For the bulk of this year, the crypto market has been experiencing extremely bearish sentiment. On top of that, we have black swan events such as the demise of Terra’s stablecoin ecosystem, which in turn pummeled the market cap of the combined crypto markets. It’s times like these that give us an opportunity to reflect on where we’re headed and make changes for the better.
Here’s how three crypto platforms are working to reshape crypto during these bearish times.
Ethereum (ETH)
Ethereum was the first smart contract blockchain. With a market cap nearing a quarter of a trillion dollars, Ethereum stands head and shoulders above other layer-one altcoin chains. The market cap of its two nearest competitors, currently BNB and Cardano, are less than one-fifth that of Ethereum.
At the time that Ethereum was launched, a mining protocol known as proof-of-work (PoW) was the only option. Bitcoin is also a proof-of-work blockchain. Since then, other competing blockchains, such as Cardano, Avalanche, and Solana, have adopted a consensus mechanism called proof-of-stake (PoS).
It’s not important to understand these two protocols. However, it is important to understand that while PoW requires vast energy resources, PoS is far more environmentally friendly, less expensive to secure, and faster.
The point is that the Ethereum Foundation is working to make the transition from a PoW to PoS blockchain before the year is over. This might solve the issues of scalability and high gas fees that Ethereum has been experiencing. It will certainly put some fear into the competitors currently vying for position in Ethereum’s rearview mirror.
Polygon (MATIC)
Polygon is what is known as a layer two solution. Polygon rides on top of and derives its security from the Ethereum network. While Ethereum is working on solving its traffic jams and converting to a PoS mining method, Polygon has been taking some of the pressure off of Ethereum by offering users a faster, cheaper experience.
On the NFT marketplace, OpenSea, gas fees for Ethereum purchases can be as high as a third of the purchase price at busy times. By contrast, minting on the Polygon network is free and gas fees are negligible.
Will Ethereum’s transition from PoW to PoS mining affect the growth of Polygon? That remains to be seen. However, most experts believe there will still be a need for layer two solutions such as Polygon.
Gnox (GNOX)
A large part of the success of Ethereum is the smart-chain-enabled, decentralized financial services — aka DeFi platforms — that have been built on top of its blockchain. These platforms allow users to exchange cryptocurrencies and get a return on their assets by facilitating services like staking, liquidity pools, and peer-to-peer lending. The downside of these services is that there’s a steep learning curve for new investors, most of whom, frankly, end up losing money — especially in times like these.
Now a new DeFi platform known as Gnox has come up with a solution that greatly simplifies and streamlines DeFi investing for newcomers and experts alike while greatly decreasing the risk of losing their capital.
When investors buy GNOX tokens, a portion of the proceeds goes into a treasury. A team of highly experienced DeFi specialists then invests those funds into a diversified basket of DeFi opportunities. All profits from these activities are shared proportionally among all holders of GNOX token.
This “yield farming a service” business model is what we call a “no-brainer” for anyone who wants to take advantage of DeFi opportunities, but who doesn’t have the time to become an expert on the topic.
Learn more about Gnox:
Join Presale: https://presale.gnox.io/register
Website: https://gnox.io
Telegram: https://t.me/gnoxfinancial
Discord: https://discord.com/invite/mnWbweQRJB
Twitter: https://twitter.com/gnox_io
Instagram: https://www.instagram.com/gnox.io/
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Source: https://coinpedia.org/press-release/break-the-bear-ethereum-eth-polygon-matic-gnox-to-reshape-crypto/