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It appears that recovery eludes the crypto markets yet again, with over $40 billion worth of money leaving the cryptoverse over the past 24 hours. Most cryptocurrencies suffered mild slumps and were in the red for most of the day, except for a handful of tokens. And, it appears that these anti-trend behaviors aren’t really random, but products of a closely related phenomenon.
Snowfall Protocol (SNW) Unlocks Monero (XMR)
Monero (XMR) is widely regarded as the more secure and anonymous decentralized finance platform in existence. Transactions on Monero (XMR) go through several layers of obfuscation to completely anonymize transactions. It would take a colossal level of computation power and time to decrypt the Monero (XMR) code and identify transaction details like senders and receivers. Monero’s (XMR) ability to anonymize transactions is so effective that it’s currently banned in several countries.
Although Monero’s (XMR) users can use the currency to make Monero (XMR) transactions anonymously, they face issues when making transactions involving fiat money. Buying Monero (XMR) or selling it to obtain fiat money isn’t always easy because of regional bans. With Snowfall Protocol (SNW), Monero (XMR) users can simply swap their Monero (XMR) in favor of another cryptocurrency, and then sell it to withdraw their funds in local fiat currency.
The possibility is nudging the prices of both Monero (XMR) and Snowfall Protocol (SNW) tokens on the various crypto exchanges. It’s quite likely that Snowfall Protocol (SNW) will witness a massive influx of users the moment its bridge connects to Monero (XMR).
Snowfall Protocol (SNW) Attracts Aave (AAVE)
Aave (AAVE) offers users advanced decentralized financial services like lending and borrowing. Aave’s (AAVE) flash loans have been prevalent among De-Fi users. The platform lets users lend and borrow in over 20 cryptocurrencies. So, Aave (AAVE) is already a giant in the decentralized financial services market. However, Snowfall Protocol’s (SNW) arrival has changed the dynamics of this market.
Snowfall Protocol (SNW) is a rapidly growing blockchain with an insatiable hunger for liquidity. The liquidity pools on Snowfall Protocol (SNW) often offer returns as high as 300% to 400% for tokens that are low in circulation on the platform. Aave (AAVE) is one such token. As soon as netizens realized the arbitration opportunity, demand for the Aave (AAVE) token took off, in turn pushing its value through the day. Even the news that Justin Sun withdrew $100 million worth of USDT tokens from Aave (AAVE) hardly made a dent in Aave’s (AAVE) continued rise.
Snowfall Protocol (SNW)
Snowfall Protocol (SNW) is a new cross-chain bridge that connects different blockchains, cryptos, NFT marketplaces, game-Fi projects, and other De-Fi chains, allowing users to easily transfer assets from one blockchain to another. The real-world applications of such a bridge are tremendous. You can use an NFT bought on Open Sea to play a game on Decentraland. Or, you can move the NFTs you win on Sandbox to an external NFT marketplace like Magic Eden. The potential is limitless with Snowfall Protocol (SNW).
Website: https://snowfallprotocol.io
Telegram: https://t.me/snowfallcoin
Presale: https://presale.snowfallprotocol.io
Twitter: https://twitter.com/snowfallcoin
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