Interoperability between blockchain networks has become one of the most important concepts in the cryptocurrency ecosystem due to the fact that users are looking for the most profitable ways to transfer value through the ecosystem.
One interoperability-focused protocol that has seen its price skyrocket to a new all-time high is Quant (QNT), a project designed to help companies integrate and operate distributed ledger technology (DLT).
Cointelegraph Markets Pro data and TradingView shows that since hitting a low of $ 178 on Sept. 1, QNT’s price has risen 117% to a new all-time high of $ 387 on Sept. 6 as its 24-hour trading volume skyrocketed to a record of $ 740 million.
Three reasons for QNT’s bullish price spike include its recent protocol upgrade to Overledger 2.0.5, the launch of the Quant developer program, and increased access to its supply after listing on the largest crypto exchanges.
The release of Overledger 2.0.5, the enterprise protocol DLT gateway, offers universal interoperability between various protocols and enables users to connect any system to any network or DLT.
Overledger 2.0.5 released to unite ecosystems with Stablecoins, DeFi, NFT, and popular ERC20 / ERC721 digital assets for clearing and settlement.
The new payment API installs between different types of digital assets with just a few lines of code.
Plus: https://t.co/Qte4ot49yJ #NFT pic.twitter.com/R7NybtFZIS
– How much (@quant_network) September 7, 2021
According to Quant, the release of Overledger 2.0.5 marks a key milestone in the development of a “bridge connecting institutional and business ecosystems with stablecoins, DeFi, NFTs, and popular ERC20 and ERC721 digital assets for clearing and settlement.”
The Overledger Payment API supports clearing and settlement between different digital assets, stablecoins, NFT collateral with stablecoins, and the ability to make multi-DLT DeFi payments by combining loan and betting products with new settlement options.
QNT offers incentives to developers
A second reason for the growing strength seen in Quant is the launch of the Quant developer program, which is designed to attract new developers to join the ecosystem.
Active communities are a hallmark of a successful blockchain ecosystem, and developers play a crucial role in creating on-demand applications and protocols that engage users and encourage on-chain activity.
Successful networks like Polkadot, Ethereum, and Cosmos have extremely active developer communities, so if Quant can replicate this level of activity, the network could thrive.
Related: Blockchain technology can change the world, and not just through cryptocurrencies
Major Exchange Listings Increase Trading Volumes
A third reason for QNT’s strong performance is the availability of the token on the largest cryptocurrency exchanges in the industry.
In recent months, QNT was added to Coinbase and Binance, which helped its 24-hour trading volume rise from a daily average of $ 9 million to more than $ 740 million on September 6.
QNT launches on https://t.co/bCG11KveHS and in the iOS and Android apps in the next 15 minutes. You may need to update your application to buy, sell, convert, send, receive, or store QNT. We will update when everyone is fully active. https://t.co/8JSiuLsAmJ
– Coinbase ➡ #CoinBeastSweepstakes (@coinbase) June 24, 2021
VORTECS ™ data from Cointelegraph Markets Pro began to spot a bullish outlook for QNT on September 4, ahead of the recent price spike.
The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and trading activity. Twitter
As seen in the graph above, the VORTECS ™ score for QNT turned green on September 4 and peaked at 72 just as the price of QNT began to increase 102% over the next three days.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade move involves risk, you should do your own research when making a decision.