Following an eventful week, the crypto market has been in the doldrums with looming fears of fed rate hikes and high inflation rates. The king of digital assets, Bitcoin is flirting with danger at a critical level that has been strong support since 2021.
In these uncertain times, some cryptocurrencies are available at juicy discounts. While Cardano is one of them, we have a new DeFi earning protocol, Gnox, going strong in its presale. Let’s dig a little deeper to understand if these tokens may be a good investment.
Often dubbed as the “Ethereum killer”, Cardano is a blockchain network with a proof-of-stake consensus mechanism that makes it much faster, cheaper, and energy-efficient than a proof-of-work concept like Ethereum. The native token ADA enables holders to vote on governance proposals, and the voting rights can also be delegated in exchange for rewards. The recent Alonzo upgrade in late 2021 facilitated the implementation of full smart-contract functionality on the blockchain.
With 72% of the total supply staked with validators, Cardano has billions of dollars stored in safe wallets. If the total stake is counted, Cardano’s TVL would be over $19 billion at its current valuation, which is hovering around 55 cents at the time of writing. When the tables turn and the bull run resumes, ADA will be one of the first cryptos to go on a parabolic rise at the back of its strong fundamentals.
The need for simplification and innovation in the DeFi space gave birth to a community-focused ecosystem, Gnox. It is a decentralized protocol that offers “Yield farming as a service” to its native token holders. Unlike other reflection projects, it leverages a treasury of its own to reap rewards from various DeFi protocols. Based on the size of the holdings, stable coins are redistributed to every GNOX holder in proportion to what the treasury makes. In addition to that, a 1% tax on each transaction is directly credited to the eligible wallet. Basically, a user can earn passive income by just purchasing and holding GNOX.
The project is currently in the presale phase with multichain expansion and an aggregator tool in the making. A comprehensive audit by Soken has further strengthened the trust in the project. Crypto enthusiasts are looking to get in early before the price explodes, following the contract launch in July.