GameFi, which combines Game and DeFi into one word, is the gamification of financial mechanisms where users can earn profits by playing games. Another popular term for this sector is the Play to Earn model. On the surface, the keyword is “gaming,” but at the core, “finance” is what matters the most for blockchains. GameFi is the process of leveraging gamers’ interests in play-to-earn monetary mechanisms that make earning profits enjoyable across different activities with values to match.
The GameFi environment offers endless opportunities for developers to craft a new universe and world with their own hands, filled with creatures, events, objects, and even in-game economies to attract droves of players and keep them glued to the interface. Players are offered endless possibilities in generating income from in-game activities and engaging them with many gaming benefits.
Some examples current in the market are platforms like Axie Infinity and MOBOX.
Axie Infinity has also very recently joined the Binance Smart Chain network. The protocol can be best described as an open-ended digital pet universe. In the game, users have pets named Axies. Users, once in-game, can battle, fight, earn, and build empires for their pets. The protocol has grown tremendously in part to their novel “play to earn” style, where users contribute to the Axie ecosystem and are financially rewarded. Users can earn the AXS governance token by playing.
MOBOX is a NFT gaming ecosystem built on Binance Smart Chain. It combines yield farming in DeFi with gaming NFTs, creating a free-to-play, play-to-earn gaming model. The MOBOX ecosystem is designed to promote the potential of play-to-earn without sacrificing the free-to-play concept. Everyone can participate in the various games provided by the platform, ranging from NFT farming to yield farming and blockchain gaming. Furthermore, users can stake in liquidity pools or use MOMO NFTs to earn staking rewards paid in the native MBOX currency. Staking the MBOX tokens can reward unique MOMMO NFT Mystery Boxes, creating an extra incentive for users to hold on to the native currency and put it to work.
The Binance Smart Chain (BSC) is a blockchain that boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). BSC functions in parallel to the existing Binance Chain and allow rapid trading on that existing chain.
The GeFi protocol will be introducing the AXS-BNB LP in the GeFi extensive vault. The team had been working around the clock to initiate the battle-tested smart contracts to ensure quality gains to GeFions. Starting today, GeFions can create LP in ApeSwap and begin to stake in the upcoming AXS-BNB LP. The emission will officially go live on 10 September 2021 UTC 1200. So, do prepare yourselves as we start to further optimize our earnings with GeFi.
If you are not a fan of LP; here’s another good news for fellow GeFions. GeFi will be introducing SINGLE ASSET pool at the same time. Starting today, you may now stake your GEG in the single asset pool to earn MBOX and the emission will go live at the same time with AXS-BNB LP which is on 10 September 2021 UTC 1200.
GeFi is evolving rapidly as well as creating new opportunities by introducing new pools as it grows. The introduction of new stake pools marks another benchmark of GeFi, and through these updates, GeFions can participate and learn more about GameFi. We will keep BUIDL forward to become one of the most exclusive Defi platforms in the market.
Stay tuned for more updates from the GeFi team and happy staking GeFions!
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