Did you know that you can do more than just stake and trade with cryptocurrency platforms? As cryptocurrency adoption surges, crypto users are looking for ways to utilize these blockchain-based assets in multiple ways. The strong demand for cryptocurrencies has paved the way for niche platforms that enable crypto users to do more than just invest, be it building dApps or playing blockchain-based games.
HedgeUp and Solana are among the leading platforms today that enable their users to multi-task with their native tokens and earn rewards. Let’s dive into the important features of these two cryptocurrency platforms.
HedgeUp: Minting new gains with alternative investment products
HedgeUp has been designed as a niche platform for opening up the alternative investment products space for cryptocurrency users. It enables crypto users to park their money with alternative investment options like luxury watches, art, wine, and aviation, among other products. Alternative investment products offer users a two-prong advantage – firstly they potentially enhance your returns with a diversified portfolio. Secondly, these products act as a hedge against market volatility and economic factors like inflation.
The platform has also rolled out a native token called HDUP for facilitating all kinds of transactional purposes and it will be made available on presale. The HDUP token can be used for a wide array of uses like staking, liquidity pool management, marketing activities, distributing rewards, and securing voting rights. The token’s total supply has been capped at 999,000,000 units and the largest share of the tokens has been set aside for presale at 35%.
While the platform doesn’t levy any taxes on the purchase of HDUP Tokens, it does charge a 5% tax when a token holder sells the cryptocurrency. Users also have to pay a 2% liquidity pool admission fee. In tandem with its policy of incentivizing participation, HedgeUp offers its users rewards for staking and holding HDUP tokens in the treasury through the staking events conducted by the platform. The staking of tokens helps in liquidity pool provisioning and ensuring a strong market while offering users better trading opportunities.
Under the HedgeUp model, the team will first interact with startups to facilitate their users’ market entry. Next, they will strike deals with third-party vendors to supply investment products. Once the deals are finalized, these products will be uploaded on the HedgeUp marketplace and will remain open for purchase.
All assets will be stored in a licensed and insured vault for safety. One of the key USPs of the platform is its NFT collection. Buyers have the option of either purchasing an entire basket of investment products or buying an individual asset. In addition, buyers get the option of purchasing these NFTs as fractional ones i.e. users do not have to buy the entire NFT and can also purchase a small percentage of the asset.
Many cryptocurrency experts believe that HDUP has higher growth potential than other platforms. This is mainly because of its unique use case that bridges a gap in the cryptocurrency ecosystem and offers crypto users a niche opportunity to earn a passive income consistently.
Solana launches Fuse: a digital wallet for its blockchain network
Solana is a decentralized blockchain for building and scaling dApps cost-effectively and securely. Its native token SOL is the main cryptocurrency on the network and it is used for various transactional use cases on the network.
The reason why many developers prefer Solana is because of its high speed – all thanks to its block time of 400 milliseconds. The platform supports high-speed operations and is validated by over 1,900 nodes that operate independently. The wide network of nodes ensures that the users’ data stays secure and cannot be censored.
Being built on the proof-of-stake consensus algorithm, Solana minimizes the carbon footprint of its operations. According to the team, the network utilizes about the same quantum of energy as a couple of Google searches.
Solana recently announced the launch of ‘Fuse’ which is a digital wallet that enables its users to interact with Solana-based protocols and dApps while enjoying the security of a multi-signature wallet. It functions like a browser extension and can act as a proxy for your team by initiating transactions on the user’s behalf.
Users should know that Fuse is compatible with Squads, which is a multi-signature protocol built on the Solana network. Not only does it open up all features of the Solana ecosystem for its users but also offers a secure framework to set up a multi-signature wallet. In the absence of a tool like Fuse, earlier users could only interact with those dApps which had been integrated with Squads. The approach wasn’t scalable in the long term for developers and limited the usage of dApps on Solana.