KIMCHI Token Review
In this KIMCHI review, I will be talking about all that you need to know about this buzz-generating DeFi token in the market. I will be talking about what it is, how you can farm and trade it, and why you should be investing in the asset.
You may have noticed a buzz in the cryptocurrency market about the new DeFi token KIMCHI. The KIMCHI token is another food-inspired DeFi product, similar to SUSHI, that has managed to lock up a value of over half a billion dollars within just a few hours of its launch. These statistics must be showing something about the potential of this food-based token. Following the high liquidity rate of DeFi tokens, you can earn KIMCHI tokens by providing liquidity to other assets.
Introduction To The Spiced Token
You may be linking the KIMCHI token to South Korea since it’s a staple food in the country and you won’t be wrong. The KIMCHI token is a product of the South Korean financial market that was introduced as an Asian asset to boost sales of the financial sector in Asia.
To provide you with a better understanding of the token, I will be starting from the basics. Of course, it is necessary to know about the asset before you can start investing in it. So, to understand this token, you need to be familiar with DeFi tokens Yuno and Sushi. SUSHI is a token of the blockchain-based market platform SushiSwap which reached an all-time high in the rally of the decentralized finance (DeFi) market. The token reached a trading rate of $20.42 in the Asian trading hours which was an impressive feat. Analysts suggest that the price of this token will increase further in the future. So, how is this information relevant to the KIMCHI token? Well, this is because KIMCHI is a fork of SUSHI.
Fork is the term used in the cryptocurrency market where software is upgraded to provide a slightly different form of currency. This is a very common practice in the cryptocurrency world where the most famous crypto Bitcoin has nearly 105 forked projects in total. So, when I say that KIMCHI is forked from SUSHI, I mean that it is an upgraded clone of the original token. The SushiSwap protocol or SUSHI is also a forked project that was created from the Uniswap upgrade the previous week.
I mentioned before that KIMCHI is a DeFi protocol. Now, this may not mean much to you if you are not familiar with the term. DeFi is a contraction for Decentralized Finance. DeFi is a collective term that is used for products and services in the financial industry that are available to anyone who has access to an internet connection. DeFi markets are safer than other spaces because it doesn’t have any centralized authorities who can interfere with your payments in terms of denying payments or blocking them. You will have come across many well-known names in the crypto market that are a product of DeFi. One of the most famous DeFi cryptocurrencies is Ethrereum (ETH) which is also the platform on which KIMCHI was produced. Some other DeFi crypto names that you may be familiar with include SushiSwap, Uniswap, Alpha Finance (ALPHA), and others.
So, KIMCHI is a decentralized finance token that has stirred a buzz in the community with its high APY (Annual Percentage Yield) rates. What makes this token more impressive is the amount of money it has been able to accrue in the first 24 hours of its launch.
Impact Of KIMCHI On The Financial Market
As I mentioned before, KIMCHI is a cryptocurrency Token and not a coin. The main difference between these two terms is that a crypto coin has some financial worth whereas tokens cannot be considered as money in the same way as coins. Blockchain tokens such as KIMCHI offer value to traders in terms of functionality that is above the digital cash. These tokens bring value to the investors in addition to the high returns that they promise.
Earlier I talked about the impact and potential of the SUSHI token, what you should know by now is that the KIMCHI token has surpassed all expectations when it comes to high yield returns. This new DeFi token was able to generate a value of $500 million just by staking. Staking digital currencies is the act of locking or storing your funds in e-wallets and cryptocurrency wallets to use them in future trading. The benefit of this is that it helps keep the tokens secure it consumes less energy than mining cryptocurrencies. The initial value locked up by KIMCHI tumbled down to $150 million after a few hours which is a typical pattern in DeFi projects. The reason why the token was able to lock up such a value after its launch is that initial launches of such tokens attract heaps of DeFi farmers who cause the value of the token to surge.
The KIMCHI token was able to accrue liquidity worth $250,000 in a few hours after its launch. This protocol was offering farmers APY (Annual Percentage Yield) rates going over 120,000% for the KIMCHI/TENDs pool. For other KIMCHI pools, the APY awards were upward of 70,000%. KIMCHI is set to become one of the most profitable investments in the upcoming years given its performance in the first 24 hours. If you have been interested in investing in cryptocurrencies or other digital assets, you should really consider investing in KIMCHI because there is much that you can gain from it. The statistical data that I mentioned above might not mean much to you if you don’t have a financial background, but you can trust me when I say that it is all good stuff. The trading cost of the token and the APY rates are very impressive and hold promises of high returns.
Why You Should Invest In KIMCHI?
