MOBOX has blended NFTs, DeFi, and games into one innovative gamified financial ecosystem on the Binance Smart Chain.
Binance Smart Chain Spotlight
The Binance Smart Chain (BSC) has never been in short supply of innovative projects. The reasons are not far-fetched. BSC ecosystem has multiple advantages over other competing blockchains. The platform’s active ever-growing community gives good leverage in terms of mass effect. BSC has fast transaction speeds and one of the lowest gas fees among blockchains. If we further consider the massive support the entire Binance ecosystem offers developing projects, we quickly see why BSC is often the blockchain of choice for developers.
Binance runs a Project Spotlight series. The series is designed to properly educate the BSC community about the projects that are building on BSC. Some of the projects that featured in previous episodes include Bounce, AnySwap, Injective Protocol, etc.
In a new episode of the Project Spotlight series, the crew interviewed another nascent BSC project, MOBOX. BSCNews followed that episode and here present to our dear readers what the MOBOX project is all about.
What Is MOBOX?
MOBOX is the first platform to bring together decentralized finance (DeFi), gaming, and NFT in a perfect union that rewards each constituent sector. The new approach of MOBOX has given rise to gamified finance (GameFi). GameFi combines decentralized yield farming with NFT-gaming such that users can earn by either staking their tokens/NFTs or by playing games with NFTs and earning rewards.
The MOBOX team is made up of 30 members spread across the globe. Their approach was conceptualized and initially deployed on Ethereum. However, the high fees and latency that plagued the Ethereum network made users’ gaming experience unpalatable. Eventually, the team quit the Ethereum blockchain and rebuilt the MOBOX project on BSC.
MOBOX was relaunched on BSC in March 2021. Though it did not have any presales nor investors’ seed fund, MOBOX has racked up impressive numbers. The platform has a total value locked (TVL) of over $270,000,000 and has seen an NFT trade volume of over 30 million BUSD.
How Does MOBOX Work?
MOBOX is a free-to-play-to-earn ecosystem. When users stake liquidity pool (LP) tokens on the platform, they earn KEY – a type of platform token. If a user is only interested in yield-farming, they can trade their KEYs for profit. Users can also use their earned KEYs to acquire NFTs, which can either be staked to earn another platform token, MBOX DAO, or used in playing MOBOX games.
MOBOX designed its NFTs to be cross-chain interoperable. The team is in talks with platforms on other chains to integrate MOBOX NFTs across chains to unleash their potential and utility.
What Makes MOBOX Stand Out From The Competition?
MOBOX found a balance between yield farming, NFTs, and gaming in a way no other platform could. There’s something to earn for every user, whether a gamer, yield farmer, or NFT collector.
Another area that MOBOX differs from other platforms is in their business ideology. Competing platforms often implement a native AMM/DEX platform to cater to their users who want to trade or swap. MOBOX chose a complementary approach, and rather than building its own DEX, integrated Pancakeswap into its platform. Users of MOBOX can access Pancakeswap’s offerings from MOBOX.
Any Security Risks?
The MOBOX team is well aware of the current concern. They have taken proactive measures to ensure that the platform is not vulnerable to a flash loan attack. Flash loan attackers try to create an imbalance in the price of a target token on different platforms. The attacker then takes advantage of arbitrage to steal funds.
To outsmart flash loan criminals, MOBOX implemented a Timelock that makes sure that delays the activation of investment operation when a user makes deposits. This delay prevents arbitrage from taking place in the same transaction. One condition for a successful flash loan is that the loan must be repaid within the same blockchain transaction. Thus, the Timelock in the MOBOX code effectively eliminates the possibility of a flash loan attack.
To further assure its platform’s security, MOBOX smart contracts have been audited by Certik.
MOBOX is rapidly developing its NFT gaming ecosystem. The Trade Action game is a free-to-play game and is live on the platform. Here is a guide on how to play Trade Action. In May 2021, the MOMO Token Master NFT game was alpha-tested on MOBOX. Other games are lined up in the platform’s roadmap for launch in the 3rd and 4th quarters of the year.
MOBOX is a promising project on Binance Smart Chain. A team of developers with experience in mobile/blockchain gaming created the platform. MOBOX enables users to yield-farm, hunt for NFTs, or play games in an inclusive free-to-play/play-to-earn ecosystem. The platform has also taken measures to protect it from flash loan exploits.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.