Have you heard about the cryptocurrency named GYRO? Would you like to invest, but you are not really sure whether or not it is a good idea? Are you doing your uttermost to do your own research (DYOR) before you invest? Welcome to this article! Here I would like to give you some basic information about GYRO, and hopefully, you will feel wiser and know more about what will be the right thing to do once you are finished reading!
Above you can see a screenshot of the GYRO website that can be found at https://gyro.money/
To be honest, the website doesn’t tell us a lot about the project at first, and it seems to me, as if it is very centered around you and me, and not so much about a product. Of course, that might be wrong, so the best thing to do is to look for further information and advice on the website.
What is GYRO?
The website, luckily, gives us more information than what can be found on the front page. If you wonder what GYRO is all about, this is the official explanation.
Gyro is a decentralized currency that isn’t pegged to any fiat currency. By using algorithmic control of market dynamics, Gyro’s stable-currency aims to curb inflation and give users the same purchasing power tomorrow as they do today
Maybe this sounds like a strange thing, and it is very likely that you have trouble understanding it. To understand it better, it is important to know that GYRO is a fork of OlympusDAO, a protocol that has turned extremely popular in 2021. The fork is not an official fork, meaning that it is not endorsed by the OlympusDAO team. There are also other very similar forks that can be found on the Avalanche blockchain (Wonderland) and on the Polygon chain (Klima). While Wonderland and Klima are endorsed by the OlympusDAO team, that cannot be said about the GYRO fork (which is running on Binance Smart Chain).
What is the purpose of GYRO?
GYRO has a goal of turning into a coin with its own treasury, owning all the liquidity of its trading pairs. This is done through minting. What is that? You can buy GYRO tokens on PancakeSwap. But, you can also buy GYRO tokens cheaper directly through the GYRO application. How is that happening?
If you add liquidity to the GYRO/USDT pair on PancakeSwap, you will receive LP tokens in return. If you go to the GYRO application, you can hand over those LP tokens to GYRO and in return, you will receive GYRO tokens at a discounted price. As a result, the GYRO team controls the liquidity, and this is also creating a treasury that is backing the actual price of the GYRO token. If the price falls below a certain level, the team will start to purchase GYRO tokens with the money in the treasury in order to back the price.
In other words, this isn’t a stablecoin with the price pegged to the Dollar. Instead, it is backed by a treasury that will secure its value over time.
Why do people buy GYRO?
The main reason for buying GYRO is because of the fantastic APR. Currently, the APY/APR is 9000%, something that is just incredible and awesome! The APY is expected to decrease over time, but even if it should decrease, it should still be considered a revolutionary high APY. And it also means that even if the price should drop to half, you will still be in a major plus if you keep your tokens and let them multiply something like every 60 days (with the current APY).
Should I be careful with GYRO? Is GYRO a scam?
This might be the most important question that you have as you read this article. I have asked the same question when it comes to OlympusDAO, Wonderland, and Klima, and it is a natural question to ask about Gyro as well.
To be honest, I would be very careful with this and the other projects. But, I would be even more careful with Gyro than with the other three, considering that it hasn’t been endorsed by the actual OHM team at all. The fact that the people behind it are anonymous doesn’t have to be a problem, but it can be (because you have no clue who to sue if something goes wrong).
The fact that it is a fork doesn’t make it bad, but it also means that the big brains are working for the mother product and not necessarily for the fork. Of course, this doesn’t have to be true, as forks are capable of becoming even better than the official chain, but still – it is worth taking into consideration.
Would I purchase GYRO myself?
That is a tough question. But, to be honest, once again I am telling myself that I do not want to miss out on a chance to get big gains. I also take comfort in the fact that you should mostly double your token amount in sixty days, meaning that if you take half your tokens after sixty days and sell them, you should at least remove the fear of losing your money.
This is a project that I have tried, and I have bought some GYRO. If it will blow away and disappear and the creators still my funds, I will still have bread to eat tomorrow, and I will be able to take care of my family. And I guess that is my final wisdom here… don’t invest more than you can afford to lose. But, if you have some money that you are willing to invest at high risk, this is a great opportunity.
Where can I buy GYRO?
Would you like to buy some GYRO tokens? If you want to do that, you should head over to PancakeSwap. There you will find a GYRO/USDT trading pair where you can buy the GYRO tokens. It is important to remember that this is running on the Binance Smart Chain, so you need to have funds on BSC in order for this to work. But, once you are there and ready, you can do transactions super fast and almost for free (very different from doing transactions on Ethereum).
I hope you have found this article useful and informative. If you have any further comments or questions, please write them below. There is for sure lots of further information that could have been in this article and maybe should have been in this article. If you have such info, please write a comment and share it with me and my readers!