After reading the introduction to this new DeFi token, you are probably curious to know whether or not you should take the leap and invest in KIMCHI. One thing that you can be sure of is that you don’t have much to lose by investing in this token. The main reason for this is that it is a completely new asset which means that you don’t have to go through the trouble of studying its history and spend a lot of time researching the asset. All that you need to know is available to you.
Over the years, the DeFi ecosystem has seen a lot of progress in the cryptocurrency community, and many investors jump right at the opportunity to invest in the asset. KIMCHI created quite a stir in the market with the high earnings that it has been able to provide to the users. While people have their suspicions about a newly launched product providing such high rewards, it is true that this token is one that you can trust. The thing about DeFi tokens is that you need to make quick decisions regarding your investments. This is because the liquidity ratio decreases as eager yield farmers try to get as much of the token as they can and sell it for higher prices. The art of online trading and investment lies behind your investment timings.
You can farm KIMCHI tokens by offering Uniswap liquidity tokens. This allows you to earn around 66,000APY which is an extremely impressive rate. What makes KIMCHI different from other DeFi tokens is that that it has a higher liquidity ratio than its other counterparts. So, you don’t have to worry about the token losing its value because of limited liquidity. In the early hours after its launch, KIMCHI was trading at a rate of $6.20 per share which gave it an estimated market cap of $27 million.
KIMCHI is a product of yield farming which basically means that it is a way of using cryptocurrencies to make more crypto. When you farm KIMCHI using the KIMCHI Finance website, you get paid in the form of cryptocurrencies. So, when you farm KIMCHI tokens from the various pools that are available, you get compensation for the task in the form of cryptocurrencies. KIMCHI runs on an Ethereum-based trading platform that allows users to enjoy trading cryptocurrency assets.
Now, this brings us to another fact that you should know about investing in KIMCHI which is that you cannot buy or sell this asset in fiat. Fiat is the government-issued currency that we use in our everyday life. It is the currency that is not backed by commodities such as gold. So, how can you really become a trader of KIMCHI? The answer to that is by using cryptocurrencies. If you have been reading this article carefully, you would know that KIMCHI is a yield farming product where yield farming is the process of making cryptocurrencies with other cryptocurrencies.
So, to buy KIMCHI, you need your crypto, it’s as easy as that! When you go to visit another country, you use the currency that is native to their country for all your purchases similarly KIMCHI finance only accepts payments in the form of cryptocurrencies. This helps the firm maintain its high liquidity ratio since all transactions are begin done in the form of the digital supply. Yield farmers have been able to make huge profits from investing in this token at the right time. If you are not sure how you can purchase cryptocurrencies for the trade of the KIMCHI token, then don’t worry. I will be talking about the methods that you can choose in just a while.
How To Buy and Sell KIMCHI?
KIMCHI finance has its own trading platform that traders can use for trading and farming multiple pairs of the KIMCHI token. However, before doing that, you need to make a Uniswap deposit. When you visit the KIMCHI finance website, you need to have an e-wallet account on either Metamask or Walletconnect. The firm has made it very easy to sign in to your accounts as it provides QR codes to help you access the accounts from the same platform. If you have not logged in to these accounts, then you will not be able to view the KIMCHI values and pools. KIMCHI is an altcoin where altcoins are all cryptocurrencies that are not Bitcoin. So, you need to transfer the cryptocurrencies that you purchase to an altcoin platform. A few recommended altcoin exchanges are Kraken 3, Bitfinnex4, and others.
When you visit the KIMCHI finance website, you will notice that it has a very simple and user-friendly interface. Now, I am sure that you may think that the fuss-free and extremely simple website of the token is unreliable. However, this simple website was designed as such to make the functions easy for newcomers. Furthermore, KIMCHI finance is a regulated and secure network so you don’t have to worry about losing your money or information to the hands of offshore brokers or scams. Traders can view statistical details about KIMCHI and its pools through clearly labeled visuals on the website.
If you visit the trading platform through an altcoin exchange, you may find the readily changing numbers to be quite intimidating. But the truth of the matter is that they are only changing so fast because of the high percentage of people trading with KIMCHI. So, for instance, if you are using Bitcoin (BTC) to purchase KIMCHI, you need to select BTC in the currency bar on the platform. After that, write KIMCHI in the search bar and select the pair BTC/KIMCHI. After deciding how much money you want to use for buying KIMCHI, you can click on purchase.
Limited Trading Pairs
Another thing to note is that KIMCHI finance does not allow you to pick your own pairs. This means that you need to be sure of the tokens that you want to purchase as the firm only supports particular pairs of tokens. The list of tokens that KIMCHI finance supports is easily available in the Farm & Trade option on the website. The most popular and stable coins that farmers and traders use are Tether, USDC, and sUSD. And the pairs that KIMCHI finance supports include KIMCHI/ETH, KIMCHI/SUSHI, KIMCHI/TENDs, and UNISWAP ETH/USDT. This shows that users have the option of using Ethereum as their currency for trading with the USDT pair. So, if you currently hold some amount of Ethrereum, then you don’t need to purchase additional cryptocurrencies.
