Latest Research Project
I hadn't heard about ChainPort until a week or so ago when COTI announced they were partnering up by using their bridge for DJED. DJED the Cardano stable coin launched by COTI will be wrapped and sent via the bridge to the Binance Smart Chain as well as Ethereum.
PORTX is being used by 15 blockchains with more to come as more development rolls out. This is still in their roll out phase according to their white paper with planned developments in Q3 and Q4 later this year. PORTX has only been around for 8 months and is still very new so having 15 partnerships using the Port is actually rather impressive.
Tokenomics
Always the best place to start to see how the eco system is working and if it is an investible product or not. What is important to note is this is a deflationary crypto project so the more it is adopted the less tokens will be in circulation due to burning mechanisms.
PORTX has a total supply of 680 million tokens so not a massive amount compared to some other crypto projects. Burns happen with buy backs from the fees when using the port/bridge along with fees being issued to the stake holders.
This project has a low market cap being 1.9 million and most definitely has room to grow. Finding small market caps with a real use case is actually not that easy.
Current price is $0.017c with an all time high 8 months ago (September 20th 2022) of $0.127c.
The APR on offer for staking is very decent at 34.4% and what has got me thinking as this is worth digging deeper.
Fees being burned and adding to the APR for stakeholders.
I know DJED is being launched on the Binance Smart Chain and have an idea of the dollar value due to Binance having moved their ADA in order to gear up for the launch having to convert ADA for DJED and SHEN (reserve). These are big numbers involved and will supply decent fees not only to COTI stakeholders, but also PORTX. Hence why I am interested as it is using information you already know.
PORTX has a low volume with only $9K in the last 24 hours and is only available on Uniswap and Gate.io This will be launched on Binance as they will be using the bridge shortly moving their DJED and the value should start to rise out of the volume using the Pport.
I am definitely going to look into staking as buying at these prices does look rather inviting knowing the volume abut to flow through the Port to various blockchains. This again is not fianncial advice and please do your own research (DYOR).