There’s a new cryptocurrency on the block, and it’s about to shake up the world of decentralized finance. Some are even commenting that this altcoin could revolutionize the trillion-dollar lending industry. But can it truly dethrone the wildly popular PancakeSwap (CAKE) as the leader in decentralized finance protocols? Let’s take a closer look.
PancakeSwap (CAKE): What Does the Future Hold?
PancakeSwap (CAKE) is currently one of the leading decentralized finance protocols on the market. PancakeSwap (CAKE) offers a range of services to its users, such as decentralized exchanges, liquidity pools, yield farming opportunities, and more.
PancakeSwap (CAKE) gained immense popularity over the past few years due to its user-friendly interface and low transaction fees. Built on the Binance Smart Chain (BSC) instead of Ethereum (ETH) separates it from the competition and opens up the protocol to a wider range of users.
PancakeSwap (CAKE) was one of the top-performing cryptocurrency projects in 2020-2021, with its token price rising by over 10,000%, making it one of the most successful altcoins of the year.
However, PancakeSwap (CAKE) has failed to keep its momentum going, and its token price has dropped significantly over the past few months. This could be attributed to increased competition from rival protocols, such as Curve Finance (CRV) or Uniswap (UNI).
Looking closer at the charts reveals that PancakeSwap (CAKE) has fallen by over 25% in two weeks. This has bought the price from $44.18 to a current price of just $2.53 — a fall of 94% from its all-time high.
PancakeSwap (CAKE) has yet to successfully manage inflation, and the sheer amount of tokens on the market is causing the token’s price to plummet. The PancakeSwap (CAKE) team is striving to lower inflation from 20% to a range of 3-5% and has pledged to implement a new rewards system shortly.
Introducing the New Contender: Collateral Network (COLT)
Collateral Network (COLT) is the latest cryptocurrency entrant to join the race for decentralized finance dominance. Collateral Network (COLT) is the world’s first peer-to-peer lending platform to use physical assets as collateral.
But users don’t need to own NFTs to acquire loans. The platform allows users to leverage any asset, from watches to pieces of fine art, to secure loans with no credit checks or paperwork required.
Collateral Network (COLT) will tokenize the asset into an NFT to allow it to be broken into multiple pieces so that it can be shared between multiple lenders. This allows a borrower to receive funds from multiple lenders, which removes barriers to the lending industry and boosts platform liquidity.
Smart contracts handle all of the manual processes of loan origination, including interest rate calculations and repayment terms. No longer will lenders need to manually keep track of repayment dates or wait for third-party confirmation of payments.
COLT is the utility token that powers the Collateral Network (COLT) lending platform. Token holders will receive the best borrowing rates, discounts on fees, exclusive access to auctions for high value distressed assets, and staking rewards.
Collateral Network (COLT) is already proving to be popular with crypto investors, with the COLT token price increasing by over 40%. Analysts predict that Collateral Network (COLT) has everything it takes to capture market share in the trillion-dollar lending industry, which could see 100X gains on the current token price of $0.014.
Find out more about the Collateral Network presale here:
Website: https://www.collateralnetwork.io/
Presale: https://app.collateralnetwork.io/register
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Twitter: https://twitter.com/Collateralnwk