Place/Date: - June 17th, 2022 at 10:30 am UTC · 4 min read
The cryptocurrency market over the last two years saw a revolution with decentralised finance (DeFi) offerings. The DeFi projects arrived on the scene with a goal to revolutionise the world of traditional finance and one of the opportunities available was in staking. Staking is similar to making a deposit with a traditional bank in a savings account and receiving an annual interest rate. The difference is that crypto staking provides much bigger annual yields. Global central banks are now scrambling to raise rates but there are still many opportunities to be had in the crypto market. Algorand (ALGO) is one token that can be used for staking. Algorand is a smart contract platform and challenger to Ethereum. Another staking option is the newcomer Chronoly (CRNO). Chronoly is a niche project that is looking to decentralise and democratise the luxury watch market with an asset-backed NFT marketplace. The project has already caught investors’ attention with a rise from $0.01 to $0.05 in the coin presale.
Algorand (ALGO) is a smart contracts platform that is a challenger to Ethereum. Algorand runs on the Proof-of-Stake (PoS) technology that Ethereum is trying to pivot to, in its version 2 update. One of the key benefits of Algorand is its speed, with the ability to finalise new blocks in a matter of seconds. The project was founded by an MIT Professor and has many academics from the college running the development. The most popular ways to stake the ALGO token is through hardware wallets, such as Exodus and Ledger. The coins can also be staked on the Coinbase and Binance exchanges. Staking Algorand is a passive investment opportunity, so you only have to purchase ALGO tokens and then commit them to the staking process. Rewards are calculated and returned automatically. Historical data would predict that the average yield of Algorand staking is 5-6% per year. That can add a passive income and investors can compound their gains meaning that the staking pool and rewards would grow each year.
The Chronoly (CRNO) project is an exciting new project which is opening up the luxury timepiece market for the first time to smaller investors. The project will do this by minting NFTs for each luxury watch held in safe storage and investors can take a fractional stake as NFT’s in the watches. With a round the clock marketplace. The project is now in phase two of a token sale and investors snapped up the tokens in a presale with a 500% rise in the CRNO token. In the first 90 seconds of presale a total of 19 million tokens were sold. Once the token sale is complete, the next plan will be exchange listings and more investors will become aware of the project thus pushing the price up in value.
Chronoly is adding a decentralised element to its ecosystem with the ability to stake the CRNO token. That will create a passive income for investors while they wait for mainstream attention to boost the coin’s value. Presale tokens also get access to the exclusive members club depending on the purchase amount and there will be other rewards in the form of regular prize draws for watches and cash prizes. Cutting out third-party intermediaries and the need for shipping and delivery costs can revolutionise the watch marketplace and investors can stake for passive income until more investors catch on to the project. This is the first time you haven’t needed $50,000 to purchase a rare luxury watch. Instead you can now buy in for a fraction of the price. Even during a bear market Chronoly has superseded expectation and top crypto analysts are now seeking this to be the next 1,000x crypto investment.