The New Mega DeFi Coin? How Does Gnox Token (GNOX) Compare To Spookyswap (BOO)?


SpookySwap is a fast-growing decentralized exchange (DEX) on the Fantom network that offers automated tools that allow crypto traders to swap tokens. Its governance token has the cute name of “BOO.” SpookySwap offers the lowest swap costs on the Fantom blockchain and a user-friendly interface. 

SpookySwap utilizes an AMM (Automated Market Maker) to manage liquidity pools. However, SpookySwap is unique in that it allows users to place limit orders. 

How does the new Gnox DeFi platform compare to SpookySwap? Let’s take a look.

What is GNOX and why is it better than BOO for new investors?

The first thing you notice about SpookySwap is that it’s an every-man-for-himself platform. Successful use of the platform requires substantial knowledge of crypto and DeFi investing. If you don’t know what you’re doing on SpookySwap, you can easily lose your shirt. By contrast, everyone who invests in GNOX, the native token of the new Gnox DeFi platform shares in the same rewards. There are no losers. 

Gnox is built around the idea of reducing risk by investing in a diverse collection of investments across several DeFi platforms and blockchains. This diversification reduces the risk of loss that befell holders of Terra’s UST stablecoin. Second, it produces ongoing passive income — something which most crypto tokens do not offer.

The fact is, most people who want to invest in crypto for the long term don’t have the time or knowledge required to do all the research necessary to identify a diverse collection of low-risk, high-reward investments. So, in a sense, the Gnox platform acts as your crypto adviser. 

Gnox employs a team of expert DeFi analysts to do all of the research required to identify and scrutinize yield-producing opportunities to find the platforms that offer high returns and low risk. 

A 10% “tax” on all GNOX transactions is used to fund a treasury, reward holders, and operate and promote the platform. The Gnox treasury is funded by raking 6% into a pool. Those funds are then invested into opportunities such as staking rewards, lending protocols, and liquidity pools. Then, on a monthly basis, profits are used to buy GNOX tokens on the secondary market. Those tokens are then promptly burned. 

This buy-back-and-burn mechanism keeps the floor price of the token up. At the same time, it reduces the supply of GNOX tokens, thus increasing the value of all tokens currently being held. Moreover, the 10% transaction fee discourages short-term traders from causing the price volatility associated with most altcoins. 

GNOX is even more attractive if you’re the type to become an early adopter. In addition to sharing in profits, another 1% of all transactions is distributed proportionally amongst all holders. This “royalty” incentivizes investors to get in on this opportunity early and hold onto GNOX for the long term.

GNOX token is currently in ICO mode with the platform officially scheduled to launch on July 18th. Early adopters can purchase tokens prior to launch by visiting the website.

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