Numerous cryptocurrencies and tokens appear every day. Some of them are of a practical nature, which means they perform some sort of function. Others, on the contrary, have a purely entertainment purpose and may be in demand only due to the strong buzz around the project. RevenueBot has highlighted a few coins to watch out for.
Spell Token (SPELL)
Spell Token is a reward token associated with abracadabra.money, a lending platform that uses interest-bearing tokens (ibTKNs) as collateral to borrow a USD-pegged stablecoin called Magic Internet Money (MIM).
Abracadabra utilizes the Kashi Lending Technology pioneered by SushiSwap (SUSHI) to provide isolated lending markets that allow users to adjust their risk tolerance in according to the collateral they decide to use. Users can deposit collateral and borrow MIM against it.
Abracadabra also offers yield farming opportunities, where users can stake their liquidity provider (LP) tokens to farm SPELL. This facilitates better liquidity for certain cryptocurrency pairs, currently Ether (ETH)-Spell Token (SPELL) and Magic Internet Money (MIM)-LP 3pool Curve (3CRV). In addition, users can also open leveraged farming positions using borrowed MIM from their interest-bearing collateral.
ECOMI (OMI)
OMI is a utility token that is used as a medium of exchange whenever a user buys, sells or trades their digital collectibles on the VeVe platform. OMI also ensures the immutable record of ownership for the digital collectibles.
ECOMI itself is a tech company based in Singapore which aims to lead the way in the emerging digital collectibles space, as well as protection of digital assets. The company created VeVe, a blockchain-based marketplace for digital collectibles, for users to buy and share their collectibles through a social networking platform.
ECOMI offers a one-stop-shop for digital collectibles through the VeVe app bringing pop culture and entertainment into the 21st century. Ecomi sees digital collectibles as a new asset class which offers intellectual property owners the opportunity for new revenue streams in the digital landscape.
Convex Finance (CVX)
CVX is the native ERC-20 token of Convex Finance. It provides an opportunity for holders to receive a share of the profits from Curve LP deposits pegged to the CRV token. CVX generation is done proportionally to the amount of CRV blocked by Curve liquidity providers on the platform. Token holders also get a share of fees earned on the Convex platform.
Convex Finance is designed to maximize rewards for CRV participants and liquidity providers. What it provides is a user-friendly interface for any purpose. Convex aims to simplify staking on Curve, as well as the CRV-locking system with the help of its native fee-earning token, CVX.
If you’ve ever been a Curve LP, you know it is somewhat non-trivial to maximize your boost by depositing/maintaining your veCRV balance. Otherwise, it may be intimidating to do so without being a DeFi power user. Convex aims to make this procedure easier and bring the CRV boost ecosystem to everyone.
Conclusion
When investing in new coins, you keep an open mind on all the risks, because the chances of a coin remaining at the same price brackets or depreciating are sky-high.
This material is not a piece of financial advice and is for informational purposes only.
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