The decentralized finance, popular as DeFi, market is growing at an extraordinary pace over the past year as cryptocurrency traders and investors look for security and privacy from the prying eyes of the government and third parties. One area witnessing magnificent growth is decentralized exchanges (or DEXs), which have soared from $4.38 billion to $34 billion in total volume transacted over the past year, data from DeFi Pulse show.
As Bitcoin rose to all-time highs last week, centralized exchanges are witnessing a huge outflow of coins from the exchanges to personal wallets. As per CryptoQuant, Bitcoin reserves on centralized crypto exchanges dropped to their lowest, recording 2.3 million BTC on exchanges, representing a 10% drop since reaching its yearly high of 2.54 million BTC.
This shows the demand for non-custodial exchanges is skyrocketing hence the need for efficient, cheap, and fast decentralized exchanges to fill the demand gap. Launching in 2021, 4JNet will offer users a transparent, licensed, and fair DEX to carry out crypto transactions, trade digital assets, and mint non-fungible tokens (NFTs) effortlessly with a few taps of a button.
4JNet Exchange: The pinnacle of Fairness
As mentioned above, 4JNet is a decentralized exchange set to launch in the latter days of 2021 to revolutionize cryptocurrency trading and the minting of NFTs. According to the website, the development team will launch its exchange platform on December 1, 2021, kicking off multiple features including deposits, withdrawals, currency swaps, and its NFT marketplace.
Forked from Safemoon’s code and vision, 4JNet improves some aspects of Safemoon to provide users with new innovations and a better, safer, faster platform. According to the company’s website, the launch of the exchange aims to “create a fair, friendly and prosperous community to provide people with safe, transparent, fair and decentralized blockchain products”.
So what are some of the improvements that 4JNet has made to its yet-to-launch platform?
First, 4JNet ensures the fee rate for adding liquidity is entirely controlled by the contract. This ensures the liquidity is permanently preserved by incineration of the recovery rights in the liquid wallet. Unlike Safemoon, handling fees mapped to dividends of all currency holding addresses are set as an immutable constant. Additionally, the initial liquidity certificate added by the 4JNet team will be transferred to a black hole address ensuring there are no changes made to the contract.
The 4JNet NFT vision explained
According to the statement from the team, there will be a total of 5,000 limited-edition NFTs available during the minting process. The minting process is set to commence on December 1, 2021, giving users an opportunity to purchase and hold some of the rarest and unique NFTs built on the Binance Smart Chain. As of writing, the price for each NFT has been reduced from 3 BNB (~$1800) to 1 BNB (~$600) with a third of the NFTs already sold out.
Apart from token rewards, NFT holders will also enjoy a reduction of a 3% service charge on each transaction carried out on the platform. Finally, users will also be able to trade their digital assets freely, and the interest from the sale of the NFTs will be transferred to their accounts along with the NFTs.
If the NFTs are sold out before the set date, the countdown will be reset to 72 hours giving users more time to purchase the NFTs. At the initial sale of an NFT, there will be a 90% initial transaction fee with the fees expected to reduce by about 0.1% after each successive sale till it reaches the minimum cap of 10%.
Among the transaction fee, 6% is used as dividends and the remaining part will be sold and repurchased to provide liquidity on the platform, the website further reads. As mentioned before, the initial liquidity certificate added by 4JNet will be transferred to the black hole smart contract, which can be verified here.
A plethora of features on 4JNet
The 4JNet vision lies in creating a fair, user-friendly, and secure platform to create a prosperous community. The purpose of the NFT marketplace and its upcoming exchange is “to pursue the ideals of security, transparency, fairness, and decentralization brought by blockchain technology”.
As the new metaverse faces troubles in implementing secure and audited smart contracts, the number of scams and hacks has skyrocketed across the blockchain ecosystem. 4JNet aims to solve this problem by creating a stable and transparent project that promotes security and fairness. To ensure this is enforced, 4JNet has included some developments and features on its platform.
