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A new protocol is in town and investors are buying into it. News has it that some of these investors are holders of tokens like Soalan (SOL) and Ripple (XRP). If you are wondering why this buy-in is happening, here is a breakdown of all three protocols and their tokens.
The Solana (SOL) protocol was launched in March 2020. Designed as an open-source protocol, Solana (SOL) banks on blockchain technology’s permissionless nature to aid in upscaling decentralized finance. Solana (SOL) has become a known platform for launching decentralized applications (dApps). It aims to improve scalability by combining the Proof of History (PoH) and Proof of Stake (PoS) to achieve blockchain consensus.
Since its launch, the Solana (SOL) token has gained massive buy-in in crypto. Now ranked #5 by market capitalization, Solana (SOL) is one of the most powerful tokens in the crypto market. As of writing, Solana (SOL) trades an average of $1.3 Billion worth of tokens daily. After making a market jump past the $80 mark, Solana (SOL) is trading steady amidst market influence.
Launched in 2021, the Ripple (XRP) protocol is a DeFi solution. The protocol is designed for scalability and has a very tight, centralized functioning system. This unique feature almost costs a Ripple (XRP) investment since the DeFi community champions decentralization. Hence, the launch of the XRP ledger and the Ripple (XRP) token on the decentralized blockchain. This makes the native token of Ripple (XRP) run on an open-source ledger, but the Ripple (XRP) protocol remains centralized.
As of writing, Ripple (XRP) is now selling at $0.5134 per token. With a total market value of $27.9 Billion, Ripple (XRP) is ranked #6 as the most powerful token in the crypto market. With an impressive 7.13% increase in trading activity, Ripple (XRP) now trades roughly $900 Million worth of tokens daily.
Kelexo (KLXO) is a Web3 crypto lending platform. The protocol is in its pre-launch phase and its token is at the presale stage. The Kelexo (KLXO) protocol is designed to help reduce the barriers to crypto lending. With traditional lending platforms, interest rates are incredibly high and the fees third parties (brokers) demand make the entire lending process not worth it. For some conventional platforms, ridiculous documentation is sometimes requested for a KYC process.
With Kelexo (KLXO), no documents, KYC process, or broker’s involvement will be required. Kelexo (KLXO) is a peer-to-peer platform that allows both lenders and lenders direct access to one another. The Kelexo (KLXO) token is now selling for $0.022. All Kelexo (KLXO) holders will have voting rights and decide what features and upgrades the lending platform will get. Kelexo (KLXO) holders can also suggest these changes. For early inventors, the token also carries multiple benefits. With potential growth at market launch, investors and analysts champion the revolutionary protocol.
Find out more about the Kelexo (KLXO) presale by visiting the website here.
*This article was paid for. Cryptonomist did not write the article or test the platform.