Anyone with children will get the song reference here, The latest Disney movie includes a song that my kids are driving me nuts with. So, no I will not talk about Bruno, but Juno is definitely worth talking about.
Anyone familiar with the Cosmos ecosystem will be aware of Juno, but for those that are not, it is a smart contract chain built with the Cosmos SDK. Unlike most smart contract chains, which are all EVM style, it's smart contract system is the CosmWasm platform. This is a smart contract layer designed for the Cosmos, which will allow for contracts to deploy not only on a chain, but also to talk across chains via IBC. A number of Cosmos chains have added CosmWasm, including Terra, Osmosis, Secret, Stargaze and many more.
Juno itself is a fast growing chain with a number of projects launching or bootstrapping currently on it. The Junoswap Dex is live, and incentives are coming soon in the form of JUNO tokens, plus a new token called RAW to be airdropped very soon. There a numerous other protocols also live on JUNO, and many more coming soon.
Juno token carries a very high staking return, currently over 100% APR. It's price performance has been exceptional of late, having climbed from a low of $7.53 just over 2 months ago to printing new ATH's above $37 today. JUNO has climbed the ranks on Coinmarketcap dramatically, to sit currently in position 66 with a market cap of around $1.6 billion. It really has been a star performer in the current market.
The Junoswap Dex is live, and currently has around $50 million of liquidity on it. This is not a lot for a Dex, but it is still early days and there are currently no incentives for providing liquidity. All that capital has been committed based on future rewards, and qualification for an airdrop. The RAW token is launching very soon, and will be the reward and governance token for Junoswap. In addition there will be JUNO tokens allocated as rewards on the three main pools to entice liquidity, JUNO/ATOM, JUNO/UST and JUNO/RAW once it is live.
The snapshots for the RAW token airdrop have been taken, with JUNO and ATOM stakers snapshot date being Feb 7, and snaps of Junoswap and Osmosis LP's being Feb 13. It is likely that the Raw token will go live in the coming week or two, from my understanding. Raw will gain its use case as being the primary yield reward for Junoswap Dex, and also with staking returns for the DAO which will govern Junoswap. The main contrast with OSMO is that OSMO is the chains native token, major LP pair and chain staking and governance, whereas RAW is a secondary token, not the main pair, but Dao and governance token for the Dex. It will be interesting to see how it plays out, and I can't wait for the drop as I qualify for all four categories.
The JUNO token is looking like it will be a key one to hold for airdrop hunters. Heaps of projects launching on the chain, and pretty much all of them will airdrop to JUNO stakers, and most likely to Junoswap LP's in the future. Other Dex's could also appear to compete/complement Junoswap. In addition, the JUNO community is an appealing target for other projects launching, and JUNO stakers and LP's will likely have their hands full keeping up with all the airdrop activity.
Currently, there are multiple airdrops incoming:
Suffice to say, staking JUNO (at least 20 to be sure) and providing liquidity on Junoswap will be the path to many airdrops over the coming months. How many of them are good quality projects - time will tell. One thing I am a little cautious of is the possibility of a BSC or ETH style Rug-pull. Given how easy and cheap token creation is on JUNO, I think it is only a matter of time till someone makes a token, airdrops a bunch to people, sets up a yield farm on Junoswap with a crazy APR, and then once it gains some liquidity, Rugs it. Keep your wits about you, and take care to watch out for this kind of scenario.
To wrap it up, I think the rise of JUNO isn't done yet. With all that is happening, It actually won't surprise me to see JUNO move past OSMO in the coinmarketcap rankings. And I am a huge fan of OSMO, so that is really saying something. If you like airdrops, then JUNO is a no-brainer. The ones you might miss out on if you just get started now will hurt, but the ones still to come will make it all better. Plus staking and compounding, if all the rest is too hard or time consuming, pays over 100% APR.
So there you go, sorry if this post causes you to have that annoying song stuck in your head, but use it as a reminder to stack and stake more JUNO.
As always, not financial advice, do your own research.
Cheers,
JK.
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