The crypto world is in a complicated place right now. Some coins are down massively in price, while new regulation looms for a range of stablecoins. But it isn’t all negative, some projects, like GNOX, have been performing incredibly well. Let’s have a look in more detail…
GNOX outperfoms its rivals
GNOX has surged massively in price in recent weeks as more and more investors are attracted to an innovative, simplified way to benefit from the DeFi space. With Yield Farming as a Service, GNOX holders get passive income without having to manage investments themselves. And this could be key in bringing passive income returns from crypto to the masses and those regular investors who might previously have been hesitant to get involved in DeFi. GNOX is already up in the short term while the rest of the market struggles, and it’s still available with discount prices during pre-sale. Now could be the time to buy.
What about DAI and TrueUSD?
As a fully regulated stablecoin that’s both backed by USD and operational on multiple blockchains, TrueUSD has a number of benefits for holders who want to be able to store or use a stable currency without worrying about price fluctuations. But is centralized regulation the answer? One of the key benefits to the crypto space is because it offers real people full control of their money in a decentralized and mostly unregulated market. As traditional institutions start to get involved in crypto, there are undoubtedly benefits for mass adoption, but also a number of negatives. This freedom of a decentralized space could be argued to be under threat.
Similar issues are there for DAI, which is currently regulated by decentralized organization MakerDAO. But more regulation might be on the cards for both these stablecoins, or the wider stablecoin space in general. Especially as rumors swirl about whether the coins are truly backed and have enough reserves to verify their price.
Stablecoins undoubtedly have an important role in the crypto world. They offer digital finance benefits while having a stable price. Why would you want to spend ETH on a regular purchase if you think it’s going to increase in price in a few days or weeks’ time? The vast majority of people who hold crypto like ETH are doing so because they think it’s going to go UP in price. So there’s no point spending it. And that’s why stablecoins like TrueUSD are important, they’ve got actual utility for everyday purchases and a price people can always understand (rather than having to work out what 0.0012 ETH is when buying your morning coffee). But the freedom of the crypto world is somewhat under threat by increased regulation from traditional financial institutions.
While new legislation could affect the stablecoin market, GNOX is one project we really like the look of. You should strongly consider it for your portfolio right away.
Find Out More Here:
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.