What is GNOX? Your ultimate guide to the reflection token

GNOX is giving holders passive income, but it is still only in its presale stage

People collecting gold coins from a tree                                 
GNOX’s passive income is financed through a transaction tax and its own treasury – Photo: Shutterstock
                                

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There is hype building around the upcoming Gnox crypto project. Google Trends has seen huge growth in search volume over the past two weeks. This surge comes during its presale period as the GNOX token gears up for its launch next quarter. But what is GNOX? Let's find out.

What is GNOX?

The Gnox protocol is looking to establish a new standard of tokenomics within the decentralized finance (DeFi) space. It uses a reflection tactic, where it charges a tax on transactions. This is then invested in a treasury that generates passive income for its users.

Its whitepaper said: “Gnox has one of the fastest-growing communities within reflection projects due to its unique DeFi treasury feature, which allows the treasury to create a higher reward return from other protocols while airdropping returns in $GNOX.”

Gnox decided to launch its protocol on the BNB Chain. This was down to the fast transaction speeds, low fees and improved scalability, compared to other blockchains like Ethereum.

It is important to note that the Gnox team has not revealed their full identities. The founder goes by the name of Vanessa who has built four companies and played a role in executing strategies for politicians, according to the Gnox whitepaper. Her anonymity makes this challenging to verify.

The DeFi treasury: How does Gnox work?

To achieve its passive income goals, Gnox created a treasury to fund this feature. It invests in various yield enarning protocols, which allows it to finance a high annual percentage yield (APY) for GNOX cryptocurrency investors.

The whitepaper said it is investing in “safer pools averaging between 20% and 80%” APY. As the pool rewards are claimed, the profits are put towards buying the project’s native GNOX tokens. These are then redistributed to owners of the cryptocurrency.

As the protocol grows and stablises, the Gnox protocol will begin accepting community proposals for potential investments. Users will be able to put forward a crypto project that the Gnox protocol will debate about investing in.

The core projects the treasury will invest in are liquidity pools, node as a service projects and loaning platforms. It is also looking at funding other appreciating assets like non-fungible tokens (NFTs), but only a small percentage of the funds will be used for these.

The GNOX token

The GNOX cryptocurrency is an essential part of its ecosystem. But what is Gnox coin used for? Well, It determines who receives passive income and how much.

There is a 10% charge for every transaction with the GNOX coin. The first 1% is redistributed to GNOX holders, which occurs every 60 minutes. A further 6% is sent to the protocol’s treasury, 1% goes to the PancakeSwap liquidity pool and the final 2% is dedicated for marketing.

This tax was created to add stability in an industry that is prone to volatility, especially for new tokens such as GNOX. It also funds the treasury, which helps it finance its mission of providing passive income.

The future of GNOX

GNOX is currently in its presale phase, which means it is selling tokens at a fixed price. Those who get in early will receive a 10% bonus on their purchase. This reduces the longer investors wait.

The protocol has laid out a roadmap for its upcoming plans for 2022. Its token is expected to launch in the third quarter of this year, along with pool aggregator initiation and a treasury audit.

During the fourth quarter, GNOX is aiming to list on multiple other blockchains. It is also ambitiously planning to launch its own decentralized exchange.

GNOX: An early-stage project in a saturated market

Cryptocurrencies always pose a risk to investors. But as an early-stage project, GNOX still has a lot to prove. The market of reflection tokens is saturated with the likes of Titano, Safuu and Moonbeam clustering the space. All of these projects promise very high interest rates, such as 383,025% in APY from Safuu.

This is not pushing critics or investors away. The news website CryptoMode said: “The previous presale round’s selling out indicates that there is a lot of interest in this DeFi protocol. It might be the first DeFi platform to experience widespread adoption.”

CryptoMode puts GNOX’s current success down to the protocol’s enticing concept. It is giving investors an easy way to earn passive income.

Investors and crypto enthusiasts will have to wait to see if it can overcome GNOX youthful status and compete with its challengers.

FAQs

GNOX is a token that allows investors to earn a passive income by holding on to it. This is financed through a 10% tax on transactions, most of which goes into funding its treasury.

As of 31 July, GNOX was only available to purchase via its website. Investors should be especially careful when investing in an early-stage cryptocurrency that’s not listed on an official exchange. Remember, conduct thorough research and never spend more on a cryptocurrency than you can afford to lose.

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
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