- MSB license: 4JNet Technology Limited was awarded the MSB license meaning it is can carry out money services to clients across the world including US citizens. Authorized by U.S. officials, 4JNet joins the first class category of exchanges including Coinbase, Huobi, Binance US, etc.
- Audited smart contracts: The platform’s smart contracts are audited by CertiK ensuring the safety and security of users’ funds. The blockchain network security firm ensures the blockchain ecosystem and smart contracts are free of any vulnerabilities,
- Transparency & Fairness: 4JNet ensures the platform is free from dumping whales and early investor dumps by introducing a 90% service charge that is withheld. This discourages early investor dumping making the NFT sales fair for every investor on the platform. Additionally, All business logic is realized through smart contracts and all contract addresses and codes are fully open-sourced.
- Widespread adoption: Apart from the in-built features, 4JNet also has a widespread network of advertisers to boost the adoption and sales of its NFT projects including the NASDAQ billboards, and top websites like Coingape, and other top-rated websites.
With the rise of NFT scams and low liquidity DEXs, 4JNet offers users a new breath in the ecosystem. By ensuring fairness and transparency, every user on 4JNet is guaranteed a pleasant and enjoyable experience on the platform. Finally, the growth of the platform will correspond with the growth in value for its native tokens, adding the value of NFT owners through the tokens they will receive.
GameX Ecosystem: Emerging DAO in World of Gaming and DeFi
GameX is an emerging protocol that was built by gamers in a bid to promote the integration of games in today’s fast-growing decentralized finance (DeFi) ecosystem. Despite the fact that the blockchain and specifically the DeFi ecosystem is still in its infancy, the past year has seen the emergence of innovative projects that are notably disrupting mainstream finance. GameX is no exception.
Built on the Binance Smart Chain (BSC) network, the GameX protocol seeks to become a one-stop-shop for many aspects of decentralized gaming. This includes developing games that users can play, incorporating Non-Fungible Token (NFT) capabilities, and also rewarding users for contributing to its ecosystem development.
Gamex NFT Marketplace
GameX protocol is in the last phases of developing its NFT marketplace where digital artworks and collectibles built through the BEP-721 standard will be supported. The GameX NFT marketplace is a dynamic one and permits creators to mint their digital piece, with additional permissions that can let them list it for sale immediately or at a later time in the future.
The protocol maintains a very good standard for the operations of its NFT marketplace and will provide a verification capability to enable users to deal with trusted creators only. While the verification badge will be obtainable easily by just filling out a form, the applicant or creator will be required to provide enough documentation in order to get verified.
According to GameX, “verified badges are granted to creators and collectors that show enough proof of authenticity and active dedication to the marketplace. We are looking at multiple factors such as active social media presence and following, dialogue with community members, number of minted and sold items.”
GameX NFT marketplace listed items will also be subject to royalty rewards which are charged when a listed item is resold.
The XGAMEX token that is designed as a reward system for GameX game players, as well as the buyers and sellers of listed NFTs.
Over the next months, the platform is set to release a play-to-earn racing game (META RACE) in which players will be able to compete against each other. Drawing from its broad capabilities, there is bound to be an NFT incorporation into the racing game, a move that is billed to further enhance the broad embrace of the gaming outfit.
Duelist King to Conduct Its Second NFT Card Sale on Dec. 15
Duelist King, a novel play-to-earn ecosystem, shares the details of its second NFT card sale campaign.
Duelist King is a cross-chain NFT-powered card game launched simultaneously on Binance Smart Chain (BSC) and Cardano (ADA). It also supports Fantom, Polygon, and Crypto.com’s Cronos. Now, the team has shared the details of its second NFT sale.
Duelist King will release 20,000 NFT boxes on Dec. 15, 2021
According to the official announcement shared by the Duelist King team, on Dec. 15, 2021, its second NFT cards sale will be open to all cryptocurrency enthusiasts.
