Binance Smart Chain is a powerhouse DeFi-focused smart contract blockchain. In fact, it’s the largest crypto exchange on Earth. There are 43 separate DeFi platforms all chugging along nicely on BSC. One of the newest is called Gnox Token. Before we get into why so many people are taking a look at Gnox, let’s quickly go over, what’s going on over at Binance HQ.
What’s going on is US regulators are looking into whether Binance broke SEC rules. The SEC suspects that Binance Coin (BNB) qualifies as a security and should have been registered with the agency.
In its 2017 whitepaper, Binance said its circulation would be limited to 200 million. Half of the tokens were available for the ICO. Another 80 million were reserved for the founding team. Binance also said as much as 85% of the funds raised in the ICO would be used to build its exchange.
Binance points out that Binance.com and Binance.US are separate entities. “Binance.US is a separate US-focused trading platform that services US users by offering products and services that are compliant with US federal and state regulations,” the firm said.
It will be interesting to see how this plays out. However, in the end, it’s unlikely to shut Binance down. Its user base will continue to grow and the platform will continue to be attractive to DeFi developers.
What’s all the fuss about Gnox Token?
Gnox Token is a reflective DeFi token that will soon be running on Binance Smart Chain rails come the middle of August. Before the platform has even launched, crypto investors are making money on the GNOX token. How is that possible?
The Gnox team has come up with a unique way of handling their ICO that encourages investors to get in as early as possible. The ICO is broken up into three month-long phases. Also, a certain amount of GNOX tokens is allotted to each phase. At the end of each phase, any unsold tokens are burned before the next phase begins thus raising the value of the token. Moreover, all unsold tokens will be burned prior to launch. This is expected to greatly reduce the circulating supply and the price of the token once it hits the open market.
Introducing yield farming as a service
So what is Gnox? The Gnox platform is an innovative DeFi platform that offers crypto investors “yield farming as a service.” Yield farming is the act of investing in passive income opportunities such as liquidity pools, lending platforms, and staking. The process of yield farming is complex, time-consuming, and potentially risky (just ask LUNA investors).
Gnox, however, makes yield farming easy and nearly risk-free. All investors have to do to earn passive income via a variety of DeFi platforms is to simply buy and hold GNOX tokens.
A royalty on all aftermarket sales of GNOX tokens goes into a common treasury that is used to invest in these opportunities. The profits from these activities are kicked back to GNOX holders via burns and airdrops. The key to long-term success with GNOX is that every time someone buys or sells GNOX tokens, they have to leave some behind. This means that no matter whether it’s a bear market or a bull market, the treasury gets richer and thus is able to produce more and more passive income for GNOX holders.
Frankly, we think it would be difficult to make yield farming any easier. And easy is what drives mass adoption.
Learn more about Gnox:
Join Presale: https://presale.gnox.io/register
The SEC declined to comment.
Always conduct proper research when dealing with pre-sales of currencies and tokens. The information above does not constitute investment advice by CryptoMode or its team, nor does it reflect the views of the website or its staff.
CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions: [email protected] None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. No reviews should be taken at face value, always conduct your research before making financial commitments.