Biconomy Making Web3 Frictionless & 5 Tokens under $10 Million Market Cap
In This Issue
- The team from Biconomy talks about how they’re making web3 frictionless & mainstream
- Matt has a report for you on 5 tokens that are under a $10 million market cap
Premium members also get the following:
- My latest portfolio updates
- Rebecca breaks down this week’s trending coins.
- Jesse has a deep dive for you on Mad Meerkat Finance
- Upcoming NFT drops
- Defi Dad has a tutorial for you on how to earn up to 24% APY with stablecoins on Stargate Finance
- Jesse has a ton of hot new airdrops for you.
- Hot new token sales.
- Rebecca has all of the latest news for you.
And much more!
Biconomy Interview<h3 id="what-is-biconomy?“>What is Biconomy?
Biconomy is making web3 frictionless & mainstream! We are on a mission to onboard the next billion users to web3. Our APIs & SDKs transform any dApp to become usable for anyone regardless of their crypto knowledge and experience. Our multi-chain relayer infrastructure processes almost 50K daily transactions for 100+ dApps to ensure all the benefits of web3 come with the intuitiveness of web2!
Currently, dApps are complicated to use. Every interaction is a blockchain transaction. Users have to be proficient with crypto wallets, deal with gas, move funds across various chains etc. It’s a broken experience. This is specially daunting for crypto newbies who face a steep learning curve just to get started. The user doesn’t want to deal with these blockchain headaches. They expect the Dapp to deal with gas, transaction management, bridges and everything else under the hood.
That’s where Biconomy comes in. We are the web3 genie! We abstract away these complexities from the users so they can use a dApp as easily as they use any web2 app!<h3 id="what-is-hyphen?“>What is Hyphen?
As discussed above, we abstract away ux complexities from the users. With so many chains & scaling solutions now, navigating them all is a nightmare. That’s where Hyphen comes in! Hyphen enables cheap and instant cross-chain transfers with a focus on supreme User Experience. With Hyphen, you get:
- Seamless onboarding to multiple chains
- in-dApp bridge experience, allowing users to stay on their favourite dApp & access their funds on any chain. https://cryptobriefing.com/zed-run-gets-in-game-ethereum-polygon-bridge/
Bridges are a key part of the multichain world we find ourselves in, but user friendly bridges are a rare breed. Which is why with Hyphen, we’re building a cross chain liquidity layer that gives users the best experience possible, while never having to leave the dApp that they’re using.<h3 id="what-is-gasless?“>What is Gasless?
The other major issue that every web3 user faces is gas. Nobody likes it! Through gasless, we enable dApps to sponsor gas fees for their users. Thus, users enjoy a gas free experience!
This takes away the gas fee burden from their users, & converts it to an operational investment for the dApp! Both newbies & natives can seamlessly onboard a dApp on any chain without the hassle of owning & paying in the native token. Our data suggests that gasless experience increases the user activity & loyalty for a web3 project. We think in the future all dApps will be gasless.
We also enable dApps to offer flexible options for paying gas. They can pay gas in a variety of tokens that the user may own (stablecoins) instead of the chain’s native token. DApps can also offer gas subsidies based on user activity to incentivize special users.<h3 id="what-does-your-token-do?“>What does your token do?
$BICO is the native work & governance token of our multi-chain relayer infrastructure. It plays a key role in decentralizing the network by acting as the network fees, incentivizing all stakeholders to secure and maintain the network, and participating in the network’s governance. There are in total 1 billion $BICO tokens in supply.
Network fees: $BICO serves as the common medium of exchange within the network. The node operators earn $BICO proportional to the work they perform on the network. The applications that use the protocol pay the network for the service.<h3 id="stakeholder-incentives: “>Stakeholder incentives:
- Node operators (Validators and Executors) have to stake $BICO to start contributing to the network. They earn $BICO proportional to their contribution and their $BICO stake. The network can also slash their stake in the case of bad behavior.
