1Fuel Moves to Stage 3 Presale as Binance Promotes the Project
Good morning InLeo we're constantly looking for new tokens and projects to launch in order to provide the best foot forward. However, readers need to be cautious as pre sales not only come with the biggest wins, but also the biggest risk as projects aren't guaranteed to launch, exceed or provide massive returns.
1Fuel which is currently in pre sale phase and has successfully completed 2 rounds and is now in it's third phase raising the token from 0.12c to 0.15c seems to have some backing across the sector and being raised in many blockchain news circles.
For this reason we have chosen to continue to follow the projects launch and see how it goes, we've also thrown $USD60 at the token in the hopes of a return and to also provide you with all the details you need to know.
We first reported on the project 13 days ago when it was in phase 2 Presale.
So let's take a look at some of the progress the launch has made so far.
1Fuel Breaks USD1 Million in sales
The project has reported that there has been an increase in demand for their OFT sales and stage 2 sold out relatively fast. This has led the team to increase the cost of the token from 0.12c to 0.15c a rise of 0.03c.
This is to ensure new investors aren't left behind with the tokens price rise and still provides early adopters with reassurance their investment is growing.
The project still aims to be a cross chain protocol with additional benefits such as a liquidity pool as soon as the project pre sale ends. They are also moving to develop debit cards to enable real world spending of assets.
This is a common feature of most projects to launch these days and given Retik finance provided similar announcements we are currently sceptical as we did get burned there.
But there is an added difference with 1Fuel and that's Binance.
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Does Binance Back 1Fuel?
Recently Binance one of the world's largest [Centralised Exchanges (CEX)][https://leofinance.io/@leoglossary/leoglossary-centralized-exchange-cex) promoted the project and as an influential player in the crypto market its position carries a lot of weight. No doubt this has inturn provided the project with added visibility and financial backing.
It's still unclear if Binance will be buying into the token but given it has promoted it and the project is talking about establishing liquidity pools, we can only guess that those pools will be on Binance and possibly Uniswap as the token is cross chain enabling a broader market and appealing to more crypto loyalists no matter the chain they're on.
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Risk It For The Biscuit
As you can see we've got about $USD60 which is roughly $AUD100 in the project and our decision was based on the positive news and sold on the Binance article.
As the crypto sector continues to grow its important that we always keep our eyes peeled for bogus projects and balance risks with rewards by only investing what we can afford to lose.
But given the project's team is appearing to be transparent and has some backers there's a decent chance its going all the way and we'll be able to follow this project all the way through to the end.
Staking will be available so we'll be locking these tokens away for a year or two and seeing how we perform in the long run.
Often too many people sell for the quick money whereas if you backed a token like Solana when it was cents you'd be a millionaire by now.
Crypto is as much a long term investment game as it is a short term run.
Remember be safe out there.
image sources provided. Supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services
Public Disclosure: We have invested $AUD100 into the project
Posted Using INLEO