This is the first week of the brand new year 2021!
With so many new dapps and apps are added, let’s meet these 3 blockchain projects, 1 NFT marketplace and 2 DeFi, that might improve your crypto earning in the coming months.
WAX Arena - Gamified NFT Auction System
WAX Arena is a gamified auction system over WAX Blockchain, which is highly-expected for its games and NFTs.
Then what makes WAX Arena different from traditional auction platforms? Let’s check how it works.
In order to create an auction, you need to send the assets to the deposit at first. You can offer your assets from a base price and set a duration for the auction. The highest bidder will win the asset.
Each bid must be increased by a minimum of 20%. Each time a bid is placed, the amount of the difference between the current bid and the previous bid is distributed as follows:
10% to the previous bidder.
X% to the author (as stipulated in the collection).
3% to the Market.
0.5% for the NFT smart contract.
The rest for the owner of the asset (60% - 86%) depending on the author's commission.
The amounts earned are stored in the user's balance and must be claimed from inventory.
At the moment WAX Arena only accepts NFTs from AtomicAssets. Soon it will be able to include NFTs from SimpleAssets. They are both top NFT marketplaces based on the WAX blockchain.
Tornado Cash - Private Transactions On Ethereum
Normally, your entire Ethereum transaction history and balances are public. All your transactions can be seen on block explorers like Etherscan, and anyone who knows that you own a particular address can easily track your funds, calculate your holdings, and analyze your on-chain activity.
What if you want anonymity and privacy for your transactions?
This new tool Tornado Cash allows you to send Ethereum cryptocurrencies 100% anonymously using groundbreaking, non-custodial technology.
Tornado Cash uses a smart contract to accept ETH deposits, which can be withdrawn by a different address. So that the on-chain link between the recipient and destination addresses are broken down. Whenever ETH is withdrawn by the new address, there is no way to link the withdrawal to the deposit, ensuring complete privacy.
So you can first deposit in Tornado Cash the amount of ETH you want to transfer, then withdraw it to the address you’d like to transfer to.
The Tornado Cash team also gives some tips on how to go completely anonymous. For example, if a deposit and a withdrawal are right next to each other, it is very likely that they belong to the same person. They recommend waiting until at least a few deposits are made after yours before withdrawing the note.
How to deposit
Choose a token
Select amount to deposit
Click Deposit
Backup the note
Click Send Deposit
Confirm the transaction
Wait until the transaction is mined
How to withdraw with relayer
Enter your deposit's note
Enter recipient address
Click Withdraw
Wait until proof is generated
Click Withdraw
Wait until the transaction is mined
How to withdraw with MetaMask
Enter your deposit's note
Click settings icon
Choose Wallet option
Click Save button
Enter recipient address
Click Withdraw
Wait until proof is generated
Click Withdraw
Sign transaction
Wait until the transaction is mined
Tornado Cash has been audited. However, it’s still an experimental software. Please be aware of the potential risk when you use it.
Base Protocol - Speculate on the Crypto Market with 1 Token
Base Protocol ($BASE) is a token whose price is pegged to the total market cap of all cryptocurrencies at a ratio of 1:1 trillion.
If the crypto market cap is $450B, BASE is pegged to $0.45.
If the crypto market cap is $800B, BASE is pegged to $0.80.
So with the BASE token, you are able to speculate on the entire crypto industry with one token. But it seems that BASE token is still struggling to peg its price to the crypto market cap. BASE token price has dropped 89% in the past 30d while the crypto market is booming.
The Base Protocol can act as a one-stop trading instrument that allows holders to speculate on the entire crypto industry simultaneously, instead of just one token or a select portfolio of multiple. If you are an outsider interested in crypto investing who doesn’t know which assets you “should” buy, the BASE token can be valuable. It will also be useful for institutional investors seeking to diversify crypto exposure to the entire industry, and general crypto traders looking to hedge or diversify their investments.
The BASE token can be used as a borrowable asset to hedge on leveraged crypto trading as well. For example, if you borrow 100 BASE to buy an altcoin, and that altcoin price drops alongside a bearish crypto market. When you pay the 100 BASE back to the lender, you’ll notice the value of that BASE also dropped – correspondent to the crypto market. This means that when you pay the loan back, you only absorb the loss you took that was in excess of the overall loss in the market.
Happy with the 3 dapps we introduced today? Explore more newly-added blockchain products here: What’s New?
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