New OHM Fork for ETH’s Layer-2 is attracting attention with its massive yields.
GOBLIN Token Rises After Launch
Arbitrum has a new OHM fork that is rising through the rankings. Goblin, which went live on January 26, marked the top Trending Token on Dex Tools on January 28.
The attraction to Goblin comes from the success of previous OHM Forks, and the hype is building for the latest iteration. The price has gone incredibly high, rising from under $100 at launch to over $700, according to Dex Tools.
The price has since returned to around $400, but the attention is growing for the project because of the ridiculously high staking Annual Percentage Yields (APY) that show upwards of 60,000%.
The Goblin Staking protocol achieves its high APYs by rebasing rewards every eight hours, which leads to compounding rewards that exponentially generate the high APYs.
As a new project, Goblin is still undergoing plenty of updates. It recently updated its website and will complete sections of its Docs page in due time.
Goblin is a nano-cap token with just over $1 million in market capitalization, according to Dex Tools. OHM Forks have been known to make investors money in the past but have also seen extremely volatile price swings, especially with small market caps.
What is Goblin:
Goblin is an ERC-20 token available on Arbitrum. GOBLIN is a Decentralized Finance (DeFi) protocol offering three distinct products: GOBLIN token, a staking dashboard, and a yield tracker token (INGOT). The project is inspired by previously successful staking platforms with a high-speed / low-fees approach.
Where to find Goblin:
Source : bsc.news
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