The DeFi Chronicle: Part 5- How I plan on turning a $50,000 investment into $1 million with Veve and Omi
Narratives are what get us to invest in the crypto space. Bitcoin would have zero value if you are stranded on an island. There is no intrinsic value behind it. Some would argue the energy used to mine Bitcoin is its value, but I’d disagree with that argument. It’s only worth what the market is willing to pay for it.
But the Bitcoin narrative is extremely valuable, logical, and hopeful. Therefore, it commands the highest value in the crypto space. My favorite type of investments in crypto are pieces that hold utility.
I especially like smart contract platforms, DeFi platforms, and other tokens that offer a utility (staking, benefits, etc.) for holding them. Omi will be a token that holds tremendous utility in the near future resulting in higher valuations. I will highlight what can cause the price to achieve lift-off and why we are in store for much higher prices.
- Omi as means to buy and sell NFTs on the Veve platform
According to the whitepaper, Omi was originally going to be used as a currency to buy and sell NFTs on the platform. The team opted to use gems and it makes sense because it’s easier to understand for non-crypto fluent newcomers to the platform.
If/when Omi can be used for commerce on Veve, it should increase the demand for Omi which can be exchanged from and for by other crypto assets. As more funds pour into the Veve ecosystem, more sales should occur, resulting in more burning of Omi tokens.
2. Omi staking program
Next year. Ecomi is going to release a staking program. By locking up their Omi tokens, collectors and investors will receive benefits on the Veve platform. There will be 3 different tiers and the highest tier will require $10,000 worth of Omi tokens to be staked. Here is a link to the article discussing staking and below is the benefits staking will offer.
By having investors stake their tokens, it removes the tokens from the open market and adds benefits to stakeholders. This is…