Place/Date: - June 7th, 2022 at 11:33 am UTC · 3 min read
Despite prevailing market conditions development teams are busy upgrading. Teams that continue pushing ahead with development regardless of current market conditions are something every investor should look for. Projects that build during the bear, often thrive during the bull.
Gnox token continues its pre-sale. Planned to launch at the end of Q2 2022 current market conditions are not halting this protocol. Gnox is the first project to offer yield farming as a service and will be reflecting stablecoins to token holders periodically every 30 days. Gnox sets out to do away with the complexity of DeFi investment, inviting all investors, small and institutional alike to partake in DeFi. The Gnox protocol facilitates this through the use of its treasury, funded by a buy and sell tax, which is deployed on behalf of the investor in DeFi protocols. All the generated revenue is then reflected back to token holders in proportional to the number of tokens held. Analysts have pointed centrally to this fact when asked about the project. Normally bearish sentiment is avoided and protocols will wait until more favourable market conditions arrive, but with the token generating passive income for investors in stablecoin, perhaps Gnox is a protocol that can beat the bear.
Ethereum was the first blockchain with smart contract functionality and has been responsible for the development of decentralised finance (DeFi), an achievement of enormous scale. However, the network is still held back by its slow throughput, averaging 15 transactions per second (TPS), and is not suitable to scale for the growing demand. This has led to outrageous gas fees and long transaction confirmation times. Added to this are growing global environmental concerns with the Proof of Work (PoW) consensus mechanism that has come under scrutiny due to its high energy cost. However, Ethereum steadily inches closer to its Serenity upgrade, sometimes referred to as Eth 2.0, which will change the consensus mechanism to Proof of Stake (PoS) which will open up a native staking option as well as make the network less energy-intensive, Ethereum will launch a side chain known as the beacon chain, and in the third phase will introduce sharding. Ethereum in theory should see its TPS rise to 100,000 and this moment will be pivotal in pushing the entire crypto asset class into the future.
The famously logical and scientifically structured network developed by Charles Hoskinson. In September 2021 Cardano launched its Alonzo hardfork which brought smart contracts to the network, and was a watershed moment for many investors. Cardano has scheduled another upgrade for late June 2022 known as the Vasil hardfork. Currently, a closed Vasil testnet has been launched, and when the upgrade goes live the Cardano network will receive a boost to its throughput, and most importantly improved smart contract functionality. Investors hope this will bring more decentralised applications (Dapps) to the network and encourage organic growth.