A complete heir to the success of Dogecoin?

Dogecoin (DOGE) has grown beyond its mockery base to become one of the most iconic cryptocurrencies of 2021. Gorilix (SILVA) a similar path seems to be being followed, in part because of similarities with DOGE: accessibility, ease of use, and a supportive and enthusiastic user base.

Initially, Dogecoin was characterized by parodying the hype around other cryptocurrencies. “The original intention was to parody all the ‘legal’ cloning bases that tried so hard to be different but all looked the same,” said Dogecoin co – founder Billy Markus in 2021. ” there’s just another clone coin for Dogecoin, but instead of taking it. seriously, it was just Dogecoin. ”

But Dogecoin was not a one-off hoax. His light-hearted approach attracted a steady number of followers, and the deliberately low barriers to entry helped first-time investors test the cryptocurrency easily and inexpensively. Experienced crypto investors appreciated the unfavorable style of the project, laying the foundation for its metric rise in 2021. In fall 2022, SpaceX plans to launch a mission to the moon, part-funded by Dogecoin.

Despite Dogecoin’s success, its use case is still a bit obscure, and its fixed feature is still affordability. Dogecoin is struggling to gain traction in certain areas, and its value may rise due to the same hype it was originally intended to gather, especially from prominent media figures.

Gorilix is happy to leave the parody to Dogecoin, but its strong performance so far could indicate a serious recommendation for Dogecoin, if not necessarily a competitor.

Like Dogecoin, Gorilix is designed to be accessible and community focused. While Dogecoin is positioned as an easy, unpretentious entry into cryptocurrency, Gorilix offers a mature suite of services for both new and experienced investors.

At the heart of Gorilix’s value proposition is support for traditional banking functions, including lending, borrowing and liquidity support in the form of incentives that closely track fiat currency account interest rates.

Gorilix enables investors to act as an independent bank. When liquidity is required, Gorilix holders can supply it directly or to dApps within the Ethereum ecosystem. If Gorilix users need to borrow money to finance new investments, for example, they can do so by using their portfolios as collateral.

Less aggressive owners take advantage of the Gorilix protocol. As demand increases, a decrease in liquidity leads to an increase in interest rates, which rewards investors who hold their SILVA holdings without leverage.

After more than two weeks into the first phase of Gorilix pre-sale, the results are encouraging. Nearly 12 million SILVA tokens have already been sold, and Gorilix expects to reach its target ahead of the IDO’s scheduled launch on Uniswap on September 6, 2022. The token price has risen from an initial valuation of $ 0.008 to more at $ 0.019 – an increase of 147%.

Dogecoin has proven that ease of use outweighs the hype. Gorilix wants to prove that a truly user-centric token can build on the success of its predecessor.

Last updated on July 6, 2022