GameFi Notes 4 - Myths, Traps and Observations

It's time to talk about ancient times . There is no ancient subject today, so let's go straight to the topic.

Since GameFi has gained a lot of buzz in the mainstream media, more and more people are paying attention to such a business model. Why is it a "business model"? Because there is a lot of profit, why else do it ? The bigger the profit, the more traps there will be. In the past few days, I have observed a few things that are easily overlooked and the logic in it. I hope that I can stop and listen to it before investing in GameFi.

Trap

• Fake whitelist website: The whitelist is currently the most popular project, because the whitelist is equivalent to an opportunity to preempt shares. If it is a promising project, it must be profitable. Therefore, the Discord groups of major GameFi projects In the group, there are many robots waiting for the opportunity, waiting for you to join the group and privately message you with fake information. Take a project that I just joined the ETH chain observation yesterday as an example.

Method: Basically, all GameFi information will be announced through the official TG/Discord, so as long as there are other accounts DM/PM your information, it is basically a scam . The content may be congratulations on your winning the whitelist, or the exclusive benefits of opening the pledge to earn coins for a limited time, and then you will be provided with a URL that is exactly the same as the original website.

But when you click on the URL that Discord reminds you to pay attention to, you will find that the first URL that pops up is actually wrong. If you click the wrong one, and the second one will pop up again, it will be the correct URL. This technology is called 302 redirection, which means that when you enter the A website again, it will automatically be redirected to the B website first. The use of this technology is more commonly used when the official website wants to move. Can automatically lead to the new B site. But if you want to lead A to B, the premise is that there must be the ownership of A, so if you encounter such a situation, there are only two possibilities.

1. A has a ghost or is intentional
2. A's website has been hacked by others by other means
   

Fake currency exchange website: Since newly issued coins will choose the designated DEX as the currency exchange platform, be sure to read the contract website before exchanging. It is recommended to copy the contract hash provided by the official website directly, so as to avoid changing to someone you don’t know. counterfeit currency issued. The same example I found in the BSC chain game yesterday was an example of issuing $MASTER coins before it was made public.

Method: The counterfeit currency issuer will list its own contract with the exact same name on the DEX where the project party expects to exchange the currency. If you search for $MASTER directly, you will see a project with the same name.

After the fake currency address in the picture above is linked, you will see the currency price with an extremely high exchange rate, and it is still increasing over time, but below you will find that there is no transaction record at all. Currently, all transaction records in the blockchain are public. Yes, so looking at the transaction records is a verifiable way. Since this is a chain game of the BSC chain, the exchange method is in principle all exchanged with BNB.

Compared with the exchange rate of counterfeit currency, 0.1: 28 can be said to be nearly 300 times the huge profit. At present, DEX only reminds you to look at the contract before exchanging currency, because the signing of the contract for exchanging currency is the user's own behavior, so even if the exchange is wrong, DEX should not return your money. . .

There is an extended fraud method in this situation, but basically the Slippage is set by the person who issued the currency, so if you unfortunately change the wrong currency in the DEX, but the other party sets the Slippage to be 50%, even if you find something wrong and want to change it back, You also only have 50% left. . . Recently, a project party's approach is to Slippage 51%, and then run away directly after GameFi is released.

Myths

• Should the chain games issued by the DEX center be relatively stable? Compared with the unknown and unrenewed projects, GameFi released by DEX is relatively stable, as long as he has come up with a way to let everyone continue to put money in the pool, and the continuous launch allows you to put money in the pool The most practical way is to lock up, pledge, and limit production. BiSwap's upcoming squid game GameFi requires that if you want to P2E, you must first pledge a certain amount of BSW to start. BabySwap mentioned in the white paper that $MILK will reduce production because the production capacity reaches a certain level, but most It is to increase the currency value of $BABY, not the currency value of $MILK.
• Is the ETH chain more stable than the BSC chain? At present, many 3A masterpieces have chosen to be issued on the ETH chain, and AXIE, which is very well-known but the collapse of SLP and AXS , is also issued on the ETH chain. There are several possible reasons

1. At present, there are many mature NFT trading platforms on the ETH chain, so many NFTs will not be simply locked in the closed market in GameFi for trading, but can be directly listed on OpenSea and other for sale.
2. At present, GameFi issues TOKEN, not COIN. TOKEN is an extension attached to the value of COIN. Everything on the ETH chain uses ETH as currency, so transactions are all around the ocean of ETH, rather than extending to the inland The TOKEN issued by the river.
3. If the ETH chain wants to commit fraud, it may be better to run away at one time, because the cost of moving money in stages is too high. . . XD.
4. Since the ETH chain can only be mint once, basically the uniqueness of NFT will be relatively high, the input cost will be high, and the return period will be extended, but it is also relatively stable.

TOKEN currency price articles

• Will the whitelist definitely earn? I tried to use Excel to calculate whether there is a positive correlation between the currency price and the invested funds. The thing I miss is that this algorithm can only be calculated by a machine. The ratio of decline is definitely different from the ratio of increase when 1,000 yuan of capital is invested. I think that if I can calculate it myself, there should be engineers who have already made a fortune . However, it is possible to know the price of the currency through the API in real time, and it is possible for a robot to get rid of it within a predetermined time. That is to say, the increase of the currency price basically depends on a large number of players and large capital gold owners to raise the price. If the number of people invested in the game is not enough, even if the game is on the whitelist, the currency exchange will deduct the tax of the two-way slippage and the Gas Fee. If it doesn't work out, you'll lose money. In addition, most of the appearances of large funds can be controlled by robots, so it is necessary to pay attention to the number of projects and calculate the appearance time.
• When will the coin price rise? The concept is very simple, that is, there will be time to invest money ! That is to say, new releases, new gameplay, new revisions, as long as it is a timing point that allows Leek to spend more money (of course, there will be benefits), there is a chance to see the currency price rise. If you skip the ticket, you can consider preparing to jump ship. On the contrary, if there is no revision, the Reward Pool withdrawal cycle is over, the main Coin depreciates, and the issuance of other popular GameFi will cause the token price to drop.

 Conclusion: The learning path of blockchain GameFi is still very long, and various fraud methods are also very interesting and worth observing. The fastest way to learn is through experiments. As long as the amount you pay is what you can afford, you will definitely have your own gains.