Gnox Token (GNOX) Announces Major Upgrades To Its Tokenomics Which Leads To 60% Price Surge, Polkadot (DOT) Struggles To Reclaim Market Share

Gnox Token
Gnox Token

Gnox concluded the primary phase of its presale and announced modifications to its tokenomics which have shocked investors and analysts alike whilst PolkaDot’s trading volume shows that investors are not keen to invest in the blockchain.

Gnox Token (GNOX)

Gnox is the first protocol to offer yield farming as a service and has lofty ambitions of bringing DeFi investment to all investors. The technical difficulty and time requirement currently exclude many investors from DeFi (decentralised finance), the fastest-growing economic sphere. Gnox, through the introduction of its treasury, will allow everyone access to the yield opportunities found with DeFi. Funded through tokenomics of buy and sell taxes, the treasury is then used on behalf of investors to generate yield, with the accumulated yield reflected to GNOX holders in stablecoin.

Gnox plans on removing the barriers and thus bringing DeFi to a much wider audience. The project, set to launch on the Binance Smart Chain (BSC), promises to be infinitely scalable and suited to institutional and retail investors alike.

Tokenomic Changes

After completing the primary presale phase, Gnox announced a massive token burn event with more than 2.5 billion tokens burnt. Basic laws of supply and demand dictate that when supply is reduced and demand remains constant, the price rises, which is precisely what happened to GNOX. With the token price rising by more than 60%.

Gnox followed this event with the announcement that at the end of each presale phase, all remaining tokens will be burnt, guaranteeing the appreciation of GNOX for investors who partake in any of the presale phases. With a completed KYC, audited smart contracts, and promises of substantial token burns, many investors and analysts are investigating the project’s fundamentals to see how far it can go.

PolkaDot (DOT)

DOT powers the PolkaDot ecosystem used as the token for governance, staking, and bonding. A highly ambitious project, often called a layer 0, it aims to bring interoperability between separate, distinct blockchains. PolkaDot will facilitate the transfer of value and data between discrete blockchains allowing for true interoperability through its parachains.

The potential of this project is enormous. Despite blockchains being notable instances of technology, native chains are incredibly isolated. PolkaDot utilises a main chain known as the relay chain and lots of parachains which give the network an impressive TPS (transactions per second) of over 1,000.

However, DOT is struggling to recapture its prior market share and motivate investors to put money into the project. Now its market dominance sits at 0.75%, down from a high of 2.21% in February 2021. The lack of individual price movement of DOT- price movement outside of following Bitcoin- shows investors are not keen on funding the project.

PolkaDot currently trades at $7.25, with further downwards action expected if the next support level is $6.75 breaks; if this happens DOT will see another significant leg down.

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