Guess who's back 👑#DuelistKingNFT is back with CARDS SALE 2️⃣. This time packed with a new collection of cards🃏
Which card are you looking forward to add to your deck?
#Win2Earn | https://t.co/ITZGfQ7wVL pic.twitter.com/wczz0FzjXz— Duelist King (@DuelistKingNFT) November 24, 2021
This release will boast 20,000 NFT boxes, or 40% of the number of boxes sold in the first round three months ago. The team will offer new cards in various rounds, and each round will have its own design.
In all, NFTs will be distributed in 25 phases with 20 card designs released in every phase. The Duelist King team reiterates that not all cards from previous rounds will make a return in the latest distributions.
Every NFT box will include five cards of random rarity levels: the randomness of this distribution will be guaranteed by the purpose-built on-chain mechanism by Duelist King.
Duelist King CMO Nicole Nguyen stresses the importance of this round for building the Duelist King community in 2022:
By adding a new variety to our existing characters as well as our integration of Fantom enabling faster and more secure transactions, we believe this has paved the way for even more community members to get their hands on our new batch of cards as well as appeal to our existing members who are looking forward to power up their decks for the soon-to-be-launched game.
New use cases for native token DKT
To join the club of Duelist King GameFi players, a crypto holder should own at least 22 NFT cards. These cards can be obtained from both distributions on native platforms and secondary sales campaigns on Refinable, OpenSea and, very soon, on Binance’s NFT platform.
Players can take part in online tournaments and challenges in order to win stablecoins and DKT, a core native utility and governance asset of the platform.
Also, DKT token can be used by Duelist King newbies to participate in the second sales campaign.
As covered by U.Today previously, the Duelist King private sale raised $1 million from a clutch of high-profile VCs.
Jailed Silk Road founder set to auction NFT series
- Jailed Silk Road founder sat to auction NFT series
- The NFTs will be auctioned from December 2 to 8
- Twitter users are torn over support for Ulbricht
Non Fungible Tokens, or NFTs as they are fondly called, have been crushing the entire crypto markets, gaining popularity. Although it is not something that has gained massive popularity, the adoption is increasing by the day. In recent news about NFTs, jailed Silk Road boss Ross Ulbricht has announced that he will float his NFTs starting December 2. Going by his post earlier today on Twitter, Ulbricht will sell his Ross Ulbricht Genesis Collection.
The NFTs will be auctioned from December 2 to 8
According to further details, the drop is scheduled to drop on the famous marketplace, Superare, and will last from December 2 through December 8. The NFTs, as explained in the post, were arts made by the Silk Road founder, which were minted into NFTs by some of his fans. The arts that make up the NFTs consist of various arts that Ulbricht made while growing up and even after he was convicted and sent to jail.
The first few arts were majorly comical drawings he made while growing up, with the rest just bits and pieces from his court appearances and all-around art drawings. According to the statement, all the money made from the auction will be put into efforts geared towards making sure that Ulbricht regains his freedom from custody. Some of the funds have also been earmarked to be paid to Art4Giving, a charity organization tasked with helping jailed victims and their families.
Twitter users are torn over support for Ulbricht
Ulbricht has been in the news for bad and controversial reasons after being sentenced to jail in 2015. Before jail, Ulbricht was the founder of Silk Road, a dark web marketplace where most activities carried out were illicit. For example, since the marketplace launched in 2011, it afforded all types of users access to legal and illegal stuff provided they can pay with leading digital asset, Bitcoin. The update on Twitter took most by surprise as people have now started to choose sides. While a small part of the population does not support Ulbricht, most users think he should use it to get freed from prison.
According to a user, even though Ulbricht’s cause for the auction is good, normalizing Ponzi NFTs is now overreaching as regulators need to do something. Others with the same school of thought think that although there are more immoral things to do, NFTs are also a greater evil than most. Some think that even though those that favor Bitcoin might be against Ulbricht, he was integral in pushing for the adoption of the asset during the early period.