If you haven’t been following Smealum on Twitter, I suggest you do. For the past 2 months he’s been working hard at churning out an exploit and creating a toolkit for the 3DS, and he’s kept everyone updated on the progress.
TO REITERATE : we should support 3DS, 3DSXL and 2DS consoles on firmware versions 4.0-8.1. please don’t ask me again.
— smea (@smealum) August 25, 2014
He’s recently started giving requirements for the exploit as well.
the homebrew loader we're about to release will require you to have a specific retail game. the game is also on eShop but not in all regions
— smea (@smealum) August 25, 2014
(saying this because i'm getting flooded about requirements. now you know. the game is old and cheap, i got 4 copies for like $30)
— smea (@smealum) August 25, 2014
And although it isn’t guaranteed, we may even see a release next week!
.@ShiningGreninja hopefully next week. no promises.
— smea (@smealum) August 24, 2014
Now, this exploit will not allow backups of commercial games. It will only allow homebrew games/apps. He wants to allow homebrew without enabling pirates.
Speaking of homebrew, Smealum tweeted saying he had BlargSnes running on his exploit.
got StapleButter's SNES emulator running on 8.1 ! really cool piece of software http://t.co/25QPIRYRNe
— smea (@smealum) August 24, 2014
Smealum has not released the name of the exploit game yet, follow him on twitter to keep up on his progress and the release date.
Source: Smealum Via Twitter