Asset-backed crypto tokens like Chronoly (CRNO) spell bad news for Aave (AAVE) and Stellar (XLM)

Despite the recent dip in the crypto market, investors are still looking for investable projects. However, projects like Aave (AAVE) and Stellar (XLM) seem to be losing the battle to a relatively new project called Chronoly.io, which is only in the first phase of its presale.

Let’s understand what these projects are all about and why investors seem to be more interested in the CRNO token rather than AAVE and XLM.

Why are crypto investors turning away from Aave (AAVE)?

Aave (AAVE) is a DeFi protocol through which people can lend and borrow cryptocurrencies. Lending pools are created using the Aave protocol, and users can lend and borrow 17 different cryptocurrencies through these lending pools. Lenders deposit digital assets into liquidity pools to earn interest, and borrowers use this liquidity to take out a flash loan by putting their existing cryptocurrencies up as collateral.

Despite its decentralized structure and seemingly simple lending and borrowing system, crypto investors have been losing faith in the Aave (AAVE) Protocol as its low interest rates lead to low returns on investments for those sold into liquidity mining or yield farming.

Why is Stellar (XLM) not doing too well in the crypto Market?

Stellar (XLM) is a peer-to-peer network that aims to connect the financial systems in the world by providing a decentralized protocol for financial institutions and payment providers. The Stellar (XLM) platform helps move financial resources reliably and quickly with minimal costs by linking people, payment processors, and banks, allowing users to trade various types of cryptocurrencies.

While Stellar is more decentralized than Ripple (and that should ideally be a good thing,) Ripple has the first-mover advantage and has already serviced plenty of financial institutions. In comparison, Stellar is relatively new to the market, and its ticker symbol, XLM, is not as popular as Ripple’s XRP. At present, XRP is experiencing higher daily trading volumes and market capitalization than XLM due to its higher popularity. As Stellar struggles to establish viable partnerships, its XLM token has been suffering, causing investors to keep choosing Ripple over the Stellar protocol.

What is Chronoly?

Chronoly.io is a decentralized fractional watch-investment marketplace where users can invest as little as $10 to own NFT fractions of collectible luxury watches from multinational brands like Rolex, Richard Mille Audemars Piguet, and Patek Phillippe.

Chronoly verifies and certifies the authenticity of watches before they are stored in its vaults. The NFT of a watch is broken down into fractions that platform users can purchase to own a part of the watch. If the original owner of the watch wants to buy their asset back, they can collect all its NFTs and then redeem the watch from Chronoly’s vault.

$CRNO is the utility token of Chronoly. It offers its holders staking options in Chronoly’s lending pool, discounts on storage, transaction, and club membership fees. CRNO holders also enjoy the prospect of winning lottery rewards on the Chronoly platform.

The CRNO token is in the first phase of its presale, with a price of $0.033. The exceptional use cases of Chronoly’s NFTs, as well as the project’s compelling ecosystem, have led industry experts to predict significant growth in the CRNO price.

Why are investors leaning towards asset-backed cryptos like Chronoly (CRNO)?

One of the major reasons why investors hesitate to put money into crypto is that most cryptocurrencies aren’t backed by any real assets. In the context of this article itself, AAVE and XLM aren’t backed by real-world assets.

The value of AAVE depends on the lending-borrowing activity of the protocol, and the value of XLM is still struggling to rise due to a lack of popularity and demand.

On the other hand, Chronoly‘s CRNO token is backed by real-world genuine luxury watches that provide appreciating returns on investment with unfailing demand due to the collectible value of the watches.

Since the project is relatively new, investors have been referring to Chronoly’s Whitepaper to learn more about how they can invest in luxury watches and earn satisfying returns on their investments. The details therein help potential investors understand how the system works, putting their minds at ease and helping them plan their future watch investment moves efficiently.

If you’re interested in investing in collectible watches through NFTs on the blockchain, you can visit the Chronoly website and sign up for the CRNO presale to get your tokens today!

Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice