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Everyone in #crypto is now hunting for the next " #DeFiGem"But where did this new crypto gold rush actually begin?
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A quick search for the term on Twitter and Telegram pulls up hundreds of daily references.
But Some digging finds that the " #DeFiGem" craze actually began on January 30 with a Telegram post by @thebull_crypto on $BNT: https://t.me/thebull_crypto/2404
But Some digging finds that the " #DeFiGem" craze actually began on January 30 with a Telegram post by @thebull_crypto on $BNT: https://t.me/thebull_crypto/2404
This account not only accurately predicted the meteoric rise of @Bancor ( $BNT ) over the past 7 months (before 4chan /biz/ forums) but also coined the " #DeFiGem" terminology that is now the hottest trend in crypto.
Since this original call in January $BNT has lead the #DeFiGem craze & is the top performing token in the category. Interestingly, in spite of its massive gains, @Bancor is still the most undervalued #DeFi token based on price to earnings (PE).
Charts via @BanklessHQ @RyanSAdams
Charts via @BanklessHQ @RyanSAdams
What’s driving the enthusiasm behind the original #DeFiGem’s rise?
A coming liquidity mining program (staking rewards via inflation) that will be voted on by $BNT holders in a #BancorDAO seems to have been the original FOMO trigger: https://blog.bancor.network/bancor-staking-rewards-ad432e5d590d?gi=5a327b2c4182
A coming liquidity mining program (staking rewards via inflation) that will be voted on by $BNT holders in a #BancorDAO seems to have been the original FOMO trigger: https://blog.bancor.network/bancor-staking-rewards-ad432e5d590d?gi=5a327b2c4182
The coming release of #BancorV2 which mitigates impermanent loss, enables single asset staking & 20x liquidity amplification (drastically reducing slippage) in AMMs has added rocket fuel to the $BNT #DeFiGem FOMO. https://blog.bancor.network/announcing-bancor-v2-2f56b515e9d8
As noted by @rewkang in May, #LinkMarines were among the first to catch on to $BNT due to #BancorV2’s use of #chainlink oracles as a core component of its new AMM pool design: https://twitter.com/Rewkang/status/1265671200274911232?s=20
@chainlink itself has fast become the standard #DeFi oracle & wrote a blog on AMMs detailing how @bancor uses #chainlink in #BancorV2 & stating AMMs “provide the necessary infrastructure to attract much larger liquidity providers from traditional markets”: https://blog.chain.link/challenges-in-defi-how-to-bring-more-capital-and-less-risk-to-automated-market-maker-dexs
Major US based exchanges such as @Coinbase @krakenfx & @BinanceAmerica have now all caught the #DeFi fever & are racing to add the top #DeFiGems (such as $BNT) to their platforms. https://blog.coinbase.com/coinbase-continues-to-explore-support-for-new-digital-assets-2c5b84813fcf
Major institutional finance players such as @timdraper & @mikenovogratz were also early to acknowledge $BNT & invest in the growing #DeFiGem trend:
https://twitter.com/novogratz/status/1269645263955779591?s=20 https://twitter.com/TimDraper/status/1269706719149477888
https://twitter.com/novogratz/status/1269645263955779591?s=20 https://twitter.com/TimDraper/status/1269706719149477888
