• Investors fear that Binance exchange may not last through the bear market.
• The MCADE presale attracted seven figures worth of funding and sold out the beta phase in just three weeks.
• Binance’s BTC liabilities were $245 million bigger than their BTC reserves, meaning an FTX-style bank run could cause major problems.
Cryptocurrency investors are in a state of fear and uncertainty as Binance exchange, the largest crypto exchange by volume, faces potential collapse. After FTX collapsed in November, Binance exchange conducted a proof-of-reserves audit to show that digital assets fully backed user funds; however, some have highlighted a key inconsistency in the report. Binance’s BTC liabilities were $245 million bigger than their BTC reserves, meaning an FTX-style bank run could cause major problems. In such an event, Binance may be forced to pause withdrawals and sell other assets, which could have a negative impact on price action for the entire crypto market.
The hesitancy of Binance’s CEO, Changpeng Zhao, to hire a top four auditing firm to reveal liabilities has only further invited fear, uncertainty, and doubt (FUD) during the 2022 crypto bear market. Despite this, investors are still optimistic about the long-term future of Web3, and Metacade has been a key project bringing positive sentiment back to the crypto markets. The MCADE presale attracted seven figures worth of funding and sold out the beta phase in just three weeks.
Metacade is a blockchain-based gaming platform that allows users to create and play games, build communities, and earn rewards. The platform offers a variety of features, such as customizable avatars, leaderboards, and tournaments. The platform also has a marketplace for users to exchange items. Metacade has become popular among gamers, especially those interested in competitive gaming.
With the future of Binance exchange uncertain, investors are turning to alternative projects to find security and stability. Metacade is one such project that is bringing optimism back to the crypto markets. The MCADE presale was a huge success, and investors are looking forward to the full launch of the platform. The success of the presale is a promising sign for the future of Web3, and investors are hopeful that Metacade will prove to be a safe haven in the face of Binance’s uncertain future.