Genesis Crypto Lender Files for Bankruptcy – What This Means For Newcomer Metacade
The current crypto bear market has taken another casualty, as Genesis crypto lender has filed for Chapter 11 bankruptcy – which means the company can stay in business and restructure itself. This follows other prominent Web3 companies, such as 3AC and FTX, with each company tied to the other.
After the damage done by centralized DeFi companies, how can decentralized projects like Metacade help to solve Web3’s issues?
What happened to Genesis’s crypto lender?
Crypto lending firm Genesis has filed for bankruptcy in the wake of the 3AC and FTX collapse in 2022. The Genesis crypto platform previously had significant exposure to both firms, with each company filing for bankruptcy in June and September, respectively.
The Three Arrows Capital (3AC) bankruptcy is thought to have cost Genesis hundreds of millions of dollars, and the platform’s exposure to FTX was valued at $1.2 billion. As a result, Genesis crypto lending has filed for bankruptcy – more than two months after the platform froze user withdrawals – as the company aims to restructure post-collapse.
The nature of crypto lending involves users posting collateral. Users can then borrow a percentage of their collateral, with the core aim being to generate an investment return and a yield on staked assets while also being able to trade or withdraw additional borrowed funds.
Genesis crypto lending is a centralized operation, representing additional risk compared with decentralized crypto lending alternatives such as Aave. Compared with Genesis crypto, Aave has no access to user collateral after it’s been lent to the platform. This helps to make decentralized crypto lending more robust during fluctuating market conditions.
What does this mean for crypto newcomer Metacade?
Metacade delivers financial rewards to gamers through the use of smart contracts. This is similar to how Aave works. Metacade recently passed an audit from Certik to prove the efficacy of smart contracts on the platform, which can help to ensure that the platform is robust and secure for years to come.
As a result of Metacade’s successful smart contract audit and vast range of crypto-earning mechanics, the platform has sold out during the opening rounds of the presale at record speed. It is now in stage 5 and has raised over $7.6m since the presale went live, with investors quickly jumping into the metaverse arcade to gain a stake in its future.
What is Metacade?
Metacade is the first community-driven arcade on the blockchain and the biggest project of its kind. The metaverse arcade will offer the most extensive collection of P2E games in Web3, with every title offering integrated financial rewards to gamers as they progress through levels and have fun online.
As well as this, Metacade aims to become a central hub for the Web3 community. It will display all the latest information about the blockchain gaming space, including the latest alpha and best tips for making the most out of the playing experience.
From 2024 onwards, the platform will transition to a decentralized autonomous organization (DAO) and hand key roles over to the community. Being a decentralized initiative helps to secure the platform over the long term and avoid any management mishaps, such as the Genesis crypto lending platform, 3AC, or FTX.
How does MCADE work?
The metaverse arcade offers both casual and competitive gameplay – either way, gamers can earn a crypto income online. Solo players can progress through endless levels in some of the hottest arcade games on the blockchain, while competitive gamers can go head-to-head through the Compete2Earn feature to win major prizes paid in MCADE tokens.
The community hub will also reward users for their contributions. This can include posting game reviews, sharing alpha, and interacting with other users directly. Users can earn cryptocurrency rewards in return for the valuable content posted on the platform.
Metacade is also creating new jobs for crypto enthusiasts through the Work2Earn feature. Work2Earn includes part-time and full-time work at some of Web3’s most exciting companies. Roles also include gig work and beta testing roles for new play-to-earn games.
Metacade is a game-changer
Metacade combines some of the hottest features in Web3 with classic arcade-style games. The platform takes crypto-earning to the next level, creating new jobs and rewarding content creators directly. Since the project is entirely community-driven and will ultimately transition into a DAO, it also looks set to avoid the problems faced by first-generation crypto lending and earning platforms.
Metacade is a true game-changer. To top it off, the platform is funding the next wave of innovation in the blockchain gaming space through its Metagrants program. Users will vote to decide which new games are best before Metacade provides early-stage funding to help bring the idea to reality.
Is MCADE worth buying after the Genesis crypto lending bankruptcy?
The MCADE token presale could be one of the best buys of the year, especially after the recent problems faced by centralized platforms such as Genesis crypto, 3AC, and FTX. It is a fully decentralized, community-driven initiative that will deliver vast earning potential for its users – this is a core reason experts are predicting major gains for the token over the coming years.
At the current price of $0.0155, Metacade has sky-high potential for returns. The presale is the best time to get involved, as the MCADE token is expected to skyrocket upon completion of the event. Make sure to check out the Metacade presale before it all sells out.
You can participate in the Metacade presale here.