Upcoming Project: The Opulence Protocol
Here at the CryptoCravers, we want to give you a leg up identifying the best places to invest in crypto. As always, do your own research, this is not financial advice. However, this is a cool project launching mid-April that we are excited about.
The Opulence Protocol is another node project, generating passive income. As we’ve seen in the past, with other project, like Vapor, Strong, and Project X, the best time to invest in this type of project is at the very beginning, while the entry price is low. According to members of the Opulence team, the target launch date is 15 April. This node project is built on the Avalanche Blockchain (AVAX). This is good for the investor because it means gas fees for transactions are fast and low-cost.
You might be wondering, what sets this project apart from dozens of others? After digging through the project’s whitepaper, they aim to differentiate themselves through diversification of assets. They plan to invest their liquidity in a “broad spectrum of pre-vetted DeFi protocols”. The intent sounds great. Instead of investing in dozens of different projects, simply invest in one, and they will invest in all the options out there. In the case that a project is under-performing or — heaven-forbid — rug pulls, your money is still safe, balanced out by a diversified investment portfolio. In addition to pre-identified investments, the team also intends to hold votes on which projects the community would like to invest in.
Let’s look at the numbers. Each opulence node has a maximum return of 3.35% daily APY. Reward will be distributed in Opulence Tokens (OPEC), every 12 hours. To build a node, it will cost you 10 OPEC. The tokens will be distributed to 3 locations: 8 — Treasury, 1.8 — Liquidity, and 0.2 — Burnt. I was not able to find details on taxation, but I did see in the whitepaper that there will be a 15% claim fee, which will be sent to the treasury, whenever an investor claims their rewards.
I requested the contract address from the team for further study, however, they are still finalizing it. They are submitting their code for an audit through Certik and Coinscope. Once the CryptoCravers have had a chance to review it, we will write a followup to this article with our findings.
What do you think about this project?
Join the discussion on reddit, r/CryptoCraversLLC