Place/Date: - June 25th, 2022 at 1:25 pm UTC · 3 min read
Source: FIREPIN Token
Decentralized Finance (DeFi) has taken the cryptocurrency market by storm. It seeks to reduce or eliminate third-party control in transactions.
This is achieved by developing an efficient and universally accessible smart-contract-based financial system that allows crypto users to access various financial applications and services powered by blockchain technology.
One DeFi token that has enjoyed success since its launch in September 2020 is Avalanche (AVAX). However, there is now FIREPIN (FRPN), an upcoming DeFi token set to take the cryptocurrency market by storm. But will it become as successful as the former?
Avalanche is a DeFi ecosystem and an open-source network that supports programmable smart contracts for dApps. Its eco-friendly, cost-effective, and blazing fast structure enables smart contract-enabled apps deployed on the ecosystem to outperform their competitors.
Since its launch, Avalanche has over 1.5 million community members worldwide and has grown to secure over 1350 individual block-producing validators and 450 individual projects.
The ecosystem’s native token, AVAX, is a hard-capped, scarce asset used for fee payments. At the time of writing, over $118 million worth of AVAX has been burned, thereby reducing supply and increasing its value. The token helps the parent network, Avalanche to connect with a host of subnets to secure the ecosystem through staking.
AVAX is currently the third-biggest DeFi token by market cap, according to CoinMarketCap. This makes it one of the biggest crypto platforms available today.
FIREPIN is more than a DeFi protocol. It is also a community-driven DAO with Metaverse integration, which seeks to enable users to make fast and cost-effective transactions.
When the project launches, FIREPIN holders allow users can participate actively in the ecosystem’s governance through community voting.
The DAO will use treasury funds raised from users to create an NFT gaming environment, 3D, and Metaverse virtual reality games. It will also invest in corporations and teams with long-term visions on Metaverse games development and play-to-earn (P2E).
The protocol has a native token, FRPN, a multi-chain Metaverse token that will be the reserve cryptocurrency on Binance. It will serve as the medium of exchange for all transactions on the FIREPIN Metaverse. To maintain FRPN’s stability, FIREPIN will use the Algorithmic Reserve Currency algorithm, supported by other decentralized assets.
FRPN will be launched on June 27, 2022, on PancakeSwap. For now, it is in pre-sale and has a maximum supply of 100 billion tokens. According to the developer’s whitepaper, 30% (30 billion) of the maximum supply will be sold during the pre-sale.
The importance of DeFi tokens in the cryptocurrency market cannot be overlooked. They stand out for offering true decentralization in the global finance sector.
Both AVAX and FRPN are two DeFi tokens that you need to watch out for. AVAX is one of the thriving DeFi tokens in the crypto space. It is native to an eco-friendly and fast platform that supports smart contract deployment. Its large community of global adopters also helps position it at the forefront of DeFi, making it ideal if you’re looking to invest in a DeFi token with a global force.
Like AVAX, FRPN holds great promises of success and may outperform its older competitors when launched. With improved performance since its emergence in the first quarter of 2022, it is an ideal option if you’re looking to invest in upcoming DeFi tokens. You can also take advantage of its pre-sale price to buy low and sell high when its price eventually increases.