Stablecoins make up 15% of the general crypto market cap. They have become a popular and reliable store of value because they are pegged one on one with their base asset and thus do not change in value. However, since the fall of Terra Luna’s UST stablecoin, exchanges have been wary of listing stablecoins with no strong fundamentals.
As a result, USDC (USDC) was delisted from Binance, and Gemini Dollar (GUSD) lost about 0.75% of its price. However, a newer blockchain project, Snowfall Protocol (SNW), is gaining traction due to its multiple use cases as a cross-chain solution and excellent store of value. The protocol recently released a working prototype of their new staking app, which has further boosted investors’ demand. Its token is currently in presale, and expert analysts are sure it will grow by more than 600%.
Binance is well-known for its security and security consciousness, and after the dramas that unfolded, the exchange has taken extra precautions for the list of stablecoins it supports. As we can vividly recall, Do Kwon’s Terra USD suffered a catastrophic collapse after the stablecoin was depegged in May 2022.
Following the event, Binance announced that it had delisted three stablecoins, including the popular USDC stablecoin, Pax Dollar (USDP), and TrueUSD (TUSD). Subsequently, the three stablecoins will be removed from spot, margin, and futures trading. While the announcement is rather shocking, it’s safe to say Binance is trying to cut out competition for its stablecoin, BUSD – especially since USDC is the second largest stablecoin by market cap after USDT.
Following the announcement, Binance swapped 1:1 of those delisted stablecoins for BUSD. Still, the decision did not affect the value or market cap of USDC. The stablecoin takes about 31% of the total stablecoin market cap, while BUSD takes only 11.6%.
Gemini Dollar (GUSD) is one of the most established stablecoins issued by the Gemini crypto exchange. Like many stablecoins, the ERC-20 Gemini Dollars was created to achieve stability in terms of value. This way, holders can be shielded from excessive price fluctuations of cryptocurrencies like Bitcoin.
Pegged 1:1 to the USD, Gemini Dollar (GUSD) is a regulatory complaint asset designed to provide traditional financial assets to blockchain users. Gemini Dollar (GUSD) has a market cap of $611 million, about 0.44% of the total stablecoins market cap. However, Gemini Dollar (GUSD) has lost as much as 2 to 6% of its value in 2022.
Following the fall of Terra and the drama around stablecoins, Snowfall Protocol (SNW), a cross-chain bridging solution, has released a prototype of its staking app. Snowfall Protocol (SNW) staking is a vast world of limitless DeFi opportunities that provides dynamic and accessible DeFi staking and yield farming for all. The multi-chain bridging solution was built to allow everyone to enjoy seamless asset transfer between EVM and non-EVM chains while earning yield rewards simultaneously.
The staking platform features insightful analytics that allows investors to pick the best coin for the best returns. This way, users can improve their reward while reducing loss to the barest minimum. Meanwhile, there is also the freedom of interoperability for users to seamlessly bridge their earnings over different chains and enjoy low-fee, high-reward staking rewards.
With the newly released prototype, Snowfall Protocol (SNW) staking platform users can earn as high as 240% with LP tokens farming. Meanwhile, the staking platform has an intuitive interface that makes it relatively easy to use by anyone.
Since its release, Snowfall Protocol (SNW) has seen a huge rise in demand. The token is currently selling out fast in presale for $0.192. So far, the token has increased by more than 800%, and experts are sure it will gain huge numbers and skyrocket by more than 1000x. The presale is still ongoing, and you can buy SNW by signing up for the presale at Snowfall Protocol (SNW) official website.