We are seeing a major boom in the decentralized finance (DeFi) space, owing to the rising demand in the market for disintermediated financial services. The pandemic also catalyzed the need for digital and non-physical services, placing a spotlight on opportunities for electronic financial instruments that even the most common person could access simply by having a smartphone and an Internet connection.
As the competition and innovations in DeFi become increasingly exciting, analysts now see four cryptocurrencies that they recommend to anyone wishing to 10x their holdings. In this article, we talk more about Uniglo (GLO), Ethereum Classic (ETC), Ethereum Name Service (ENS), and Synthetix (SNX).
Ethereum Classic (ETC)
Ethereum Classic may be understood as an older sibling of the bigger and more popular Ethereum Network. While it is less distributed and known than ETH, Ethereum Classic has a strong community of its own. And this community is expected to grow as Ethereum concludes its transition to a Proof of Stake consensus in an event called The Merge – a culmination of years’ worth of efforts to abandon its Proof of Work consensus. Ethereum Classic still has a Proof of Work methodology and thus can accommodate the developers and miners that have grown accustomed to this system.
Ethereum Name Service (ENS)
Investors could also 10x their holdings in Ethereum Name Service (ENS), the Ethereum-based open-source, distributed, and extensible naming system. This project maps human-readable names in relation to metadata such as crypto addresses and content hashes. It enables three levels of integration for resolving ENS names, implementing what is referred to as a reverse resolution, and relating ENS names with application-made resources.
Massive gains may also come from Synthetix, which is a derivatives liquidity protocol that enables on-chain exposure to real-world assets. It is essentially a place for minting a synthetic asset. With an increasing preference for real-world-asset-backed tokens, SNX could have increased activity levels, utility, and value in the coming months.
Lastly, let us take a look at Uniglo, a new DeFi project that started its presale last July. Compared to the other three cryptos discussed above, Uniglo is a baby. It has not even been publicly launched yet. However, it could generate the most gains among all four cryptos mentioned in this article.
The Uniglo project is intended for investors who are in the game for the long haul. It is built with an asset-backed community vault that will appreciate over time. As such, the native token of Uniglo, GLO, will have a support system and at the same time, GLO holders have fractionalized ownership of these assets. The project also introduces the Ultra-Burn Mechanism, which will reduce the supply of GLO, as the assets in the Vault drive its demand.
Uniglo is still in its second presale phase. Buyers who acquire GLO before September 15 can still enjoy a 2.5% bonus.
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