Gnox Token (GNOX) Hikes Beyond 50%, Could This Spell Bad News for Ethereum (ETH) and Solana (SOL)?

Place/Date: - June 8th, 2022 at 7:02 am UTC · 3 min read
Source: Gnox

Gnox Token (GNOX) Hikes Beyond 50%, Could This Spell Bad News for Ethereum (ETH) and Solana (SOL)?

Gnox (GNOX)

Gnox represents the first of its kind- a reflection token that pays in stablecoin. The protocol is planned to launch on the Binance Smart Chain (BSC) at the end of Q2 2022 and during its pre-sale phase has seen its price shoot up more than 50% driven by investor desire and the protocol’s dynamic pricing strategy. Following a KYC and smart contract audits the investor base has swelled with people looking to lock in a good price now before it is too late.

Analysts in the crypto sphere have indicated the fact that this protocol is the first to offer yield farming as a service not only gives it the first-mover advantage but due to the mechanics of the protocol offers a treasury with a growth-orientated focus meaning over time it should pay greater rewards out to its token holders. In current market conditions with bearish sentiment present a token that pays out its investors in stablecoin and gives them exposure to DeFi yield opportunities through its treasury could take the crypto market by storm.

Gnox Token (GNOX) Hikes Beyond 50%, Could This Spell Bad News for Ethereum (ETH) and Solana (SOL)?

Ethereum (ETH)

Ethereum was the first blockchain to introduce smart contract capability and led to the development of DeFi. But the crypto sphere moves rapidly and the achievements of this blockchain are being forgotten with investors facing huge transaction fees known as ‘gas fees’ sometimes totalling hundreds of dollars. This has made the network inaccessible to ordinary investors and as a result, Ethereum has seen its market share of Total Value Locked (TVL) continue to drop with the launch of newer and faster layer 1 protocols.

Ethereum with its cumbersome Proof of Work (PoW) consensus mechanism and an average TPS (transactions per second) of 13 is quickly losing ground. ETH has already posted losses of nearly 50% in Q2 alone, and with decentralised applications (Dapps) being launched on other layer 1 protocols it seems that a continued loss of TVL is inevitable for this network.

Solana (SOL)

SOL is the native token of the Solana network and has already posted losses of more than 70% currently in Q2. The Solana network continues to suffer outages which is the term used when the network goes down. This is causing investor faith in the network to crumble, the most recent network outage on the 1st of June 2022 marks the second in a month. This downtime causes heaps of problems for the smart contracts deployed on the network and is making many investors fed up with the project due to the consistency of these outages. Faith in the Solana network and the SOL coin are low and many investors are choosing to exit their position further driving the token’s price down.

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