Drifter. said:
So far I only own eth and Bitcoin. Just got this email from Gemini.
We are thrilled to announce support for new DeFi, gaming, NFT, and infrastructure tokens.
The following six tokens, which are entirely new to our platform, will be supported for both trading and custody: Bancor (BNT), 1inch (1INCH), Loopring (LRC), The Sandbox (SAND), Skale (SKL), and The Graph (GRT). Enjin (ENJ), which is currently supported for custody, will also be available for trading.
I thinking about branching out. Anyone own any of these?
I hold a decent amount of BNT - Bancor Network Token. It's a unique DEX and liquidity mining concept in DeFi. On Bancor, you can stake single-sided liquidity with impermanent loss protection, provided you leave it staked for a sufficient amount of time. What this means is that BNT is needed to serve as one side of all of the liquidity pools, while other tokens can be deposited as the other side of the pool. DEXs like Uniswap and Sushiswap require a 50/50 deposit in their liquidity pools and you can lose some of the tokens to impermanent loss - this is where one token appreciates faster than the other token, therefore to rebalance your pool share, you can "lose" some of the higher performing token. It's confusing, and it sucks when it happens.
Bancor helps solve this with the ability to provide single-sided liquidity and impermanent loss protection - 1% per day, so if you leave your staked token in for 100 days, you are guaranteed to get back 100% of your staked tokens, plus any reward tokens (BNT and the other token) and any swap fees.
Bancor is a $1.27B market cap. Uniswap is $17.5B and Sushiswap is $2.4B. So, if Bancor can chip away at the UNI and SUSHI market, there is good growth potential there. It's a superior product and DEX, IMO.
I don't hold any of there other coins, but Loopring LRC is intriguing. It's a Layer 2 ETH DEX. You can deposit ETH onto Layer 2 and trade/swap basically instantly with practically no gas fees. I'm not really a trader, but I could see it being very attractive to more active traders. 1Inch is another popular DEX, but I haven't really researched it and I know very little about the other coins.
