The last few weeks have been quite turbulent for the crypto market, with investors re-thinking their choices and being extra-cautious about putting their money into crypto projects. Despite this situation, a few projects still show much promise for growth and success.
In particular, PancakeSwap (CAKE), Enjin (ENJ), and Chronoly (CRNO), which in the first stage of its presale), have been standing steady and showing signs of upcoming success. Let’s dive deeper into the specifics of these projects to understand their scope and potential.
PancakeSwap is an automated market maker (AMM) for swapping BEP20 tokens on BSC. The use of an AMM model in PancakeSwap eliminates the need for order books.
CAKE is the native token of PancakeSwap. CAKE has a maximum supply of 750 million coins, of which around 185 million CAKE coins are in circulation in the market.
Users can provide liquidity to the exchange pools to get LP tokens, stake LP tokens to get CAKE (BEP20 tokens), and stake CAKE tokens to earn more CAKE or other projects’ tokens. Users can also try their luck with non-fungible tokens (NFTs) and lotteries on PancakeSwap.
In April 2021, PancakeSwap (CAKE) reached its all-time high of $44.18. At the time of writing, the price of PancakeSwap is $4.38. Despite the current dip in the crypto market, the price of CAKE hasn’t fallen far below its all-time high, indicating that the project still has merit and value among investors. PancakeSwap has a live market cap of approximately $798 million and stands at a rank of #61 on CoinMarketCap.
PancakeSwap employs various deflationary protocols like CAKE burns to maintain the value of its token. 100% of CAKE raised in Initial Farming Offerings (IFOs), 10% of PancakeSwap lottery profits, and a percentage of farmed CAKE get burned to adjust to the fast-changing market.
In today’s extremely volatile market, these deflationary protocols help protect investors from losses caused by oversupply. As more individuals are drawn to invest in PancakeSwap, the project’s performance can shoot up considerably in the near future.
The Enjin network is an ecosystem of interconnected gaming products on the blockchain. It acts as a social gaming platformwhere users can create clans and websites, host virtual item stores, and chat with other users.
Game developers can tokenize in-game items on Ethereum, with ENJ used for buying, selling, and trading these items with real-world value.
Enjin Coin (ENJ) is an ERC-20 token native to the Enjin Network. ENJ has a max supply of 1 billion coins, of which around 889 million ENJ coins are in circulation in the market.
In November 2017, the Enjin Coin (ENJ) price was $0.01, but it grew to $4.68 in November 2021, indicating the growing faith in the project and its offerings.
At the time of writing, the Enjin Coin price is approximately $0.60, with a live market cap of around $532 million and a CoinMarketCap ranking of #79.
Enjin coin offers software development kits (SDKs) that allow users to create digital items on Ethereum and integrate them with apps and games.
All minted assets can be customized and recorded in a smart contract, giving them the advantages of a cryptocurrency, like low cost, high speed, and reliable security.
Enjin allows developers to create new types of in-game assets and exposes investors to a transparent way of interacting with digital gaming goods. In the ever-growing blockchain gaming industry, Enjin’s innovative provisions for trading in-game assets like cryptocurrencies have been attracting investments from various developers and gamers. This increasing adoption may cause the Enjin Coin (ENJ) to experience a considerable boost in value.
Chronoly offers a unique opportunity for individuals to invest in rare luxury watches from global brands like Richard Mille, Audemars Piguet, Patek Phillippe and Rolex for as little as $10. This blockchain-based watch investment marketplace allows users to gain fractional ownership over verified and certified collectible watches by purchasing watch NFTs. These NFTs can be traded in Chronoly’s marketplace as well as other secondary marketplaces.
Watch owners can deposit their timepieces in Chronoly’s secure vaults and get loans against their watches. If the original watch owner wants to retrieve their asset from Chronoly’s vault, they can collect 100% of the watch’s NFTs and get their physical watch back.
CRNO serves as the native token for Chronoly and offers its holder staking options in the platform’s lending pool. CRNO holders also get tier-based discounts on various fees and have the opportunity to win Chronoly lottery rewards in cash or even luxury watches!
The Chronoly token price started at $0.01 and is currently up 233% and trading at $0.033. Although it is in the first stage of its presale, the token is already attracting a wide range of investors. Industry experts have predicted that Chronoly will experience significant growth, thanks to its compelling ecosystem and its NFTs’ unique use cases.
Since the watch NFTs are backed by real-world assets, investors find it to be a reliable option in the current market scenario. The project’s innovative value proposition and myriad opportunities for trading and returns put it in a position to grow massively and rise to the top at warp speed.
For more information about the Chronoly presale:
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice