DeFi platforms have been on a roller coaster ride so far in 2022. However, token prices native to several DeFi platforms have fallen to previous support levels possibly signaling a bottom and an impending turnaround.
Two DeFi tokens, in particular, to watch out for in the second half of 2022 are THORChain (RUNE) and Gnox (GNOX).
This decentralized exchange functions similarly to Uniswap. The platform lets users swap tokens between blockchains. All transaction fees are paid in the RUNE token. Access to both its native and cross-chain liquidity is open to all via its Python SDK.
According to their website, the more RUNE holders provide liquidity, the more accurate and deterministic RUNE becomes. If more than 80% of circulating RUNE tokens get locked into THORChain liquidity pools, RUNE’s market cap should be a minimum of 3X the value of all non-RUNE assets locked into THORChain liquidity pools. Currently, 73% of RUNE is locked in THORChain liquidity pools.
THORChain (RUNE) has been on a heck of a roller coaster ride since it launched in 2019. Before the end of the year, the price had risen 700%. At the start of 2021 RUNE was priced at $1.20 and its market cap had grown from $10 million to $205 million.
Then by mid-year, RUNE hit an all-time high of $21.20 with a market cap of $4.89 billion. However, within five days of hitting that high, the wider crypto market tanked and RUNE fell to $3.30 with a market cap of $1.89. Then by Autumn, investors had pushed the price up to $16.
The important point to make here is that RUNE recently fell back to the $3 range where it has found support several times in the past — twice in 2021 and again twice in 2022. This might indicate the token has bottomed out and is due for a juicy rebound.
GNOX token is the new kid on the DeFi block. The project has fresh ideas that make yield farming quick and easy. Its mission is to level the playing field for new investors and those who lack the time to research various staking opportunities. Every investor on the platform earns the same rewards in proportion to their GNOX holdings.
The way it works is that Gnox’s team of DeFi experts do all the research. Investments are held in a treasury. Funds are then staked to generate consistent, passive, monthly income. Increases in equity is attributed to everyone who holds the GNOX token.
On top of that, an additional 1% of each network transaction is directly credited to all holders every 60 minutes. This is regardless of the token’s price action.
The interesting thing to point out with GNOX is that the platform hasn’t even launched yet, and already the token is seeing brisk sales. A GNOX token presale started on May 12 and the team is scheduled to launch in Q3 2022.
GNOX is definitely one of the top DeFi platforms to watch out for in 2022.
Learn more about Gnox:
Join Presale: https://presale.gnox.io/register
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.
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.