Should You Accumulate DeFi Cryptos Such as BNB, FTM, DOGE and Gnox Token (GNOX)?
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With the crypto market chopping in a tight range, investors continue to remain on the sidelines. The upside potential looks bleak, and the overall sentiment is on the negative side. However, just like each cycle, this also presents an opportunity to accumulate digital assets. When the bull run resumes, these investments may be rewarded exponentially. Let’s skim through some top crypto picks and see whether they are worth your consideration.
BNB
Given the rapid progress of Binance in bridging the gap between crypto and fiat, BNB has emerged as a token of great utility. It is not only used to pay for trading fees but also powers the BNB smart chain ecosystem. Furthermore, Binance employs a unique policy, where coins are burned every quarter to reduce the total supply and increase scarcity. This makes for a good long-term investment given the deflationary feature.
FTM
Fantom network is a smart contract platform for developing decentralized applications. It addresses the issues with Ethereum, pertaining to decentralization, scalability, and cost of transactions. The native token, FTM is used for platform fees within the network, on-chain governance, and staking. By utilizing a unique Lachesis consensus mechanism, Fantom is faster and cheaper than any other blockchain. It may be relatively young, but slowly becoming a hub for DeFi projects.
DOGE
What started as a meme is now a part of a massive global community where Dogecoin is endorsed by the likes of Elon Musk and Twitter influencers. The immense popularity has been a critical factor behind the exponential rise in its value. It is currently down by over 90% from the all-time high, but experts are optimistic about its revival. The market positioning of this token is unique in the way that it has created a brand name for itself, which may continue for the long term.
GNOX
Gnox is a community-focused permissionless platform that simplifies DeFi earning for entry-level investors. Anyone can reap the rewards of yield farming by just holding GNOX tokens. Holders don’t have to follow any additional steps to generate passive income. DeFi experts at Gnox do all the hard work to invest treasury funds in various DeFi protocols, and share the rewards with the users. There is complete transparency about the treasury balance and asset performance. While the smart contract has already been audited by Soken, it is set to launch in July.
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