- Delegators are $BICO token holders who can stake their tokens to secure the network further. They earn $BICO proportional to their $BICO stake.
- Liquidity providers can provide liquidity in a variety of crypto assets to the protocol’s liquidity pools on different chains. A small fee will be collected when a user uses the liquidity pools, which will be distributed to the liquidity providers. Apart from this fee, they will also earn $BICO in proportion to their relative contribution to a given Liquidity Pool.
Governance: $BICO holders can propose and vote upon decisions affecting Biconomy’s protocol and overall Network. Such decisions can include changes to the Network’s code, adding additional services, or decisions regarding the disbursement of its treasury funds. Any $BICO holder can submit a proposal for consideration by the wider Biconomy community. We want to move towards community-led growth and self-sustainability.<h3 id="can-you-tell-us-about-some-of-your-recent-integrations-and-what-you-are-doing-for-them?“>Can you tell us about some of your recent integrations and what you are doing for them?
With 100+ dApp integrations, we could be here for a while! Our products are tools that any project can use to improve the UX in their dApp and set themselves up for better adoption. Some of our recent integrations have been:
- 100 Thieves: Yup, we’re not restricted to crypto native partnerships! As web3 goes mainstream, more & more companies are looking to enter the space. This E-sports giant isn’t any different, and they did a free NFT drop recently, using Biconomy Infrastructure to make it gasless. End users needn’t even have known what cryptocurrencies, NFTs or wallets are to be able to claim the drop. That’s what frictionless means!
- StellaSwap: Have you ever gone to a DEX to make a swap, and found that you don’t have native assets to pay for gas? That won’t happen on Stellaswap now, as they’re enabling gasless swaps for newly-bridged assets on Moonbeam using Biconomy infrastructure, reducing the friction of requiring Moonbeam’s native token, GLMR, for the first few transactions
- Pillow Fund: A custodial crypto savings account that earns yields from various DeFi protocols needs a bridge to move their funds to the right places. All the blockchain complexities are handled under the hood, using the Hyphen SDK, and users can get the best of DeFi from one place.
We have a long list of Partners who we help with our infrastructure. From Blue chip Metaverse projects like Decentraland & Sandbox, to DeFi Innovators like Curve & DyDx, the range of projects is very wide as well. However the aim remains the same; Reduce friction, drive adoption! Our integration with Zed.run showed us that Hyphen & Gasless together can be a potent tool that reduces friction considerably and boosts User Onboarding & Retention.
With backing from investors like Mechanism Capital, Binance, Eden Block, Ledger Prime and many other heavy hitters, we remain laser focused on building to achieve our vision.<h3 id="what-comes-next-for-biconomy?“>What comes next for Biconomy?
We’re a project made by builders, for builders. And we will keep building! Our roadmap for this year is dotted with deliverables, but the landmark to look forward to is the launch of the Biconomy chain. As a multi-chain relayer Protocol, the Biconomy chain will be able to support dApps like Hyphen, and many more use-cases, involving generalized cross chain messaging. This opens up the window for primitives like cross-chain one-click NFT sales, bundled contract interactions across multiple chains, and others that people may not even have thought about yet.
We are in it for the long run; we know the potential of web3 and believe in our ability to help drive mass adoption. You can expect us to see more integrations and partnerships, as we make life easier for the end users.
5 Tokens Under $10 million Market Cap by Matt<h3 id="bridge-mutual-($bmi)“>Bridge Mutual ($BMI)
If you are bullish on the DeFi sector, it reasons the same to be bullish on DeFi insurance. Although in a nascent phase, the industry is growing rapidly. As the overall DeFi market continues to mature, insurance will no doubt play an integral role.
