$130 Million TVL in Gamified DeFi Platform Mobox
Since its launch a little over two months ago, Mobox has become one of the prominent DeFi yield farming platforms that taps into gaming. Their unique product proposition gathered quite some attention, resulting in more than $130 million in total value locked.
Despite the crypto price crash, Mobox has seen serious growth in the past 30 days. In the past 30 days they increased their user base by 192% to more than 28,150 active user wallets. According to the DappRadar BSC Rankings, Mobox is just behind DeFi platforms like Venus and 1inch. However, they offer a completely different experience.
Mobox is a yield farming platform that empowers users by rewarding them for their engagement and gaming activity. They combine elements from decentralized finance with games, and add NFTs to the mix. Therefore users have ownership over game characters and items. Mobox describes itself as an everlasting free-to-play-to-earn ecosystem. Thanks to their own wallet plugin and mobile apps, everybody can participate wherever they are.
How to use Mobox
Every MOBOX user can supply stablecoins (i.e. BUSD or USDT) or liquidity-pool tokens from pools indicated by the team. By locking these tokens into the platform, users earn a yield. The system automatically compounds earnings into the pool, benefiting the user and their earnings. Also, players can earn keys this way. Users need these keys to open chests. Once the chests open, they will reveal a unique NFT.
The NFTs then become active on the platform and can be staked to mine the MBOX governance token. There are different NFTs with certain rarity levels. The more unique an NFT is, the more mining power it has. Gamers can also use these NFTs in a variety of games.
DappRadar and Mobox are partnering up for an amazing airdrop. Stay tuned!
The NFT someone receives from these chests is called a MOMO. Gamers can use these MOMO NFTs in a variety of dapps, for example the idle tactical puzzle game Token Master Momo, the idle battle game Momo Block Brawler or the upcoming game Momo Tactical Party Slayer. As a result players can use one digital asset across multiple applications.
On top of that the MOMO NFTs use two token standards for NFTs, ERC-721 and ERC-1155. As a result the NFTs someone created on Binance Smart Chain, can move pretty cheaply to other blockchains like Ethereum and Tron.
Security against exploits
Recently a variety of DeFi platforms within the Binance Smart Chain ecosystem have experienced flash loan exploits. Before the MOBOX platform launched, Team MOBOX studied and analyzed smart contracts on the Ethereum network. More importantly they studied contracts which had been attacked. They then assured that their smart contracts would not have the same vulnerability.
For example, flash loan attacks generally happen within one block. They prevent this exploit from happening with for example Mobox Crates, the team has implemented a delay. A time lock makes sure that arbitrage happens at least 3 blocks from the last deposit, cancelling the ability for flash loan attacks.
The future of Mobox is multi-chain
Mobox only opened its platform to the public a little over two months ago, and has many plans for the future. The most obvious one is expanding their game library. Momo Tactical Party Slayer has already been announced, but the team has at least two more games in their planning for this year.
Furthermore Mobox will create an SDK for game developers, allowing them to integrate an API and connect with the Mobox ecosystem. By the end of this year users will use their MBOX tokens to vote on which NFTs and Games will be added to the platform.
Among the biggest plans for Mobox is their ambition to go cross-chain, or multi-chain. Through the Mobox Bridge users can transfer NFTs from BSC to for example Ethereum or Tron. However, their plans go further than that. Mobox wants to introduce cross-chain yield farming in Q3 2021, a trend already highlighted by DappRadar in our most recent Dapp Industry Report.