In another blow to the crypto market, the CFTC recently announced a case against the leading crypto exchange, Binance. While undoubtedly bearish, much of the crypto investment space has held up against the FUD, with rising star Metacade dominating chatter in the past few weeks. Today, you’ll learn exactly what the CFTC alleges and why Metacade’s popularity amongst investors seems unstoppable.
The CFTC Clamps Down on Binance
In late March, the U.S. Commodity Futures Trading Commission (CFTC) sued Binance, the world's largest crypto exchange, and its founder, Changpeng Zhao, alleging Binance offered unregistered crypto derivatives products to U.S. customers contrary to federal law. This lawsuit has significantly impacted Binance's market share, which dropped from 70% to 54% within two weeks.
Bitcoin trading volume briefly declined after Binance announced it would halt no-fee trading of BTC following the CFTC lawsuit. This occurred after New York’s Department of Financial Services ordered Paxos to stop minting Binance USD (BUSD), leading to the exchange winding down its stablecoin operations.
Binance has defended its practices and expressed disappointment in the filing, pointing to its ongoing collaboration with regulators. As a result of the CFTC action, the future growth of Binance in both the US and global markets remains uncertain. Crypto market reactions to the CFTC’s allegations were relatively subdued, with Bitcoin soaring above $30,000 in recent days.
What is Metacade (MCADE)?
One token, MCADE, has shown significant resilience in the face of the Binance turmoil, completing its $16.4 million sell-out presale and being listed on Uniswap and Bitmart, CoinMarketCap, and CoinGecko, to the satisfaction of MCADE investors. Now they can anticipate the added stimulus of the upcoming exchange listing on MEXC in early May.
But what is Metacade? Metacade is a play-to-earn (P2E) platform that aims to be the central hub for the GameFi space. It brings together gamers, developers, and crypto enthusiasts to create a vibrant community with one unified goal: to explore and enhance the burgeoning P2E industry. The platform offers an all-encompassing range of features, including forums for individual games, a virtual arcade, and even a planned job board.
Metacade's native token, MCADE, plays a significant role in the platform's ecosystem, serving as a utility and governance token. Users can earn MCADE tokens by contributing to the community through insightful reviews, sharing valuable information, and participating in various platform activities. Holding MCADE allows users to vote on changes made to the platform, ensuring that Metacade’s future direction remains aligned with its community’s interests.
What’s Driving Investors Toward Metacade (MCADE)?
Investors are taking a keen interest in Metacade for a few reasons. One of the most significant factors driving interest is the Metagrant scheme, a decentralized funding program that allows MCADE holders to direct the treasury’s funds to game developers. Developers must submit their proposals for the community to vote on, and the winner earns financing while creating a grassroots fanbase. Polished titles are then added to Metacade’s virtual arcade.
Second, Metacade fills a desperately needed niche in the gaming industry by providing a centralized community for P2E games. As the P2E sector continues to accelerate rapidly, Metacade stands out as an accessible and user-friendly solution for gamers, developers, and investors, likely to attract thousands of players in the coming weeks and months.
Lastly is the number of bullish developments emerging from the project in recent weeks. As mentioned, the MCADE presale and Uniswap listing were a roaring success. Metacade also filled up its 250 million token staking pool in under five hours! Most excitingly, the project has announced a partnership with MetaStudio, a metaverse development firm with ties to the Polygon network.
Investors that jumped on board early, taking advantage of Metacade’s initial presale price of $0.008, are currently up approximately 225%. With major exchange listings imminent, many are holding onto their MCADE crypto investment in anticipation of a rally in the near future.
Make Your Crypto Investment Before Metacade Lists on More Exchanges
Overall, despite the CFTC’s enforcement action against Binance, it seems like there’s no stopping Metacade. It’s gone from strength to strength since its humble beginnings last November, amassing a sizable community of investors and fans while the platform is still in development.
The MEXC listing should be in early May, so keep an eye on the project’s Twitter page to stay updated on the latest news.
You can find more information, including how to buy MCADE, here.
Disclaimer: Insights provided by crypto industry players and is not a part of the editorial content of BanklessTimes.
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