Bridge Mutual is a risk coverage platform for stablecoins, protocols, smart contracts and exchanges. A DAO-managed, decentralized and discretionary coverage application, allowing users to insure each other’s risks. The platform allows users to purchase coverage for their funds, provide coverage in exchange for profits and yield, vote on policy claims and their payouts, and receive compensation for assessing claims fairly. Both claims assessment and investment of funds are on-chain and auditable by the public. V2 of the platform was launched in December 2021 to reduce the cost of coverage and offer users higher APYs.
The Bridge Mutual platform is built on Ethereum however there are future plans to operate on other chains including the Binance Smart Chain (BSC), Solana, Polkadot and many others. The dApp is available on both desktop and mobile devices.
$BMI is the native token of the ecosystem with the following utility;
- Acts as a governance token in the DAO for voting on claims and proposals.
- Users can stake their BMI tokens for up to a 30% APY or provide liquidity to the BMI/ETH pair on Uniswap to earn 100% APY.
The platform utilizes a complex token structure with the BMI token being the native utility coin of Bridge Mutual. Other platform tokens include stkBMI, vBMI, and bmiDAIx tokens. Anyone can purchase and send their BMI assets to the BMI staking contract. When a user deposits BMI into the BMI staking contract, they are credited with newly-issued stkBMI tokens, which are assets that reflect the user’s participation in the staking contract.
Current Price: $0.084
ATH price: $5.46 (Feb, 2021)
Current Market Cap: $5.5 million
Circulating Supply: 64.6 million tokens
Maximum Supply: 160 million tokens
The $BMI token can be purchased on exchanges such as Gate.io and Uniswap.<h3 id="powertrade-($ptf)“>PowerTrade ($PTF)
PowerTrade is a crypto options & derivatives trading platform. They have developed a user-friendly application which is very simple, fast and easy to use for both beginners and experienced options traders. Trading minimums are very low which gives everyone an opportunity to use the platform.
Powertrade has some prominent backers including Pantera Capital and 3Commas who are two of the biggest venture capital names in the space. Kain Warwick, founder of Synthetix and Bobby Ong, co-founder of CoinGecko are also backers.
At present, options trading is only available on Bitcoin and Eth however the team are looking to add other assets in the future. Premiums are paid/received exclusively in $USDC and their dApp is fully functional and available on both desktop and mobile devices.
$PTF is the native currency for the ecosystem and has the following utility;
- Acts as a treasury governance token in the PowerTrade DAO.
Current Price: $0.13
ATH price: $2.67 (April, 2021)
Current Market Cap: $3.2 million
Circulating Supply: 24.5 million tokens
Maximum Supply: 400 million tokens
The $PTF token can be purchased on exchanges such as AscendEx (Bitmax), Uniswap,<h3 id="adax-($adax)“>ADAX ($ADAX)
Adax is a DEX (Decentralized Exchange) built on Cardano. The platform is an automated liquidity protocol that facilitates trades within the Cardano ecosystem in a completely decentralized and non-custodial way. It operates as an AMM (Automated Market Maker), similar to Uniswap, and enables users to retain full control of their assets. The platform offers stable liquidity pools, token swaps, and a soon to be released ERC-20 token converter (with two-way convertibility) so that users can migrate their Ethereum based tokens to the Cardano network.
Adax has also expanded its ecosystem with the roll out of Adax Pro which includes a CEX (Centralised Exchange) and a launchpad platform. Both services are now operational.
In terms of wallet support, Gero Wallet and Cardwallet are integrated with Adax.
$ADAX is the native utility token for the ecosystem. The token has the following utility;
- Access to IDOs on the ADAX Cardano launchpad.
- Access to ADAX’s community governance features.
- ADAX can be staked on the CEX to earn a 16% APY.
Current Price: $0.189
ATH price: $2.44 (September, 2021)
Current Market Cap: $9.9 million
Circulating Supply: 52.4 million tokens
Maximum Supply: 100 million tokens
The $ADAX token can be purchased on Adax Pro or the ExMarkets exchange.<h3 id="convergence-finance-($conv)“>Convergence Finance ($CONV)
Convergence Finance launched in March, 2021 and aims to decentralize investment by making private markets, public.
