What Are The Top 3 DeFi Tokens To Earn From This Bear Market?
Sophia Cruz • 2 min read
Many crypto enthusiasts are asking when the bear market will end. While the DeFi token prices are considerably low, staking has become more interesting to many investors. Staking is a method of earning rewards or interests for holding specific crypto tokens for a minimum amount of time. The projects that are mentioned here have the potential to boom in the near future that offers the best staking opportunities in 2022.
Gnox is a DeFi utility next-generation platform built on the Binance Smart Chain that will go on live on July 18th. Now that the demand is expected to continue as this project enters its second pre-sale phase. This can still be the best period to explore and invest in the token as it continues to push through the mainstream.
Most new investors always think that DeFi investing is complicated, so the team’s goal is to bring DeFi investment to the mainstream by addressing this main pain point that always stops the regular investors from investing. GNOX holders get to take advantage of a real passive profit stream minus the complication.
GNOX tokenomics are created to reward early adoption and long-term holding. A 10% tax will be charged on all transactions to day traders or swing trade assets as the team encourages the idea of hold-to-earn which can be a great source of passive income during this bear market.
Kava is a cross-chain high-speed DeFi platform that combines two of the most used permissionless protocols namely Ethereum and Cosmos into one scalable network. USDX is the stablecoin on the Kava platform. While KAVA is the utility token used for governance bids and utilized as a reserve currency when the system is undercollateralized. So users who possess KAVA will receive staking rewards for using their holdings to support the network’s security and operation.
Also, when users deposit their crypto tokens to aid the lending system, they acquire KAVA crypto per week for participation. The staking essence of KAVA tokens brings itself to the idea of utilizing them as a source of passive earnings.
Most commonly referred to as the Ethereum killer, the Solana network was created to address pain points like scalability and transaction speed. It offers a rich ecosystem of decentralized applications (dApps). With the release of Neon EVM, there is the great compatibility between Ethereum and Solana.
SOL has had a good seven days and is now up 30% over the last 1 week. Solana’s price has bounced back currently around the $40 mark. The most vital factor contributing to it is the Solana NFT marketplaces have the fastest chains and can operate at a low gas fee. The cheaper fee and timely way to trade have encouraged users to transact NFTs on the platform.
The long list of projects it hosts and the number of people in its community who support the initiative has shown a positive future even if the bears have been pulling down Solana’s price.
Solana is a Proof of Stake crypto where users delegate stake to its validation network. The stake each validator has proved that they can be trusted to vote on transactions and confirm their legitimacy. As it’s a critical network function, stakeholders are rewarded based on their stake amount and the rewards are fixed on Solana’s inflation rate. By staking your SOL instead of holding them in a wallet, you may acquire 7.2% to 8% yearly, which is considerably more than most banks’ cash interest rates.