VeChain (VET) and Flow (FLOW) are two cryptocurrencies that are struggling to hold their own as newer projects take center stage. Collateral Network (COLT) is the latest project to emerge on the scene and is already generating a lot of excitement as the public presale begins.
Collateral Network (COLT) is the groundbreaking crowdlending platform that incorporates NFTs as a tokenized representation of assets. Here, borrowers can access loans from lenders using their assets — that are now tied to NFTs — as collateral, while lenders can enjoy fixed returns on their investments.
For example, if an investor wants to go on holiday but only has a $2000 Rolex watch. He can log into the Collateral Network (COLT) platform, mint his Rolex into a fractional NFT, and then use it as collateral to borrow $2,000 from a community of lenders. He can then travel on vacation and will have to pay back the loan at a fixed rate of interest.
Every lender will receive a weekly fixed-rate income for their participation in fractionalized loan programs, providing them with increased financial stability. Plus, as all contractual information is stored in the metadata of the NFT, lenders can be confident that no fraudulent activity is taking place.
COLT is the native token of the Collateral Network (COLT) platform and will be used to reward lenders and borrowers. Holding this token gives staking rewards, trading fee discounts, borrowing fee discounts, governance rights, and more as the platform grows.
The first phase of the public presale is now live. This represents an opportunity to pick up COLT for just $0.01 per token, before it surges by 35x over the course of presale, making it an ideal time to get involved.
VeChain (VET) is a blockchain platform focused on improving product traceability, supply chain management, digital asset management, and other real-world applications. Over the past few years, it has established itself as a leader in enterprise blockchain solutions and is increasingly being adopted by large companies.
VeChain (VET) utilizes a two-token model: VTHO is the fuel of the VeChain blockchain and is used to perform transactions on the network, while VET generates VTHO by staking and is used for governance. The price of VeChain (VET) tokens is tied to the demand of the platform.
Despite VeChain (VET) being used by a number of impressive companies, it has not been able to gain the widespread adoption needed to send its prices soaring. VeChain (VET) is also facing growing competition from new projects with innovative features.
VeChain (VET) will likely survive in the long term, but its detractors are asking if it is really worth the investment at this point.
Flow (FLOW) is a blockchain platform developed by Dapper Labs, the same team behind CryptoKitties and NBA Top Shots. It is designed to support user-generated content, digital assets, and gaming applications. Flow (FLOW) is a layer-one blockchain, meaning that it is designed to scale faster and more securely than its competitors.
Rather than being dependent on a single chain, Flow (FLOW) optimizes consensus by dividing the process into four distinct parts for optimal efficiency. Flow (FLOW) also uses Resource Oriented Programming, which simplifies the development process and allows developers to focus on creating new applications.
However, Flow (FLOW) has been one of the worst-performing cryptocurrencies since hitting $46.16 in April 2021 — plummeting by more than 98% since then. With the platform still in its infancy, investors may have to wait sometime before they see any returns on their investments.
Find out more about the Collateral Network presale here:
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.