the 2TM Group (a parent company of the cryptocurrency platform Mercado Bitcoin). Separately, it made a “strategic investment” in another digital asset-oriented organization Paxos.

Jumping into Crypto Once Again

The leading Argentinean e-commerce platform Mercado Libre, which has displayed a pro-crypto stance during the last several months, continues to support the industry. The company recently announced it allocated an undisclosed amount of its portfolio to 2TM (the holding company of Brazil’s largest digital asset exchange) and Paxos.

Mercado Libre expects this initiative to “stimulate the regional ecosystem, allowing it to offer increasingly relevant products and services to Latin American entrepreneurs and users.”

Commenting on the matter, Andre Chaves – Senior Vice President of Strategy and Corporate Development for Mercado Libre – said:

“As a leading technology company, we are actively evaluating the various innovations and opportunities around this market as it evolves, aiming to be a core participant in this disruption. Digital assets and blockchain technology represent a unique, global and collective phenomenon that breaks barriers and create a level, open playing field for all users to achieve economic empowerment, which is very aligned with our mission as a company.”

In turn, Daniel Cunha – Executive Vice President of Corporate Development at 2TM Group – opined that Mercado Libre’s investment could significantly impact the development of cryptocurrencies and blockchain in the Latin American region.

While Mercado Libre’s partnership with 2TM is new, this is not the case with the Paxos one. Last year, the two entities collaborated, granting Brazilian customers the opportunity to buy, sell, and hold Bitcoin, Ether, and Paxos-issued US dollar-backed stablecoin USDP.

Mercado Libre’s Crypto Forays

In the spring of 2021, the Argentinean e-commerce giant allowed customers to purchase numerous apartments, houses, townhouses, lots, land, and other properties in Buenos Aires, Santa Fe, and Cordoba with bitcoin should they be willing to use that type of payment method.

Shortly after, the company strengthened its crypto support by adding $7.8 million worth of BTC to its balance sheet as part of its treasury strategy.

Mercado Libre is listed on Nasdaq and trades under the ticker MEDI. Interestingly, soon after the organization revealed its bitcoin purchase, the price of its shares increased by more than 1%.

P2E Game Heroes of Mavia Bags $5.5M in Seed Funding Led by Binance Labs

Ethereum-based play-to-earn game, Heroes of Mavis, has recently completed its seed funding round where it raised $5.5 million from Web3 and metaverse investors, including Binance Labs.

Binance and Others Invest in Heroes of Mavia

According to a press release shared with CryptoPotato, the project intends to use the new capital injection to develop the game further, attract top talent, and expand its community of supporters.

The seed funding round was led by Binance Labs and saw contributions from several notable venture capital firms. These include Delphi Digital, Genblock Capital, Mechanism Capital, Alameda Research, Animoca Brands, YGG, YGG SEA, ExNetwork Capital, Double Peak Ventures, Merit Circle, Hashkey Capital, and many other angel investors.

Head of Investment at Binance Labs, Bill Chin, said: “At a time when play-to-earn gaming is exploding in interest globally, we believe Mavia and the team behind it is positioned to be one of the top AAA titles in the space.”

MMO Strategy Game

Developed by Skrice Studios, Heroes of Mavia is a massively multiplayer online (MMO) strategy game set in a fantasy-theme island called “Mavia.” There, the player is a commander of a base with the sole objective of growing their vase and army using resources obtained from attacking others’ bases.

The game provides players with AAA-quality graphics and brings cutting-edge features to GameFi, allowing every base in the Mavia ecosystem to be live-streamed during attacks and defenses. This approach ensures that the battles are permanently recorded and can be viewed by anyone, forever.

The game makes use of a dual token model, where MAVIA is its governance token, which allows holders to vote on certain decisions concerning the game and is used to purchase and rent NFTs on the Mavia marketplace.

The second token is Ruby, an in-game currency that can be earned by winning battles and used to make purchases.

Heroes of Mavia has the ambitious goal of changing the entire NFT gaming landscape with its intricate mechanics, exciting gameplay, and unique monetization features.

Commenting on the successful fundraiser, Tristan Chaudhry, managing director at Skrice Studios, said:

“We are thrilled to have such strong backing from some of the largest and most influential investors in the space. We are proud to say that all of our partners share our vision for making Heroes of Mavia a leader in Blockchain Gaming, and we plan on pushing the boundaries of what Play-to-Earn games are capable of.”

Market Watch: Cryptocurrencies See Double-Digit Drops After Wall Street’s Friday Bloodbath

The bears continue to have complete control over the cryptocurrency market with numerous double-digit price losses from almost all assets. This comes just hours after the US stock market dumped in value again.

Bitcoin Dumps $8K in Two Days

It’s safe to say that the primary cryptocurrency has seen better days. In fact, they weren’t all that long ago as the asset jumped to $43,500 on Thursday following a $1,500 price hike.

However, the situation changed vigorously hours later. BTC started to dump in value rapidly and dropped to a six-month low of $38,250, as reported yesterday. This enhanced volatility resulted in more than $700 million worth of liquidations in just a day.

As bitcoin attempted its recovery and touched $39,000, the bulls took another major hit. BTC dumped by almost $4,000 again and reached its lowest price line since late July at $35,000.

As the asset currently stays just a few hundred dollars above that level, its market capitalization is down below $700 billion.

BTCUSD. Source: TradingView

Bitcoin’s price slides coincide with the recent correction in the stock markets. The three most prominent US stock market indexes are all in the red in the past few days. The S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite declined about 5% last week and approximately by 2% on Friday alone.

Altcoins See Double-Digit Dumps

The altcoins are in even worse shape in the past two days. Ethereum traded above $3,100 on Thursday, but it’s down below $2,500 as of now. This comes after another 15% drop since yesterday.

Double-digit drops are evident everywhere across the alt charts. This includes Binance Coin (-20%), Cardano (-16%), Ripple (-14%), Solana (-20%), Terra (-30%), Polkadot (-23%), Dogecoin (-14%), Avalanche (-22%), MATIC (-20%), and many others.

More losses come from Theta (-30%), PancakeSwap (-28%), Gala (-26%), Harmony (-26%), Loopring (-25%), Theta Fuel (-25%), Oasis Network (-25%), Curve DAO Token (-25%), and others.

The cumulative market capitalization of all crypto assets has decreased to just over $1.6 trillion. This means that the metric is down by $200 billion in a day and $400 billion in two days.

Cryptocurrency Market Overview. Source: Quantify Crypto