Updated: June 17, 2022 10:32 am STI
New Delhi [India]June 17 (ANI/ATK): When Dogecoin boomed in 2021, many still viewed this coin meme as just an exercise in short-term gains for investors looking to capitalize quickly.
While for some it’s true, what we saw was something much bigger than your standard coin, summoning a whole new community in the crypto world.
Community-driven projects are the very reason some coins will retain their current success. Users have an emotional and loyal attachment to their community. An aspect that puzzles many Wall Street traders. Parallels can be seen in the mainstream stock market, with AMC and GME enjoying similar community successes, bringing financial freedom to a whole new demographic.
While some of the hype inevitably died down, Dogecoin, through the community it has now built and nurtured, has begun to make inroads into real use cases in society as a method of alternative payment. AMC announced that it now accepts online payments in DOGE. Dallas Mavericks owner and notable community member Mark Cuban accepts DOGE as a payment gateway. Auto manufacturing giant Tesla also accepts DOGE for online retail goods and services.
In uncertain times, one aspect has stood firm against newer community-supported protocols, and that is HODLing. We’ve seen how stoic and reliable DOGE investors have been, and while fluctuations will always occur, projects like this provide shock-absorbing protection against broader market inflation.
The unicorn among the horses
It is often difficult to discern which new projects will be the next big crypto to back, and a diversified portfolio or mini ETF across multiple startup projects should always be encouraged. However, understanding how a new player can solve market problems, as well as flexibility and sustainability, are key parameters to justify early entry.
One project that has been very impressive to many in the space is CashFi (CFI). CashFi is positioning itself to be the next unicorn within DeFi.
The project will be backed by their native ERC-20 token on the Ethereum network and will address key issues within the NFT space but also in the commodities market through synthetic assets to act as a secure broker for a market that is often plagued by bottlenecks.
First, CashFi will expand its robust and versatile NFT project by allowing users to create their own NFT marketplaces, which will support cross-asset and cross-chain trading. What’s so exciting about this development is that it allows users to tailor the marketplace to their specific needs and offers exclusive offers for unique artists or communities to give developers complete autonomy over design. within the confines of their secure ecosystem.
Second, CashFi will develop synthetic assets or CFI Synths for commodity trading. One issue they are particularly interested in is using blockchain technology for a greener planet, and this project could help rejuvenate a somewhat suspect and troubled carbon trading system.
Auditing carbon blocks is complex and the true positive externality of carbon sequestration activities, such as tree planting or other forms of carbon capture, is often inaccessible but now increasingly possible through blockchain.
While auditing escrow activities is always a problem, documentation and legitimate trading is a problem that can be solved using CFI Synths, and the service can enable access to instant liquidity, promoting the commerce and global adoption.
Commodity swap synths aren’t just limited to the carbon swap system; they will encompass all commodity markets. This aspect will give him unicorn status among many boring horses.
Additionally, we see this as a project that the community can support due to its clean blockchain reputation. This is just one of the many reasons why the protocol is proof-of-stake rather than a more costly proof-of-work for the environment. Due to the project allowing developers to adapt the NFT market to all their needs, this has generated additional interest.
Why should you invest in CashFi today?
CashFi offers liquidity staking, allowing users to access their funds while helping validate the network. That’s why we believe it could be a great community development.
CashFi is currently on presale, having gone live, and is expected to last until September 6. If you want to invest early, check out their website and white paper for more on the protocol.
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