Markets are reeling, and investment experts recommend that investors purchase stocks within recession-proof industries like health care, utilities, and consumer staples. One thing all of these industries have in common is utility. They add essential value to people’s lives. And projects which add value will always appreciate. This article features a brand new crypto protocol that is ignoring the bear market and surging in price due to the value it delivers. Several crypto experts have weighed in, and one has dubbed this new project: ‘The Next Ethereum.’
Gnox, currently in its presale phase, has seen its value soar by more than 60% in the last month, and investors are flocking to this new project. Gnox’s price appreciation has been driven primarily by a huge token burn and the boost in investor sentiment with the announcement that there will be further token burn events at the end of each presale phase. The protocol has already burnt more than 2.5 billion tokens, and every time the supply is reduced, the price pivots upwards.
What is Gnox?
Gnox is a protocol aiming at DeFi (decentralised finance) investment and its simplification. Presently, the technical knowledge barrier and fast-moving pace of DeFi make meaningfully investing in the sphere impossible for many crypto investors. Gnox has simplified this process into a single investment vehicle using the protocol treasury. The treasury is deployed to generate yield in DeFi protocols on behalf of investors. Every 30 days, the proceeds are swapped to stablecoin and distributed amongst GNOX holders proportional to the number of tokens held. The treasury is funded via buy and sell taxes on every token transaction, and this simplicity will bring meaningful DeFi investment to a far broader audience. Whereas Ethereum made DeFi possible, Gnox will drive mass-market adoption of DeFi investment.
ETH is the native token of the Ethereum network. A popular choice amongst crypto investors, and for a good reason. Ethereum was the first blockchain with smart contract capability and facilitated the growth of an alternative financial model: DeFi. The biggest drawback to the Ethereum network is its lack of scalability, making it inaccessible to most investors due to the cost of gas fees on the network. These gas fees became notorious during the DeFi summer of 2020, when gas fees were hundreds of dollars.
However, Ethereum is currently in the process of upgrading and launching Serenity, or Eth 2.0. Which will see Ethereum’s TPS (Transactions Per Second), the most common metric for scalability, shoot up from an average of 13 to a theoretical high of 100,000. Whether this upgrade will make transactions more accessible for ordinary investors on the network waits to be seen. The larger effect of this upgrade also intrigues investors, with many postulating that this upgrade will be a significant catalyst for current market conditions to reverse.
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