How Gnox (GNOX) And Ethereum (ETH) Will Impact The DeFi Space


The DeFi sector, in which investors earn returns by trading and staking cryptocurrencies without the use of centralized intermediaries, has collapsed following the collapse of the TerraUSD stablecoin and as surging inflation forces the Federal Reserve to tighten monetary policy. 

The Ethereum “Merge,” one of the most major technological updates to the blockchain since its conception in 2015, and Gnox, a newcomer to the DeFi market, could be two of the catalysts that give DeFi a much-needed boost.

Ethereum (ETH) revamp

Crypto investors expect Ethereum’s revamp to have a greater influence on the DeFi market.

Ethereum’s website states that the Merge will be available in Q3/Q4 2022. According to the company, this upgrade marks the official transition to proof-of-stake consensus. This eliminates the need for energy-intensive mining and replaces it with staked ether to safeguard the network.

Notably, the Ethereum Mainnet is still secured by proof-of-work while the Beacon Chain is secured by proof-of-stake. The Merge is the final meeting of these two systems.

Furthermore, Ethereum has said on its website that one implementation aim of The Merge is to simplify the transition from proof-of-work to proof-of-stake. Developers are concentrating their efforts on this transition, minimizing extra features that could cause a delay.

Gnox (GNOX) is the first of its kind

The Gnox protocol is the first to provide yield farming as a service, and it has grand plans to make DeFi investment available to all investors. 

Due to the technological complexity and time commitment, many investors are currently kept out of DeFi. Everyone will have access to the yield potential offered by DeFi with Gnox’s treasury. 

The treasury is funded by tokenomics of buy and sale taxes and is used to produce income on behalf of investors. The accrued yield is then reflected back to GNOX holders in stablecoin.

By reducing the obstacles, Gnox hopes to make DeFi accessible to a larger audience. The initiative, which will debut on the Binance Smart Chain (BSC), claims to be infinitely scalable and appropriate for both institutional and retail investors.

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