DeFi has taken the cryptocurrency industry by storm, for better or worse. With new ROI contracts, meme tokens, and staking reward contracts being created every minute on the hour, it is nearly impossible to tell which of these is a rug pull (slang for an exit scam) or an innovation in the up-and-coming crypto based asset space. Doing your own research is the safest way to protect yourself from these scams, and the purpose of this article is to provide some information on a fairly new token that was created and launched right before the DeFi craze which purpose is to provide a scarce asset that can help provide utility and support to new and otherwise decentralized projects that might lack the mainstream capabilities some of the bigger tokens/coins have. That token is Golden Ratio Token (GRT).
Golden Ratio Token is an ERC20 token which was launched on Ethereums blockchain. Launched on April 7th, 2020 with a total supply of 16,180 (in reference to “The Golden Ratio”, the mathematical phenomenon) GRT provides scarcity and its initial distribution was via airdrop, with no presale, crowdfunding, or ICO behind it. The airdrop which took place was geared toward supporting other cryptocurrency projects which were being run by volunteer enthusiasts trying to help grow the space. These users were given a limited supply of the token with the goal of these tokens gaining value through various means. This value could then be utilized to provide support for the receivers project of choice, whether it be a project they were running or a project that they were a part of that they wanted to contribute to.
When the token was launched, the initial goal was to provide a valuation of the GRT platform after a 90 day period to see how much support it was able to dish out to its holders. What they came to find out is that it indeed did provide numerous benefits to various projects, like BSoV, the central exchange Resfinex, Mota Coin, and others. In addition to providing liquidity and value to other projects, GRT was also able to accomplish a bit more than intended. In supporting the user-friendly and simple to use CEX Resfinex, they were rewarded with trading pairs for new and existing tokens which could be liquidated in return for GRT. The pairs on Resfinex are as follows:
That is quite the list of pairings for a new token on a comparably newer exchange. In addition to the pairings on Resfinex, the exchange has also rolled out GRT staking programs, which reward users in the native RES token for keeping your GRT on the exchange itself. The reward program is simple and its guidelines make it easy for the every day crypto user to benefit from leaving your GRT on the exchange. There will also be a new upcoming pair, SkyCoin/GRT in the near future.
The intermingling with exchanges does not stop at Resfinex. Another new and up-and-coming exchange by the name of Fides-Ex, also a CEX, has received support from GRT and will be receiving new pairs and markets as well. Another way GRT shows of its support branches is by lobbying and helping projects/exchanges getting listed on the ever-elusive CoinMarketCap.com, which is one of the biggest names in the industry. A perfect example of this is the recent BSoV listing on CMC which happened in the end of June/early July. With GRT’s help, BSoV’s market and tracking info is now visible to hundreds of thousands, if not millions of cryptocurrency users and they have even seen a slight activity and volume increase in the tokens ecosystem. It was shortly after this CMC listing BSoV cracked the top 1000 cryptocurrencies listed in terms of overall Market Capitalization. Quite the respectful feat.
Some smaller ventures from GRT also include a CryptoTweet Repro which allows members of the various projects involved with GRT a platform to post shared content and tweets in one setting for easier sharing of information. They also have their own Telegram group as well with a strong community which follows and engages newcomers. The links to these telegram groups are as follows:
The utilization and effect of GRT still moves further. GRT has also been whitelisted on Balancer Pool, which opens up the doors to endless possibilities of the new and unexplored liquidity pool aspect of cryptocurrency. With Uniswap and other liquidity based assets and projects being tested and researched throught the DeFi craze, one can make various guesses as to where and what this type of exposure will lead too. A quick review of GRT’s market capitalization and circulating supply can be found here.
Seeing the rise of GRT has been quite interesting. The number one thing I can say in regards to this rise is the transparency and legitimacy of their ideas and goals are undeniably genuine and innovative. As I mentioned earlier there are many projects with empty promises and ridiculous guarantees on your investment or time spent on the asset. This is not the case with GRT. They do not promise anything. They do not offer a guarantee. What they do is they speak through action and outreach. They try to do things which will physically help the projects and ideas they support. They did not write a roadmap and fail to deliver. They created one and keep adding to it all while checking off various boxes while also continuing to build off these accomplishments and take them to the next level.
One can argue that DeFi isnt good for cryptocurrency. One can also argue that it is the best thing to happen to it. There is one thing that cannot be argued. Support projects like GRT only help grow the space and maintain it. The roots planted by GRT continue to grow. The branches of what have sprouted reach further as well. Whether it is behind the scenes or out in front for everyone to see, the value it has brought to what it has touched is undeniable, and it is only getting started.