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It has been another busy month for the cryptocurrency market, with sentiments generally improving as the market edges away from the crypto winter and towards a brighter pasture. We cover the biggest stories from smart blockchain networks Solana (SOL) and Polygon (MATIC).
This issue's most recent news story comes from the new cryptocurrency GryffinDAO (GDAO), a token with a deflationary supply used for utility and governance in a community-driven Decentralised Finance (DeFi) ecosystem.
This month, a new cryptocurrency project has emerged to resolve the instability issues facing much of DeFi recently.
GryffinDAO (GDAO) is a decentralised community-driven Decentralised Autonomous Organisation (DAO) platform built on a Binance Smart Chain (BSC) that features a set of DeFi applications and a token with a deflationary mechanism.
This deflationary mechanism controls the token supply by permanently removing tokens from circulation depending on market conditions. The opposite would be an inflationary mechanism, where tokens are added to the supply.
GryffinDAO (GDAO) token will also derive its value from the token utility as the GryffinDAO ecosystem comprises DeFi applications and activities. They include a decentralised exchange, token staking, liquidity pools and yield farming, liquidity bootstrapping, and more.
Solana (SOL) is the native cryptocurrency of the Solana blockchain. It is used for utility, such as minting tokens and creating smart contracts, as well as for sending and receiving transactions. Solana Mobile is a Solana Labs division, the Solana blockchain's primary stakeholder.
On June 23, 2022, Solana announced via Solana Mobile that it would release a mobile phone called Saga, a handset designed in partnership with the manufacturer OSOM. The phone will run on the Android mobile operating system and feature unique pre-installed applications for interacting with Web3 decentralised applications on the Solana blockchain.
The phone will also include the Solana Mobile Stack, a software development kit for creating mobile experiences for Solana-based applications.
Polygon (MATIC) is used for utility and governance on Polygon, a proof-of-stake protocol for interoperability and Layer-2 scaling on the Ethereum network. Benefits of using Polygon include high transaction speeds and low fees. Polygon (MATIC) is one of the biggest cryptocurrencies, with one of its most popular use cases being NFTs.
Polygon ID is a new identity system for scalable and private verification using zero-knowledge proofs. ZK proofs are a way to verify data on a blockchain without the other party having to reveal the actual data.
For example, with Polygon ID, members of DAOs can vote with their identities remaining anonymous. Conversely, previous models tied voting activity to public wallets, meaning that the vote was pseudonymous and could be tracked to its owner through their public wallet.
Presale: https://fly.gryffindao.com
Website: http://gryffindao.com/
Telegram: https://t.me/GryffinDAO_Official
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
