Decentraland and Sandbox metaverses benefitted greatly from the metaverse and NFT boom when Facebook rebranded to Meta. Even during the spectacular crypto market crash of 2022, the gamefi and metaverse based token suffered the least. Gorilix (SILVA) is a new wave token looking to right the crash. By late November 2021, MANA had passed $5.00 as investors staked claims to their Metaverse pieces. The news hasn’t been encouraging since then. Mana has been struggling to reach $1.00 since mid-May. On the same day that MANA briefly surpassed $5.00, SAND briefly surpassed $8.40. For most of May, SAND has held just above $1.00, joining MANA in the doldrums.
$MANA & $SAND Defi Tokens Lose Price in Cypto Crash of 2022
The first week of July saw a break from the selloff that characterized the first half of 2022, but MANA and SAND are struggling to establish higher levels of support. Meanwhile, a newcomer has bucked the trend with a steady presale. The value of Gorilix (SILVA) has more than tripled since it debuted at $0.008, and more investors are coming off the fence before stage 2 of its presale ends. An interesting development with a meat-and-potatoes explanation: Gorilix (SILVA) simply has a stronger use case than MANA and SAND.
Investors are more familiar with lending, borrowing, and compound interest than digital land and NFTs. These are SILVA’s central value propositions. According to the Gorilix Foundation’s white paper, the Gorilix protocol is based on an interest model tied to the token’s value and fluctuations in its liquidity levels, and its blockchain facilitates lending and borrowing. Each Gorilix Defi holder is effectively their own bank. This is a practical application of a technology that too often fuels unwarranted hype. It may be difficult for tokens like MANA and SAND to convince investors of their long-term prospects for sustainability due to the ongoing struggles of older cryptocurrencies. By supporting functions that have defined civilization for millennia, Gorilix proves crypto’s value to investors. In other words, not by reinventing the wheel, as is the case with too many other tokens. In September, Gorilix plans to launch its IDO on Uniswap.