SYLO: The Secret behind +74% Revealed
We all like to do this. We get on CoinGecko, and search for tokens that gained large traction over the past month, and fantasise about what we could have done with the absurd amount of profit.
Yet this month was an exception for me since one of the tokens I hold was included in that list. Sylo (SYLO) has shot up by around 74% in the last month, which I thought would be too much to be a lucky coincidence.
So, me being me, I checked out the project to see what most likely has caused the positive price action.
It turns out that Sylo is a hidden gem, that has been tirelessly making innovation! I could write further about it, but here is a little breakdown. In the last year they have:
● Listed their token on multiple exchanges (Kucoin, Bitbns, and Gate.io!)
● Partnered with some big names, including Tezos and Coca-Cola
● Gained over 300,000 users in their app, the Sylo Smart Wallet which was only released in late 2019
● Deployed support for Bitcoin and Tezos to the Sylo Smart Wallet
● Launched a Web3 browser to the Sylo Smart Wallet for accessing Ethereum Dapps (Eg, Uniswap, CryptoKitties, OpenSea, and more)
● Enabled people to pay with BTC at vending machines (finally somewhere to spend my crypto in the real world!)
● Launched a fully decentralised communication network (the Sylo network) enabled by user-run nodes and incentivised by the Sylo token (SYLO)
● Released the docs for developers to build Sylo Experiences that can exist inside the Sylo app (think of them like mini-apps inside WeChat, except decentralised)
● Shared a concept called Social DeFi built around groups/content to bring stake and yield functions into the Sylo Smart Wallet (to be launched in 2021)
● People can buy crypto in-app with their bank cards.
Especially with the latest spike in transaction fees, I particularly like the fact that Sylo has made it easier for their users and holders to skip fluffing around on complicated exchange websites, and stay inside their native Sylo app. I can simply use my bank card or credit card inside the Sylo app, and complete the transaction.
It’s very nifty, to say the least. Yet I also understand that a simple wallet update cannot be the sole driving factor of such a massively positive price movement. So I did some more research, and landed on what I believe is just golden. On Sylo’s official Medium, they even talk about their underrated value themselves. Check it out!
It’s a long read, but here is a TL;DR for you. This theory argues that the value of a project is in its protocol, not in its apps.
Sylo’s entire network infrastructure is built to not just handle — but adapt to — the market demands that both dApps and protocols have created in the crypto ecosystem. This is where value creation becomes key and inherently present in the Sylo network. Because Sylo is one of the most widely adopted scalable PROTOCOLS for high volume APPLICATIONS in that ecosystem, it also becomes a forerunner in decentralised messaging.
This comes down to Sylo’s unique, completely decentralised infrastructure which relies on incentivised, user-run nodes for communications relay.
You can read more about it here.
I could go on and on but altogether, I believe this is just the beginning of Sylo’s massive leg up both in the market and in innovation. Sylo has a small marketcap and the right partnerships, and it’s only a matter of time until more people realise this, and jump in at the opportunity presented.
I highly recommend those who are reading to look into Sylo, as it may be one of the few low-cap projects that prove itself to be an uncut diamond.
Happy investing!
Disclaimer: The information presented is purely for research purposes, and is not financial advice. Cryptocurrency is a volatile investment asset, and therefore each individual must conduct one’s own research before choosing to invest. The author has not received any financial incentive from the project and does not gain any financial incentive for publishing this article. The information presented has been gathered through objective, unbiased research.
