DeFi protocol Shroom Finance is aiming to take the gaming world by storm by launching a decentralized exchange for in-game assets.
The new exchange, called GameSwap, is a peer-to-peer platform for the trading of in-game assets. It is based on the Ethereum non-fungible token (NFT) standard and will work similarly to Uniswap, the announcement added. NFTs have surged in popularity recently on the back of a burgeoning digital art scene.
There will be liquidity pools with associated yield farming incentives and the protocol will run on its own token GSWAP instead of Ethereum.
Fam! In this platform update we unveil the first details of GameSwap, our DEX for in-game assets. Our plan to bridge gaming and DeFi keeps moving forward. Get ready for $GSWAP! ???????????? The $SHROOM ecosystem is growing.https://t.co/MDhtdt6aPE
— shroom.finance (@ShroomFinance) October 12, 2020
The platform already has its own native SHROOM token which has been shilled by a number of prominent crypto analysts such as trader Josh Rager, resulting in a predictable pump and dump. Over the weekend the trader, who has almost 90k followers, tweeted;
“This GameSwap preview is extremely bullish. Trade, mint, and cash out your in-game assets and NFTs”
Big Gaming Companies Need to Play Ball
Shroom Finance has just released a demo of the new DEX which features a number of popular titles and items from the games. It added that these were just for demonstration purposes and do not represent any current partnerships.
Naturally, the success of such a platform depends on the partnerships it forges with the leading gaming companies such as Ubisoft, Electronic Arts, Activision Blizzard, and Bethesda.
The announcement added that the trade section will be the backbone of the DEX. User will see their inventory of assets once they connect their wallet, and can then browse and select which assets they want to buy.
The next step for the protocol is to lock the development funds of 10 million SHROOM, worth an estimated $1.78 million at today’s prices, and start allocating them to project bounties. It will also finalize the GSWAP farming pools and presale rounds.
“Our next update will contain the GSWAP presale and farming details. Remember that SHROOM will be required to farm GSWAP (only SHROOM pairs!) and people buying the presale with SHROOM will get a 50% discount.”
SHROOM Price Update
Shroom Finance’s native token has made some momentum over the weekend as hype for the gaming DEX builds up. However, SHROOM is currently trading for $0.178, down 7% on the day.
It rose to a weekend high of $0.211 before the correction. Since its all-time high on October 1, SHROOM has followed the path of many DeFi tokens and fallen back 34% to current levels. The success of the GameSwap may be a game-changer for Shroom Finance, however.