With Gnox (GNOX) Gaining Attention, What Does This Mean for Binance Coin (BNB) and PancakeSwap (CAKE) Investors?

Place/Date: – August 4th, 2022 at 1:29 pm UTC · 3 min read
Source: Gnox

The BSC (Binance Smart Chain) is the second largest DeFi (decentralised finance) ecosystem ranked by TVL (Total Value Locked). It is a favourite of DeFi investors due to its high speed and low cost of transactions compared to its largest rival, the Ethereum Network. Featuring protocols such as PancakeSwap, Alpaca Finance, and Venus, it is the perfect place for digital asset owners to earn. Gnox, a new addition to this ecosystem promising to shake up DeFi earnings, is launching in less than a month; what does this mean for Binance Coin (BNB) and PancakeSwap (CAKE) investors?

Gnox (GNOX)

Gnox launches soon arriving on the open market in Q3 of this year. Gnox offers yield farming as a service and will streamline the often complicated earning process within DeFi. The protocol features a treasury, the first of its kind, built and used for the investor. Funded via buy and sell taxes, this fund is deployed to generate yield for investors. Every month all the proceeds are swapped into stablecoin and distributed amongst GNOX holders.

When Gnox launches and active trading begins, the treasury will begin accumulating funds and earning for investors. This low-touch solution to generate passive income within DeFi is proving highly popular amongst investors already active with the network. On-chain data shows that both BNB and CAKE holders have been partaking in the presale.

Binance Coin (BNB)

The native token of the BSC is responsible for powering the entire ecosystem. Ranked fifth by market cap, BNB is a well-established player within the crypto sphere and is sometimes referred to as a ‘blue chip’ crypto. The possibilities to earn with this token are enormous; for beginners, it can be utilised on Binance Earn. For the more experienced crypto investors, it can be used to form LP (liquidity provider) tokens on all of the biggest DEXs (decentralised exchanges) within the ecosystem.

Currently trading at $251, BNB is an excellent choice for investors, backed by the world’s leading exchange ranked by trading volume, Binance. This token will continue to play an integral role in the sphere for years.

PancakeSwap (CAKE)

PancakeSwap is one of the most popular DEXs within the ecosystem and is heavily favoured by DeFi enthusiasts. CAKE is the rewards token of the protocol used to incentivise users to provide liquidity; all rewards on the platform are paid out in CAKE. The token has fantastic revenue-generating potential and can be used to form LP tokens or single staked on the platform, with investors having the opportunity to lock their stake to increase the APR.

CAKE trades at $3.26, down from its ATH (All-Time High) of $44 and another great choice for investors. CAKE is a powerful tool in the arsenal of any DeFi yield farmer.

Final Thoughts

Both BNB and CAKE holders have welcomed the Gnox protocol with open arms due to its ability to bring more liquidity to the ecosystem. With its promised monthly stablecoin reflections, many of these investors have already bought GNOX tokens and are waiting eagerly for the launch.

Find out more about Gnox here: Website, Presale, Telegram, Discord, Twitter, Instagram.

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