Can MagniSwap Match DeFi Veterans Like PancakeSwap & Algorand?
Only hardcore blockchain enthusiasts could venture into decentralized crypto protocols a few years ago. This is because the niche was small, and one needed experience to navigate the protocols. MagniSwap news..
Nevertheless, the sector took off in 2020, with veterans like PancakeSwap and Algorand reaching massive trading volumes. Other projects also benefited from the DeFi popularity as more users started entering the sector.
However, MagniSwap (MAGNI) is another potential DeFi token in its early development stages. While the optimism surrounding the project is high, the question is, can it match industry veterans like PancakeSwap (CAKE) and Algorand (ALGO)? Here’s what we know.
The reign of PancakeSwap
PancakeSwap is a decentralized exchange (DEX) big player built on the Binance Smart Chain (BSC). It has been in the game since 2020, and as of 2021, it was the highest automated market maker (AMM) on the BSC network.
The platform allows users to gain the most from their crypto through its trade, earn, and win features. However, these features are available to holders of the platform’s native token, CAKE.
You can instantly trade crypto with low fees through the protocol. You can also stake your tokens in pools to earn CAKE and other free tokens. Plus, the platform provides yield farming opportunities where you can stake tokens for higher APR.
Additionally, token holders can participate in initial farm offering (IFO) token sales, mint NFTs and participate in the platform’s governance. The platform’s recent partnership with Binance also pushes it further into wider usage, which has impacted the token price.
The journey of Algorand
Algorand is an open-source crypto platform launched in 2019 and designed to host other crypto and blockchain projects within its network. It is one of the many competitors of the Ethereum Blockchain as it offers a highly efficient and scalable alternative to developers.
The platform can also quickly process transactions like major payment processors such as Visa and Mastercard. Its main goal is to leverage blockchain-based decentralization to achieve global trust among trustless parties.
The network is powered by its native token, ALGO. Platform users can pay transaction fees in the token and stake it to participate in securing the platform for rewards.
The ALGO token debuted at $2.19 in June 2019 but quickly fell to $0.19 in August of the same year. However, it soon picked up and traded above $2.3 in 2021. While it is currently trading at a low price due to the bear market, it is still positioned for growth.
Algorand prides itself as the world’s most decentralized, scalable, and secure blockchain infrastructure, powering future economic models. As long as developers see it as such and deploy Dapps on the network, the blockchain and its ALGO token will continue to thrive.
MagniSwap is an upcoming decentralized exchange (DEX) that intends to bring solutions to the DeFi sector’s lingering challenges through an open and trustless blockchain community. It aims to offer a platform for fast, cheap, and seamless transactions while prioritizing security for users’ funds.
MagniSwap will feature payment options, swapping, yield farming, and staking opportunities for users. It will also adopt a proof-of-stake consensus mechanism where network participants will be required to stake the platform’s token, MAGNI.
MAGNI token holders will receive weekly rewards through an airdrop pool funded with fees collected from MagniSwap users. This means that buying and holding the platform’s token qualifies you for incentives that will be deposited directly in your wallet weekly. You’ll also receive governance rights to contribute to platform decisions.
The network also utilizes the Algorithmic Reserve Currency (ARC) mechanism supported by other decentralized tokens to ensure steady growth and stability of prices.
All crypto projects that have attained incredible success in the industry have one thing in common – they make certain aspects of blockchain usability easier for token buyers.
MagniSwap has an interesting prospect like every established crypto had at their developmental stages. It has a solid team working to bring the platform to life. We believe it will match industry-leading projects in the future.