However, if you don’t own crypto, you need to first purchase some amount through cryptocurrency exchange platforms. One platform that I would recommend to you if you are new to the field is Coinbase. This crypto exchange has a very straightforward process of buying and selling cryptocurrencies which is why it is a perfect choice for beginners. An added bonus of using Coinbase is that it provides you with 10 dollars’ worth of free cryptocurrencies if you make a purchase of over $100. This is an added bonus because who doesn’t enjoy a bonus?
You need to deposit money into your Uniswap account to be able to carry on with deals on KIMCHI finance. Traders have the option of depositing Ethrereum, SUSHI, TEND, Uniswap LP assets, or USDT for buying the KIMCHI tokens. KIMCHI tokens help you earn high returns which is evident from the number of traders and farmers who made timely investments in the token. Since the KIMCHI finance platform also allows traders to Farm instead of just trading, it has even more benefits than the regular blockchain product. This is because when you invest in farming the token yourself, you have the ability to set its selling price which is a great benefit.
What To Do After Purchasing KIMCHI?
Now, this depends solely on your future plans and whether you think if it would be smart to sell the token right away or keep it with you for a while. What you need to remember about trading with all types of cryptocurrencies is that the crypto market is a highly volatile space. This means that its demand can surge and fall at any given time. So, when you possess an amount of cryptocurrency or a DeFi token, you need to decide whether you want to trade it on the existing cost or save it for later when the cost may or may not increase. If you are interested in seeing the long-term position of this token and sell it during another era of high volatility, then you need to find a secure way to store it.
It is true that these digital tokens don’t have a physical form, so to store them in a safe place you need to find a trustworthy vault. Many people think that storing their cryptos in cryptocurrency exchanges is the safest way. However, cryptocurrency exchanges are frequently targeted by hackers to steal the money that they store for their clients. So, it is not a reliable option to store your cryptocurrencies for long periods in such exchanges. You may often find that cryptocurrency exchanges are referred to as hot wallets. The reason for that is because they are always online which makes them more vulnerable to hackers.
Traders also refer to cold wallets for storing their cryptocurrencies. What makes cold wallets different from hot wallets is that they only become online when you transfer your funds to them. This makes them less vulnerable to hackers since there is a lower chance of hackers being able to trace the account activities. Despite the seeming advantage, these accounts still have the chance of being hacked. So, this brings us to the safest option which is using hardware wallets. Hardware wallets are USB-enabled devices that store key points about your wallet in them. These wallets offer complete security with their military-level security and regularly upgraded firewalls. You can refer to hardware wallets such as Trezor and Ledger if you don’t have any personal choices of your own.
Tools For Secure KIMCHI Trading
When it comes to online trading and investments, you need to make sure that you are taking the most security measures. This is because online trading and investment websites are vulnerable to attacks by hackers and cybercriminals. So, it is best to make sure that you are taking all the necessary measures to keep yourself and your assets safe. Some tools that you can use to make sure that you are following secure methods for KIMCHI trading are to use secure VPN options, trading bots, and fast browsers.
People always look for free alternatives when it comes to finding a VPN connection. However, many are not aware of the fact that free VPN connections often sweep your data as a payment for providing a seemingly free service. A small investment in a verified VPN connection can keep your millions worth of investments safe. Another useful tool that you can use is trading bots. Trading bots are exceptionally useful for new traders because they help you keep tabs on the fluctuating prices of the assets that you are interested in. The bots monitor the market values at all times this keeps traders from missing out on investment opportunities. Since KIMCHi is a new token, its prices are still fluctuating so you can really benefit from a trading bot.
Online trading is all about perfect timing. So, you need to make sure that the internet connection and the browser that you are using have a good data downloading rate. I would recommend you to use the Brave browser as it is faster than Chrome and Firefox. Furthermore, the browser also has extremely safe connections and firewalls that keep you safe from malware and auto-download software.
And there you have it, a complete and concise guide for the new DeFi protocol KIMCHI. KIMCHI Finance has also released a subsidiary branch called gKIMCHI which also offers similar benefits. The turnover of this asset exceeded 100% in just 24 hours after its release. According to the data, it would be safe to assume that KIMCHI will take over all the other cryptocurrency assets. So, if you are interested in making good profits in a short time, then this is the prime time for you to invest. Invest in KIMCHI tokens and enjoy the high yield percentage that it offers the users.