What Bear Market? Investors Are Already Up 60% On Gnox (GNOX), Beating Out Solana (SOL) And Fantom (FTM)
Despite Bitcoin tanking and dragging the rest of the market with it, Gnox has climbed by 60%, leaving many investors wondering how this new protocol has managed to perform so well in current market conditions.
Gnox is a unique type of reflection token currently in the presale phase. The project plans to change the way investors participate in DeFi, bringing it to a broader audience and streamlining the process into a single investment vehicle. Investors will be exposed to DeFi yield-generating opportunities through the protocol’s treasury-funded via buy and sell taxes- which is deployed in DeFi protocols. These generated yields are then swapped to stablecoin and reflected to GNOX holders.
Crypto analysts have claimed that a protocol which generates passive income in stablecoins during a bear market is a desirable prospect. Still, the treasury’s growth-focused nature is even more attractive due to the principal never being touched, only the generated yields.
The team at Gnox surprised everyone by announcing a huge token burn following the closure of the primary presale phase and that another token burning event would take place at the end of each stage. Who knows where the ceiling is for this new reflection token, but many suspect the only way is up.
SOL has been feeling the bear market more than most. The native token of the Solana blockchain, SOL demonstrated one of the most legendary runs seen by any crypto throughout 2021 and continued to put in higher highs shattering all resistance. However, what goes up must come down, and SOL has seen a brutal retracement of nearly 90% from its ATH (All-Time High) of $260 in November 2021.
Commonly referred to as ‘The Ethereum Killer’, the Solana network was designed to address the issue of scalability and processes on average 2,700 TPS (transactions per second). It features a rich ecosystem of Dapps (decentralised applications), and since the release of the Neon EVM there is now a compatibility layer between Solana and Ethereum. However, investors are curious as to whether SOL will rally again and whether it will be able to put in a repeat performance of 2021?
FTM, famously not listed on Coinbase due to its volatility, is another coin feeling the brunt of the prevailing market conditions. Currently trading at $0.25, down from its ATH (All-Time High) of $3.40 in October 2021, FTM has a lot of work to do to make up lost ground. Highlighting Fantom’s volatility perfectly is its price action from late October to early January, where it hit an ATH, dropped by more than 65%, and then rallied forcefully again up to $3.30 within eleven weeks.
The Fantom Opera network has rapidly become an integral player in the DeFi space due to its rapid and low-cost transactions. And still, despite its current price has a TVL (Total Value Locked) north of one billion dollars locked in smart contracts on the network. But investors want to know whether FTM will rise from the ashes or will it just become another forgotten and failed ‘Ethereum Killer’?