My first impression of Jade Protocol – Should you invest?

I recently received a question from one of the visitors coming to the IP Address Guide. The person wondered about whether he/she should invest in Jade Protocol or not and wanted to hear my thoughts on the platform. At that time, I didn’t really know anything about the ade Protocol, but since then I have done some research and tried to get my own independent opinion about the platform. So, what is worth knowing about Jade Protocol? Is Jade Protocol a legit platform? Does it have a legit team developing the platform? Should you fear a rug pull if you invest in Jade Protocol? Is it a scam? I will do my best to share my thoughts about Jade Protocol in this article!

Jade Protocol is strongly connected to the SmartCoin and the same team is behind both platforms. Neither of them has been around for a very long time. SmartCoin (SMRT) launched in late October and was later migrated to SMRTR token. This had a quite steep price decline for a while, but it seems to have stabilized right now. Jade Protocol launched on November 22nd, meaning that it is still very new on the market. As a result, these are both new projects.

should i invest in jade protocol

We don’t know much about the team behind the project, but they are supposed to have done KYC by RugDoc. What does this mean? Here you can see what they wrote about it:

RugDoc KYC: A call between one of our admins, one of our reviewers, and the dev/owner was arranged by our team. The dev/owner introduced himself and said that he’s the person behind the project. We asked him to confirm his identity with a passport, and he produced it. The image on the license bears a strong resemblance to his person. We asked him to confirm that he is the only person who has access to the developer wallet that deployed the contracts, and he confirmed it verbally and also by sending a transaction to the brand from the wallet. All of this was recorded and the developer also shared his screen during the entire transaction process.

I wouldn’t take this as a guarantee of anything, but it is way better than nothing. RugDoc, however, doesn’t feel like a big authority in general, and as a result, it is good, but not a guarantee of anything!

To understand Jade Protocol, we need to understand FLF (Fair Launch Foundation)

The Fair Launch Foundation seems to be one of the heart matters of the SmartFarm and Jade Protocol team, which is also behind the FLF, also referred to as Fair Fork Foundation at times. What is it about? It is about forking great projects, making them better, and launching them in a fair way. What does that mean?

The creators of Smart/Jade/FLF are tired of projects launching through special sales that only reward influencers and other crypto celebrities. That is why they want to give everyone the same opportunity and chance to get in early, meaning that they will skip pre-sales and other events that are to only a select few. This is to avoid people getting in early and then selling with a 10x profit, thus dumping their tokens on those actually interested in the platform.

Jade Protocol launched using this method, and it means that the price moved between $500 and $800 on the opening day of trading. Since then it has moved and touched $200 a few times, but the token is currently trading at $450 (at the time of writing). You can see the actual price in the box below.

So, they are supposed to create forks of popular protocols, but launch them in a fair way that is in the interest of all investors, and not just the big whales and influencers.

jade protocol review

Should I worry about Jade Protocol?

Some people have said that if Jade Protocol wanted to rug, they would have done so by now. They are also active in several projects and platforms, meaning that it seems as if this is a group of developers that really want to take part in the crypto-future. They have also been speaking about launching Jade PRO, meaning that other people can use this service to own their own liquidity, but this is still just something they have been speaking about, nothing has happened yet. However, if they would launch this, it would be great, because it would mean that they have created actual partnerships with other cryptocurrencies, thus making the project itself (Jade) more reliable.

is jade protocol a scam

Some basic thoughts on Jade Protocol

If you don’t understand the concept of Jade Protocol and being a treasury-backed currency, then I suggest you read one of my articles dealing with HectorDAO, Wonderland, or OlympusDAO. In those articles, I explain how this works in detail, and it will make it much easier to understand the concept of Jade Protocol in itself.

But, how should I wrap up this article? What are my thoughts about Jade Protocol? Have I invested myself?

I have invested a little bit myself, but this is not a big investment of mine. Based on what I have read and seen myself, I have a mostly good feeling about this, meaning that I do believe and hope that this is a project that will be around for a while. The community also seems to be vibrant and you can easily find answers to your questions and get information in the Discord community.

Before doing a big investment, I would do further research and I would speak with the community and ask more questions. But, to just throw some leftovers in the direction of Jade Protocol, hoping that they will grow and turn into much more, I feel quite comfortable and safe at the moment.

One important thought about all the OHM forks

I recently published an article about some of the best OHM forks currently available. I was hesitating about whether or not I should add Jade Protocol which is running on Binance Smart Chain to the list (together with Spartacus on Fantom), but in the end, I didn’t include them. That might have been a coincidence, so feel free to make your own conclusion.

But, what I think is important is that you shouldn’t hunt for EVERY SINGLE OHM FORK on the market. You don’t need to be in every single one of them. In fact, I suggest that you rather focus on a couple and then invest in those. If only one such investment will be successful, then you will look back at this time one year from now and be really happy (and rich).

In other words, I wouldn’t run after every single fork, because one successful fork is more than enough to guarantee your success as an investor. Do a lot of research and find a couple of projects that you really trust, that is my piece of advice.

Should Jade Protocol be one of those projects? It might be… that is entirely up to you!

What do you think about Jade Protocol? Share your thoughts and comments!

How do you like Jade Protocol? Have you invested in the protocol? Do you have any comments or questions? Use the comment field below and let me hear from you!

3 thoughts on “My first impression of Jade Protocol – Should you invest?

  1. Devon says:

    Hi! Thanks for creating this post to answer my question! Appreciate your opinions on this project, indeed they are very active and their telegram group is one of the most active group i have encountered. I am feeling more convicted as it goes!

  2. Agus says:

    Hello i just found out this blog , and right now i’m trying to read all your older posts ,
    Would you mind to make a discord server so we can talk and share our research together?

  3. Thanos says:

    Thank you very much for this article and your opinion! I hope everything goes well and we will have interoperability and blockchain communication between all protocols. Then we’ll talk about true useful DeFi money making instruments that will defy the laws of TradFi

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