The collapse of FTX, once the third-largest cryptocurrency exchange, has reaffirmed the need to invest in projects offering solutions to real-world issues. The collapse came barely months after Terra Stablecoin suffered the same fate. The implosion has sent shockwaves with Solana, one of the hardest hit coins amid the turmoil in the sector. In contrast, BudBlockz has continued to gather momentum as a breakthrough project thanks to its unique use case.
Solana Woes Persist
Solana coin lost significant value following the FTX exchange collapse because the network had millions of dollars’ worth of its native token staked in the crypto exchange. As a result, the coin lost more than 50% in market value following the exchange collapse fueling a sell-off wave that started late last year.
Year to date, Solana has lost nearly 80% in market value and remains under immense pressure. The sell-off has come as investors shun the project even as it continues to make waves as the preferred platform for developing decentralized finance applications.
Solana has also carved a niche as developers and a preferred platform for developing decentralized applications. However, it faces stiff competition from other established projects that are also targeting developers on dApps and DeFi applications. Ethereum is one of its biggest competitors.
BudBlockz Fast Mover Advantage
In contrast, BudBlockz continues to gain momentum, given its fast-mover advantage in the cannabis sector. The project has set out to bridge the gap between cryptocurrencies and cannabis. It has established a decentralized platform that will make it easy for enthusiasts to access the global cannabis markets.
Through the decentralized e-commerce platforms, people can buy and sell cannabis products. The platform will also provide investment opportunities in cannabis farms and dispensaries. $BLUNT is the native token at the heart of every operation in the first-of-its-kind cannabis platform.
The native token will make it easy for people to buy and sell cannabis products. Additionally, it will offer a way for people to enjoy fractional ownership of cannabis farms. Doubling up as a governance token, $BLUNT will also accord holders the right to vote on any proposals that target the project’s trajectory.
BudBlockz NFT Ambitions
BudBlockz is also expanding its tentacles into the burgeoning non-fungible tokens market in pursuit of growth opportunities. It has already unveiled its premium NFT collections, dubbed Ganja Guruz, which will come with added benefits to holders. For instance, holders stand to enjoy membership access to BudBlockz cannabis dispensaries through the NFTs in addition to discount codes for cannabis products.
There are also plans to launch an NFT marketplace that will make it easy for people to come up with cannabis-themed NFTs that can be traded. People will be able to buy and sell NFTs in the ecosystem. Additionally, BudBlockz has launched BudSwap, its Decentralized Finance platform that will enable peer-to-peer cryptocurrency exchange. The platform will also facilitate peer-to-peer lending and borrowing.
Bottom Line
BudBlockz continues to gain momentum owing to being the fast mover in a potentially massive market in the cannabis sector. Its focus on Non-fungible tokens and Decentralized finance also underscores its utility, explaining why it continues to outperform Solana.
