Many are calling the current climate in the cryptocurrency markets the crypto winter with tokens such as Terra (LUNA) and UST collapsing, major institutions such as the Coinbase cryptocurrency exchange axing huge numbers of jobs, and tokens across the board having sustained a significant loss of value and market capitalization.
One result of this is a consolidation, with many lesser tokens potentially being unable to handle the negative volatility and pressure and dying out as the remaining tokens take a larger share of the market. Bitcoin (BTC) is one of these, a cryptocurrency that has survived many downturns in the market in the past and is still the largest token by market capitalization.
As the market looks like it could potentially be coming closer to recovery, new cryptocurrencies such as GryffinDAO (GDAO) are proving that the crypto winter does not affect everybody. It is currently in presale and its ecosystem has a lot to offer for the long term, regardless of market trends.
Crypto Newcomer GryffinDAO (GDAO) Is One To Watch
GryffinDAO (GDAO) is a new cryptocurrency that is used for utility in the GryffinDAO ecosystem, which includes many features like liquidity bootstrapping, yield farming, and decentralised exchange (DEX).
Using the GryffinDAO DEX, users can trade cryptocurrencies using an automated market maker protocol which bypasses the need for centralised intermediaries or custodians, thus facilitating the benefits of peer-to-peer (P2P) trading.
Yield farming is a high-yield staking activity where users can stake their tokens into liquidity pools which lend money to other users, and earn a portion of the interest payments. Liquidity bootstrapping is a unique method of launching tokens with minimal capital requirements.
The ecosystem also incentivizes users to keep their tokens through staking and governance initiatives. GryffinDAO (GDAO) uses a proof-of-stake (PoS) consensus mechanism and owning tokens confers voting privileges on the network. In addition, users can stake their tokens to earn rewards.
Bitcoin (BTC) Leads On Utilisation, Market Capitalization And Adoption
Bitcoin (BTC) launched in 2009 and since launching it has retained its status as the world’s largest cryptocurrency by market capitalization. Bitcoin (BTC) is a household name at this point, and it is often the first token mentioned in headlines concerning overall market activity, particularly with non-crypto, general news outlets such as CNN or the BBC.
The utilisation of Bitcoin (BTC) is high, and it is one of the cryptocurrencies with the greatest levels of adoption worldwide. According to data research organisation Statista, there are currently 13,951 Bitcoin (BTC) ATMs worldwide. Additionally, a large number of merchants accept Bitcoin (BTC) worldwide including Whole Foods, Starbucks, and Microsoft.
Over the past year, we have also seen a new phenomenon for cryptocurrencies led by Bitcoin (BTC), with two countries adopting the token as legal tender. First was El Salvador which adopted Bitcoin (BTC) in September 2021 and was followed by the Central African Republic in April 2022.
Bitcoin (BTC) is a longstanding cryptocurrency that will likely outlive many of its successors due to its community, adoption, and recognition. On the other hand, GryffinDAO (GDAO) is a token to watch if you are looking for a new cryptocurrency with long-term potential, and it is currently in presale.