A DAO is in charge of the FRAX token protocol. It assures that each and every aspect of the project is algorithmically controlled and that holders/users have limited control.
The crypto bear market provides investors with opportunities to pick crypto projects up at a cheaper price.
Market cycles are common with other more mature markets like stocks and bonds, hence, the crypto bear market should not come as a surprise. Although the majority of crypto tokens are seeing a price drop, this bear market should not scare investors away as many solid projects would always find their way back to the top.
Watching the market may be a bit scary as many tokens have lost their value in what seems like a never-ending process. Sticking to projects with solid fundamentals should ensure that you reap the rewards during the bull market cycle.
Three projects that stand out in this crypto bear market are Frax (FRAX), Enjin Coin (ENJ), and Mushe Token (XMU).
These three projects have demonstrated strong fundamentals and a solid team behind the projects. Why should you be watching these projects? Here is a brief breakdown of each project…
Frax (FRAX) is a stable fractional-algorithmic coin tied to the US dollar. It’s a decentralized, open-source, and on-chain protocol. To preserve the value of its token at $1, the project uses an algorithm. It ushers in a new stable coin paradigm in the crypto industry, replacing fiat-backed, over-collateralized, and algorithmic stable coins.
Frax is also built on the Ethereum network and adheres to the ERC-20 token standard. The project intends to go to more blockchains in the future, making it genuinely cross-chain.
The protocol of the FRAX token is governed by a DAO. It ensures that every component of the project is algorithmically regulated and that holders/users have little influence.
Furthermore, the FXS token is used to disperse fees among other things, whereas FRAX is primarily used for transactions and retains its on-chain peg to the dollar.
Enjin Coin (ENJ)
ENJ is the utility token of Enjin, a blockchain gaming ecosystem with interconnected products. Users can use the Enjin network as a central hub to create communities, virtual storefronts, websites, and clans. ENJ is the primary token that lies at the heart of this ecosystem, thanks to this strong stack.
The ENJ token, which is used to buy and sell digital assets, backs assets developed on the Enjin network. Furthermore, the Enjin ecosystem provides a competitive advantage to emerging gameFicrypto initiatives.
The Enjin ecosystem’s tremendous and regular activity gives the coin so much value. It allows users to freely construct and design their own Metaverses using the protocol. ENJ is in a unique position as a result of this.
ENJ also aids in the provision of immediate money, bolstering its usefulness.
Mushe Token (XMU)Mushe Token (XMU) is a decentralized peer-to-peer network that allows users to design, build, and share their own virtual Metaverse. Mushe Token aims to create an interactive Metaverse that incorporates a variety of crypto principles such as play-2-earn (p2e), NFTs, and DeFi.
To make the Metaverse more immersive, users would be able to use the Mushe wallet to manage all of their tokens. The Metaverse bank would handle all MusheVerse trades, including NFT and other digital asset sales.
By making the crypto Metaverse more robust and inclusive, the Mushe Token project wants to provide a new perspective to the industry.
By migrating to the Stellar and Solana blockchains, it would cement itself as a fully decentralized multi-chain Metaverse. In addition, it would lower the barrier of entry and allow users across multiple blockchains access to its network. To find out more about this project, please find the websites below.
Official Website: https://www.mushe.world/
Presale Registration: https://portal.mushe.world/sign-up