Binance has recently announced its decentralized storage solution, which could have a huge impact on the price of Binance Coin (BNB.) This announcement could also impact Filecoin (FIL), which currently dominates much of the decentralized storage space.
While Binance Coin and Filecoin potentially compete, Collateral Network (COLT) continues to rally and great headway on its presale. It’s one of a kind, making it grab the attention of many investors in the crypto market.
Binance Coin Up 2.03% Following The Release Of Its Greenfield Congo Testnet
Since the release of its Greenfield Congo testnet, Binance Coin (BNB) has increased in price by 2.03%. The testnet allows Binance to provide decentralized storage options, and cross chain communication options. This innovation could take the value of Binance Coin to new highs when the general crypto market bounces back and has already made a positive impact.
Despite some bad publicity regarding Binance in the past month, Binance Coin has performed well, increasing in value while many alternative investments have declined. Going into May, analysts are bullish towards Binance Coin, with some suggesting BNB could rise from $322.84 to over $350.
How Will The New Binance Testnet Impact Filecoin (FIL)?
Following the growth of DeFi technology and the demand for decentralized storage solutions, Filecoin has become a top crypto project. The number of people using Filecoin has increased significantly, with Filecoin commonly being used by NFT collectors.
At the time of writing, priced at $5.35, Filecoin (FIL) has increased in price by 1.36% in the last five days. However, Filecoin has decreased by 5.86% in April due to turbulent market trends.
Given its dominance in the current DeFi storage market, it’s unlikely that the new Binance testnet will have any influence on Filecoin in the foreseeable future. That being said, Binance Coin and Filecoin could definitely become rivals in the next few years.
Investors Capitalize On Early Collateral Network ATH
Collateral Network (COLT) has become a popular investment in April after its native token, COLT, increased in price by 40% to $0.014. With the project currently selling out fast during its presale, Collateral Network is expected to increase again to $0.0168 in May.
While many new projects in the market build on what’s currently working, Collateral Network provides a whole new application, applying DeFi to the pawnbroking market.
Instead of needing to sell their assets for cash, Collateral Network lets people raise funds backed by their physical assets. Through Collateral Network borrowers can receive cash within 24 hours, and all transactions are secured by the blockchain to guarantee the safety of borrowers and lenders.
The process is as follows. A borrower sends a valuable physical asset to Collateral Network such as a car or an expensive piece of jewelry. Artificial intelligence is used to generate algorithmic lending rates and accurately value the asset.
Collateral Network mints the asset into an NFT and then fractionalises it, enabling multiple lenders to fund a given loan. Once borrowers pay off the loan, their asset will be returned to them and the NFTs will be burned.
Investors who lend loans will be rewarded with a fixed interest rate which is agreed upon before the contract commences. This rate will be based on the amount they loan.
Investors using Collateral Network while holding tokens will also earn a number of benefits throughout the project’s ecosystem. These include staking bonuses, voting rights and a VIP group which grants holders access to auctions for distressed assets.
In total, 38% of the COLT token supply will be sold during the presale. Over the next six months, experts predict that Collateral Network (COLT) will reach at least $0.35, offering a return of 3500% for investors who buy tokens early.
As things stand, FOMO is taking over the market because Collateral Network is approaching the end of the current presale stage. Upon entering the new stage, the individual price of COLT would rise.
Eagle-eyed investors and crypto enthusiasts are looking for an upcoming listing campaign to 35x their funding.
Find out more about the Collateral Network presale here:
Website: https://www.collateralnetwork.io/
Presale: https://app.collateralnetwork.io/register
Telegram: https://t.me/collateralnwk
Twitter: https://twitter.com/Collateralnwk
