Real-world use cases for Nexo, Elrond and Blockstack lure in investors

0

The ideas of privacy and decentralization have always been the heart of the crypto community. Therefore, when Blockstack announced that it would transition from being a security token to a utility token by launching its new Stacks Blockchain 2.0 on Jan. 14, 2021, it was bound to cause a stir.

After receiving the green light from its compliance team, OKCoin plans to list Blockstack’s STX token and as the first U.S. exchange to do so,  the exchange will airdrop $1 million worth of STX.

Airdrops and exchange listings are known to boost cryptocurrency prices and as Cointelegraph reported, STX has already gained 85% in the past nine weeks. 

Another token that has been rewarding its investors is Nexo. In late October, the crypto lender announced a bump up in its base rate from 5% to 6% APY and an added bonus of 2% if investors took their payout in NEXO tokens. Given that we live in times where 0% to negative interest rates exist, investors hungry for higher yields appear to have jumped at the opportunity to earn extra interest.

In addition to the interest rate bump, Nexo also unveiled a new loyalty program in November, and on Dec. 3, the company showcased a buyback program to repurchase $12 million worth of NEXO tokens.

All of these decisions are aimed at incentivizing HODLers and they appear to be working in Nexo’s favor as the token price has been in a strong rally since November.

Real-world use cases for Nexo, Elrond and Blockstack lure in investors
Crypto market data daily view. Source: Coin360

The third token quietly making waves is Elrond’s EGLD. The Elrond network recently announced the launch of its digital wallet and global payments app dubbed Maiar on Jan. 31.

Elrond expects Maiar to gain widespread adoption because the app aims to provide the same features as PayPal, Venmo, and Google Pay but without collecting any personal information and at much lower fixed fees. Although expectations are high, time will only tell how successful the app becomes.

Traders always look for opportunities to make money by taking a calculated risk. A rally backed by fundamentals usually sustains longer than the ones built only on liquidity.

While the three tokens chosen today have a number of fundamental reasons to back up their strong up-moves, can the rally extend further or will the tokens succumb to selling pressure?

Let’s find out!