FTX vs Binance: this Singapore startup made a fun and educational game about the FTX fiasco
The stunning implosion of FTX and its superstar founder Sam Bankman-Fried is reverberating across the global cryptocurrency landscape and has rattled investor faith. Although it might take months to get an accurate picture of what exactly happened, Singapore-based Game-Fi platform Ethlas has come up with a game to offer a joyful and educational insight into FTX's insolvency.
Titled 'Battle of the CEXes' (CEX standing for Centralised Exchange), Ethlas' aim in launching the gamified learning experience is to help spread awareness and educate the wider community on the history between FTX and Binance and the key events that led to FTX's ultimate demise. The game will be available on battleshowdown.com through a new story mode.
The game introduces players to key characters (such as Changpeng Zhao and Sam Bankman-Fried) and common crypto terminology (like FUD – standing for Fear, Uncertainty, and Doubt – and those who spread it – FUDders). In the game, the goal is to save the future of crypto from the long-term ramifications of FTX collapse.
"One of the key realisations we had as we Web3 native players is that most of the world couldn't quite understand what had happened with FTX. And so we took the tools we had, and gamified/simplified the FTX timelines into a simple-to-understand story mode, and we linked some resources at the end of the game to help those who had been impacted by the incident to educate and equip themselves better for the future. We hope that small steps like these help bridge the education gap within Web3, and hopefully build a better future for everyone." said CEO & Cofounder of Ethlas, Wui Ngiap Foo
Despite the collapse of FTX, Ethlas believes that the next decade will be a defining period for Web3 as the market corrects itself to facilitate change and evolution.