Newcomer GNOX continues to lead the way successfully while bearish sentiment weighs on investors. Revolutionary DeFi solution GNOX closed its first presale on 12 June with a massive token burn event and began a new, Presale 2 era. What is Gnox Token, and why is the burn event a positive sign?
Gnox Token (GNOX)
Gnox is an upcoming token and the first protocol to offer yield farming as a service. This new type of reflective token will make DeFi investing less complicated by allowing each token holder to earn DeFi profits.
The project features a custom treasury for investors to use, which has never been seen before in the protocol. Funded by buying and selling taxes, the Treasury funds will be deployed to the DeFi protocol to generate revenue, which will then be converted into stablecoins and distributed to Gnox token holders.
Another reason cited by analysts is the DeFi investment simplification provided by Gnox, which allows both general and institutional investors to invest in DeFi through a single point of contact.
The strategy of the Gnox token to generate guaranteed passive income for traders is perhaps the reason why the token has attracted many investors ravaged by this volatile and generally bearish market sentiment.
What is a token burn?
Token burning is a strategy cryptocurrency project used to influence the price of a token or coin in the market. It does this by permanently withdrawing the coins from circulation. While the major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) do not have coin burn programs, many powerful altcoins do use them.
There are many reasons to burn cryptocurrency tokens. It directly incentivizes and rewards the investor base of the projects. Burning tokens affects supply and demand, as burning coins reduces circulation. Less supply means increased scarcity, leading to an increase in demand and an increase in price. The deflationary effect makes tokens scarce and increases valuations.
Burning Gnox Token (GNOX) – Guaranteed Balanced Ecosystem
Speaking of GNOX, the team has successfully completed the first pre-sale phase of the token, where they sold a total of $49.5 million in $GNOX tokens. The pre-sale phase ended with a significant token-burning event. A massive $2.5 billion GNOX tokens were burned, and the token proudly entered the second pre-sale phase (June 12 – July 12) at $0.0160/GNOX.
This is good news for early investors, as burning $GNOX tokens means fewer tokens in circulation, higher prices and higher profits.
Due to the huge hype and additional development processes, the $GNOX team announced that the token launch will be postponed until August 18, and a third pre-sale will be added (July 12 – August 12) instead.
The additional prephase means an additional chance for investors to learn more about Gnox, add it to their portfolio, and benefit from the Gnox token burn event.
The GNOX protocol schedules a token burn event after each pre-sale period, giving investors an excellent opportunity to generate income from their holdings.
conclusion
Overall, GNOX is a leader in inventing produce as a service farming systems in the DeFi world and continues to impress analysts with its rapidly growing community.
GNOX’s token burn and pre-sale expansion are essential benefits for all Gnox owners around the world. By reducing the total supply of tokens while providing a welcome time for new investors, Gnox promises to build a stronger ecosystem and community.
To learn more about Gnox:
Join Presale: https://presale.gnox.io/register
Website: https://gnox.io
Telegram: https://t.me/gnoxfinancial
Discord: https://discord.com/invite/mnWbweQRJB
Twitter: https://twitter.com/gnox_io
Instagram: https://www.instagram.com/gnox.io