The platform has two distinct features;
ConvO is a launchpad which offers exclusive access to investment opportunities in the form of private-sale tokens. The platform uses VRF (Verifiable Random Function) to ensure fair allocations with distribution of tokens being decentralized and controlled by smart contracts.
ConvX is a decentralized AMM (Automated Market Maker) which provides a liquid market for anyone wanting to swap private-sale tokens. This facility also enables users to deposit into liquidity pools and earn fees from all trades, proportionate to their pool share. There is also a $CONV single staking option and a CONV/ETH liquidity pool offering a 165% APY.
Convergence recently announced staking on Moonbeam with a 100% APY for single staking of the $CONV token. The platform intends to offer utility on other chains in the future as they move toward a multi-chain yield farming experience for users.
Long term, Convergence plans to bring real world assets onto the blockchain and offer their users the opportunity to access private company shares and pre-IPO opportunities.
$CONV is the native utility token built on the Ethereum network. The token has the following utility;
- Access to new, curated token launches.
- Earn staking and yield farming rewards via ConvX.
- Governance rights in the ConvergenceDAO to vote on ecosystem proposals.
Current Price: $0.0048
ATH price: $0.251 (March, 2021)
Current Market Cap: $9.04 million
Circulating Supply: 1.85 billion tokens
Maximum Supply: 10 billion tokens
The $CONV token can be purchased on ConvX or exchanges such as FTX, OKX and Gate.io.<h3 id="finxflo-($fxf) “>Finxflo ($FXF)
Finxflo is the world’s first hybrid liquidity aggregator for both retail and institutional clients. They are based out of Singapore and are regulated by the Singapore Monetary Authority. What makes the Finxflo platform different from other exchanges is that they can virtually guarantee users the best global pricing because they are integrated with the order books from many of the world’s largest CeFi and DeFi protocols such as Binance, Coinbase, FTX, Gemini and many others. When trading on Finxflo, users are accessing a combined order book from all of these massive platforms to obtain the best possible price, lowest slippage and fastest trade execution. The overall concept is to offer users a one-stop-shop with one account, one KYC, one wallet, combined in a single interface.
At present, users can trade with zero fees and zero withdrawal costs. There are a limited number of trading pairs available however this will be changing in the coming months as several hundred more trading pairs will be going live.
A mobile application, a token launchpad service and fiat on/off ramps will be launched in the future. Funds have also been earmarked for a Tier-1 exchange listing in the next few months.
$FXF is the native utility token built on the Ethereum network, however it is also multi-chain with integration to the Binance Smart Chain (Bep-20) and the Tron Network (TRC-20). Finxflo utilises its own bridge to exchange tokens between the networks. The token has the following utility;
- The FXF token can be single-staked on the Finxflo platform to earn between 15% to 25% APY (depending on length of stake). These pools are currently full however it is expected that new ones will be added in the near future.
- The FXF token can be used to provide liquidity to farming pools and earn rewards.
- Finxflo plans to launch a Debit card in late 2022. This will enable users to spend their $FXF tokens.
Current Price: $0.088
ATH price: $1.59 (April, 2021)
Current Market Cap: $8.3million
Circulating Supply: 93.4 million tokens
Maximum Supply: 150 million tokens
The $FXF token can be purchased on the Finxflo website or on exchanges such as Gate.io, Uniswap and Pancake Swap.
***Obviously these coins are high risk, hopefully high reward. We are highlighting them here for those of you looking for opportunities in the market. While many of these coins are down 90%, they can still fall another 90%. The upside potential however is very high if the markets confirm a reversal. Please take your time to do your due diligence before entering any new positions in low cap altcoins.
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Lark and the Wealth Mastery Team
TCL Publishing ltd (director Lark Davis, owner of Wealth Mastery) is not providing you individually tailored investment advice. Nor is TCL Publishing registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. TCL Publishing is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.