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Genesis Crypto Lender Files for Bankruptcy

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The current crypto bear market has taken another casualty as Genesis crypto lender filed for Chapter 11 bankruptcy. This follows other notable his Web3 companies such as 3AC and FTX, each company being interconnected.

After the damage done by centralized DeFi companies, how can decentralized projects like Metacade help solve Web3’s problems?

What happened to the Genesis crypto lender?

Crypto lending firm Genesis has filed for bankruptcy after 3AC and FTX collapse in 2022. The Genesis Crypto Platform Previously Had Significant Exposure To Both Companiesthe respective companies filed for bankruptcy in June and September.

Three Arrows Capital (3AC) bankruptcy believed to cost Genesis Hundreds of millions Dollar and platform exposure to FTX was valued at $1.2 billionAs a result, Genesis cryptocurrency lending has filed for bankruptcy more than two months after the platform froze user withdrawals as it seeks to rebuild after bankruptcy.

The nature of crypto lending involves users posting collateral. Users can then borrow part of the collateral. The main purpose is to generate investment income and yield on the assets staked, and additional borrowed funds can also be traded or withdrawn.

Genesis crypto trading is a centralized operation and represents an additional risk compared to decentralized crypto trading alternatives such as Aave. Compared to Genesis crypto, Aave does not have access to user collateral after being loaned to the platform. This will help make decentralized crypto lending more robust during fluctuating market conditions.

What does this mean for cryptocurrency newcomer Metacade?

Metacade It uses smart contracts to provide financial rewards to gamers. This is similar to how Aave works. Metacade recently passed a Certik audit to prove the effectiveness of Smarthis contracts on the platform.

As a result of Metacade’s successful smart contract audit and extensive cryptocurrency earning mechanism, the platform sold out in record time during the opening round of the presale. Now in Stage 5 and having raised over $7.6 million since the pre-sale began, investors are quickly jumping into the Metaverse his arcade for future stakes.

What is Metacade?

Metacade is the first community-driven arcade on blockchain and the largest project of its kindMetaverse Arcade offers Web3’s most extensive collection of P2E games. All titles offer integrated financial rewards for gamers who level up and have fun online.

Similarly, Metacade It aims to be the central hub for the Web3 community. All the latest in the blockchain gaming space, including the latest alphas and tips to get the most out of your playing experience.

After 2024, the platform will transition to a Decentralized Autonomous Organization (DAO), handing over key roles to the community. Being a decentralized initiative will help secure the platform in the long run and avoid administrative mishaps such as the Genesis crypto lending platform, 3AC, or FTX.

How does MCADE work?

Metaverse Arcade offers both casual and competitive games. Either way, gamers can earn cryptocurrency online. Solo players can progress through endless levels in some of the hottest arcade games on the blockchain. Meanwhile, competitive gamers can use the Compete2Earn feature to go head-to-head and win major prizes paid out in MCADE tokens.

Community hubs also reward users for their contributions. This includes posting game reviews, sharing alphas, and interacting directly with others. Users can earn cryptocurrency rewards in exchange for valuable content posted on the platform.

Metacade is also creating new jobs for crypto enthusiasts through its Work2Earn feature. Work2Earn includes part-time and full-time jobs at Web3’s most exciting companies. Roles also include gig work and beta testing roles for new play-to-e winning games.

Metacade is a game changer

Metacade combines some of Web3’s hottest features with classic arcade-style gamesThe platform takes cryptocurrency earnings to the next level, creating new jobs and directly rewarding content creators. Since the project is entirely community-driven and will eventually move to DAO, it also seems set to avoid the problems faced by first-generation crypto lending and revenue platforms.

Metacade is a true game changer. Additionally, the platform is funding the next wave of innovation in the blockchain gaming space through its Metagrants program. Before Metacade provides early-stage funding to bring ideas to life, users vote to decide which new games are the best.

Is it worth buying MCADE after Genesis crypto lending bankruptcy?

The MCADE token pre-sale could be one of the best buys of the year, especially after the recent problems faced by centralized platforms like Genesis crypto, 3AC and FTX. It is a fully decentralized, community-driven initiative that offers users enormous revenue potential. This is the main reason why experts are predicting big profits for the token in the coming years.

At its current price of $0.0155, Metacade has very high return potential. The pre-sale is the perfect time to participate as MCADE tokens are expected to skyrocket upon completion of the event. Check out Metacade’s pre-sales before they sell out.

You can participate in the Metacade presale here.

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