GMX popular in DEX trading but this token likely to take over DeFi
In 2023, the market capitalization of the global cryptocurrency industry reached $1.2 trillion, which exceeded expectations considering the regulatory challenges faced by many crypto platforms in the previous year. Despite these challenges, there remains a sustained level of interest in cryptocurrencies.
GMX has been rapidly growing in recent months. DigiToads has also gained attention as an altcoin with potential in 2023 due to its hybrid decentralized finance (DeFi) model that provides users various avenues to generate residual income.
DigiToads presale tracked by investors in 2023
DigiToads is a cryptocurrency project that utilizes a hybrid DeFi model to offer diverse functionalities. It incorporates three tokens useful in their web3 game, a stake-to-earn platform, and a meme coin. In this way, they provide users with multiple utilities within a single cryptocurrency. Users can stake non-fungible tokens (NFTs), trade tokens, participate in games and competitions, and actively engage with the DigiToads ecosystem. The platform has introduced a native token to facilitate transactions on the network.
DigiToads has garnered attention from analysts who have included it in their crypto crowdfunding lists due to its impressive performance during the presale phase. The project has completed eight out of ten stages in the presale process, with 95% of the allocated tokens already sold. The presale funding currently exceeds $5.82 million.
DigiToads can be an investment option due to the team’s emphasis on community involvement. Token holders are granted voting rights to participate in decision-making processes related to proposals put forth by community members. Additionally, the team ensures the maintenance of the NFT staking pool by deducting 2% from all TOADS transactions. The proceeds from in-game asset sales are also directed toward maintaining the prize pool for the play-to-earn game.
The web3 game developed by DigiToads offers engaging gameplay, visually appealing graphics, and enticing rewards to captivate players. Participants compete in a virtual swamp, striving to outperform their opponents and secure a position in the top 25% of scorers. Successful players are rewarded with TOADS and various in-game assets, including DigiToads that can be purchased to enhance gameplay.
A notable feature of DigiToads is its trading competition, where participants aim to achieve the highest profit margin within a month through aggressive trading. Winners receive a share of the profits and have the opportunity to learn treasury management from the DigiToads team. They gain insights into the intricacies of treasury management, enabling them to contribute to the team’s efforts regularly.
GMX to partner with DeFi oracles platform, Redstone
GMX is a perpetual decentralized exchange (DEX) that operates on the Avalanche and Arbitrum blockchain networks, enabling the seamless swapping and trading of various cryptocurrencies. The GMX token, associated with the exchange, may interest investors.
One advantage of GMX is its ability to mitigate liquidation risks for users. By utilizing an aggregate of high-quality price feeds, GMX determines the timing of liquidations, ensuring that positions remain protected from temporary price fluctuations. The primary cryptocurrency used within the GMX network is the native token, GMX.
Recent news highlighted GMX’s collaboration with Redstone, a decentralized oracles platform, to enhance the adoption of GMX v2 liquidity provider (LP) tokens, also known as GM tokens. This strategic partnership is anticipated to strengthen the upcoming v2 version of GMX, reinforcing its growth and development.
Conclusion
GMX and DigiToads are considered reliable for investors seeking viable cryptocurrency options. However, in terms of growth potential, many analysts express a favorable outlook for DigiToads.
The project offers users diverse opportunities to generate passive income, enabling them to establish a stable revenue stream. Additionally, several analysts who have reviewed the TOADS token expect more gains over the coming months.
