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We’ve come a long way since 2008. Although recent in terms of history, it seems like the ancient past in the world of cryptocurrency. Back then, there was only one cryptocurrency: Bitcoin. Fast forward to the middle of 2022 when there were around 12,000 cryptocurrencies and more being added to that tally on an almost-daily basis. But that has led to a jungle of competing coins, all vying for investor backing. While Uniswap (UNI) battles with PancakeSwap (CAKE), the clever investors are sidestepping them and heading for Snowfall Protocol (SNW).
Uniswap (UNI) is enjoying some attention
PancakeSwap (CAKE) has been making moves lately. Having been a long-standing resident on the BNB blockchain, it has now expanded on to the recently created Aptos chain. The market responded quite positively to this resulting in several price jumps back in January 2023. The mood around PancakeSwap seems quite bullish at the moment and various positive metrics indicate that the future, at least the immediate future, could see PancakeSwap (CAKE) making more gains. Its longer-term prospects are a different matter.
Uniswap (UNI) looks set to thaw out in 2023
Uniswap is a decentralised exchange platform which is built on the Ethereum blockchain. It has enjoyed some success and is currently ranked second in terms of daily transaction volumes. The native token of the exchange, UNI, acts as a sort of shareholding. It’s a governance token so UNI holders get a say in managing the system and, potentially, a very modest dividend based on a share of future transaction fees. Market analysts appear to be quite bullish about Uniswap and are predicting a thaw out this year following the “great freeze” of 2022.
With moderate volatility, the price of UNI jumped by just over 4% at the end of January 2023.
Snowfall Protocol (SNW) is breaking new ground
The developers of Snowfall Protocol (SNW) set themselves the task of solving a market problem. This is, according to the general consensus, always the route to success. The problem was the difficulty crypto holders have always had in moving their tokens from one blockchain to another. The chains, and there are hundreds of them, lack interoperability. Shifting tokens from one chain to another, known as migration, usually requires the services of a third-party, such as an exchange. But the migration incurs fees.
Snowfall Protocol (SNW) is set to change all that by acting as a “bridge” between the various different blockchains. Snowfall Protocol (SNW) is a groundbreaking platform and the first and only one of its kind. Not only will it enable crypto holders to migrate their holdings but it will make the process cheaper, quicker and secure.
As at the time of writing, Snowfall Protocol (SNW) has now launched, following a very successful presale phase wherein 100% of Snowfall Protocol (SNW) were sold. The Snowfall Protocol token is a governance token which also allows holders to stake for passive income and participate in monthly raffles.
Conclusion
Tokens such as UNI and CAKE are all well and good but, in the final analysis, they are just faces in the crowd, members of the chorus. They’re all jockeying for position and competing for investor money but Snowfall Protocol (SNW) is the one that stands out. If you want to invest, it’s Snowfall Protocol (SNW) that you should be looking at for serious returns.
Price Chart: https://www.dextools.io/app/en/bnb/pair-explorer/0x7403b16ec38bd9f6f8887e2d37e037069eab97e3
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