The momentum is picking up now that the NFT sector is cooling down, with decentralized finance-focused protocols seeing a steady upward trend.
Elrond (EGLD), a scalable, secure and scalable blockchain platform that is designed for distributed applications and enterprise-level business, has seen a strong rally since August’s beginning.
Cointelegraph Markets Pro and TradingView data show that EGLD prices have risen 437% since June 22nd, when they were at $52.00. They are now at $302.14.
Chart for 4 hours EGLD/USDT Source: TradingView
EGLD’s surge is due to three factors: the full release protocol’s Maiar exchange and the listing of altcoins on KuCoin. There are also a number of partnerships and integrations that will expand the Elrond ecosystem.
Follow the Maiar exchange launch to get DeFi capabilities
EGLD’s momentum has been fueled by the Maiar exchange. This DeFi protocol, built on the Elrond network, allows users to trade in different pools and provides liquidity.
Elrond, a Moonpay integration, announced that U.S. citizens can now purchase EGLD tokens through the Maiar app. This integration gives the project access the largest retail economy in the world.
Maiar launched a $100,000 contest called “Battle of the Yields” on Sept. 14 to show Elrond’s capabilities and attract new users. This contest offered users the chance to win EGLD based upon their trading volume.
Exchange listings boost trading volume
Another factor that contributed to the recent strength of EGLD was its listing at KuCoin, which is the fifth-largest KuCoin exchange in terms of 24-hour trading volume.
Strong rallies for tokens are common after new exchange listings, especially when they are paired with perpetual markets or top-five exchanges by trading volume.
The addition of KuCoin to the token and the launch Maiar Exchange have given EGLD a new level in exposure. The 24-hour trading volume grew from $83 million per day to $740 million on September 11, with an average daily volume of $740 million.
Related: Senator Warren pursues Ethereum network fees at hearing
Expansion of the Ecosystem
The growth of Elrond’s ecosystem is a third factor that has supported Elrond’s rally. Recent partnerships include the addition of AI-generated media content via a partnership with Humans. This platform integrates data and technology to create AI models. NewsCrypto also signed an agreement that allows users to learn about Elrond through its “crypto academy.” Elrond has also integrated with Copper, a major provider of digital custody.
The network has also partnered companies that are focused on gaming, DeFi, and cross-chain transfers between Ethereum and Polkadot.
Cointelegraph Markets Pro data shows that the market conditions for EGLD are favorable.
Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is based on a combination data points including market sentiment, recent price movements, and Twitter activity.
Source: Cointelegraph MarketsPro
The chart shows that the VORTECS(tm), Score for EGLD began to rise on Sept. 10, and reached a peak of 77 an hour before the price started to climb by 55% over four days.
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