Business News/ Brand Stories / New DeFi Projects in 2022: PancakeSwap (CAKE), Enjin (ENJ) and Gnox Token (GNOX)

Decentralized finance (DeFi) is an emerging financial technology based on secured distributed ledgers. 

It was created to eliminate banks and financial institutions as central intermediaries in various financial transactions by allowing users to store their assets in secure digital wallets.

Below are the top DeFi projects everyone should know about in 2022.

PancakeSwap (CAKE)

PancakeSwap is a decentralized cryptocurrency exchange that allows users to immediately exchange tokens. It is non-custodial, which means the funds stay in your control and the new tokens are added to the same wallet. Users have more control over their funds with decentralized systems.

PancakeSwap is a Binance Smart Chain-based platform that allows individuals to swap any BNB chain-based coin. It gives users liquidity mining capabilities. Its token, which can be farmed and staked for extra cash, powers the platform. 

Enjin (ENJ)

Enjin Coin is a project of Enjin, a firm that offers a blockchain-based gaming environment with interconnected products. The Enjin Network is Enjin's flagship product, a social gaming platform that allows users to build websites and clans, communicate and run virtual item stores.

Enjin allows game developers to use the Ethereum blockchain to tokenize in-game assets. It backs digital assets issued on its platform with Enjin Coin, an ERC-20 token, allowing them to be purchased, sold, and exchanged with real-world money.

Enjin Coin was announced in July 2017 and went live on the Ethereum main net in June 2018.

Enjin Coin is a digital store of value that is used to back the value of non-fungible tokens and other blockchain assets (NFTs). ENJ, a minting resource that is sealed inside NFTs and withdrawn from circulation, is present in every asset coined with the Enjin Platform.

Gnox (GNOX)

Gnox is the first DeFi earning protocol to provide “yield farming as a service" to both individual and institutional investors. Its major goal is to bridge the gap between the crypto and fiat worlds by demonstrating the protocol's benefits and ease of use to everyday users.

The project is a decentralized ecosystem comprised of DeFi products, protocols and use cases that are compatible with several chains. It's a treasury-backed reflection project that invests in DeFi yield-earning protocols for its investors.

Gnox provides an easy-to-use DeFi earning option for individuals who are new to cryptocurrency. To support the protocol's continued expansion, it tries to make investment in profitable assets as simple and easy as possible.

This fund will start small, but as it grows, so will its purchasing power. This will also help them acquire more distinct characteristics and provide additional benefits to long-term holders.

Soken DeFi recently completed a successful KYC verification on the platform.

Learn more about Gnox:

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The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

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Updated: 06 Jun 2022, 06:11 PM IST
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