Newcomer GNOX continues to successfully pave the way while bearish sentiment weighs on investors. Revolutionary DeFi solution GNOX closed its first presale on June 12 with a massive token burn event and started a new, presale 2 era. What is Gnox Token, and why is the burn event a positive sign?
Gnox is an upcoming token and the first protocol to offer yield farming as a service. This new type of reflective token will make DeFi investing less complicated by allowing every token holder to earn DeFi benefits.
The project features a custom treasury for investors to use, which has never been seen in the protocols before. Funded by purchase and sales taxes, the treasury fund will be deployed in DeFi protocols to generate revenue, which will then be converted into stablecoins and distributed to Gnox token holders.
Another reason cited by analysts is the DeFi investment simplification offered by Gnox, allowing both general and institutional investors to invest in DeFi through a single point of contact.
Gnox Token’s strategy of generating guaranteed passive income for traders is probably why Token has attracted so many investors devastated by this volatile and generally bearish market sentiment.
Token burning is a tactic cryptocurrency projects use to influence the price of a token or coin in the market. It does this by permanently withdrawing coins from circulation. While major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) do not have coin burn programs, many powerful altcoins use them.
There are many reasons for burning cryptocurrency tokens. It stimulates and rewards the investor base of projects directly. Token burning affects supply and demand, as burning coins reduces circulation. Reduced supply means increased scarcity, leading to increased demand and increased value. The deflationary effect makes tokens scarce and increases valuation.
Speaking of GNOX, the team has successfully completed the first pre-sale phase of the token, where they sold a total of $49.5 million $GNOX tokens. The presale phase ended with a significant token-burning event. A massive $2.5 billion GNOX tokens were burnt, and the token proudly entered the second pre-sale phase (June 12th – July 12th) at $0.0160/GNOX.
This is good news for early investors, as burning $GNOX tokens means fewer tokens in circulation, higher prices, and higher profits.
Due to the huge hype and additional development procedures, the $GNOX team announced that the token launch will be postponed until August 18th, and a third pre-sale will be added instead (12th of July – 12th of August).
Additional prephase means an extra chance for investors to learn more about Gnox, add it to their portfolio, and benefit from Gnox token burn events.
The GNOX protocol schedules a token burn event after each pre-sale period, creating an excellent opportunity for investors to generate income from their holdings.
Overall, GNOX is a pioneer in inventing the yield farming system as a service in the DeFi world and continues to impress analysts with its fast-growing community.
GNOX’s token burn and pre-sale expansion are essential benefits for all Gnox owners worldwide. By reducing the token’s total supply while providing welcome time for new investors, Gnox promises to build a stronger ecosystem and community.
Join Presale: https://presale.gnox.io/register
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