Place/Date: - June 1st, 2022 at 9:00 am UTC · 3 min read
Since crypto markets dove to the bottom of the tank a couple of weeks ago, it now seems like we’re in a consolidation phase. Whether prices will go up or down from here, remains to be seen.
Along with layer 1 blockchains like Ethereum and BNB Chain, layer 2s such as Polygon (MATIC), CEXs like Cronos (CRO), and DeFi platforms such as Uniswap continue to see steady adoption over the past couple of years regardless of price action.
However, with a new breed of DeFi platforms coming to the party, longstanding platforms such as these are seeing some stiff competition.
Although GNOX (the native token of the soon-to-launch Gnox DeFi platform) is currently in pre-sale, the coin has been seeing steady adoption and looks like it might be a contender.
Cronos rebranded earlier this month. Formerly known as Crypto.com coin, the centralized crypto exchange saw a steady drop in market cap over the first half of 2022, falling from 10th largest all the way to 19th place.
According to CoinMarketCap.com, Cronos currently has a live market cap of $4.7bn with about $2.5bn of that locked in its staking rewards program.
Cronos’ superpower was its high staking rewards. However, the platform recently chopped its staking rewards resulting in a devastating 50% drop in price.
Polygon is a popular layer 2 scaling solution for Ethereum used by popular DeFi platforms such as Curve and 1Inch, as well as OpenSea, the world’s largest NFT marketplace. This sidechain has its own security protocol which makes its gas fees substantially lower than its parent chain, Ethereum.
CoinMarketCap has MATIC ranked #17, with a live market cap of $5.1bn. At a high just short of $3 at the end of 2022, MATIC reached a 52-week low of around $0.55 on May 12, 2022. It now sits at $0.64.
Polygon’s superpower is that it offers platforms such as OpenSea and Curve an alternative to high Ethereum gas fees. However, interest in DeFi has waned substantially in the past couple of weeks, while to the consternation of NFT investors, many top NFT projects face dropping floor prices.
Gnox is a DeFi platform launching on BNB Chain (Binance). Although the platform doesn’t officially launch until Q3, its unique selling proposition has it gaining momentum.
Gnox offers what they call “yield farming as a service.” While traditional DeFi platforms appeal to experienced crypto investors, Gnox is focused on delivering lofty staking rewards to crypto newbies (and pros) who are less familiar with the cryptoverse and don’t have time to research the best staking rewards.
According to the company, the Gnox platform “was developed to make DeFi earning simple and frictionless for entry-level investors.” All they have to do is buy and hold the token. The Gnox team of professionals will use funds in the platform’s treasury to earn staking rewards on a variety of platforms as well as to invest in liquidity pools and even NFTs. All increases in equity are then shared amongst all who hold the coin.
Even though Gnox hasn’t launched, buyers can still earn a good return this summer. Presale buyers enjoy a 20% bonus on token purchases until June 12 at which time the bonus drops to 10%.