Decentralized finance-focused protocols are seeing a sustained upward movement, and momentum appears to be accelerating now that the NFT sector has cooled off over the past two weeks.
Since the beginning of August, Elrond (EGLD), a secure and scalable blockchain platform designed for distributed applications and enterprise-grade businesses, has seen a strong rebound.
Cointelegraph Markets Pro data and TradingView shows that since hitting a low of $ 52.00 on June 22, the EGLD price has risen 437% to a new all-time high of $ 302.14 on September 14.
Three reasons for the rise of EGLD include the full launch of the Maiar exchange of the protocol, the altcoin listing on KuCoin, and a number of partnerships and integrations expanding the Elrond ecosystem.
DeFi capabilities follow the launch of the Maiar exchange
EGLD’s recent push is the result of the launch of the Maiar exchange, a DeFi protocol built on the Elrond network that allows users to trade and provide liquidity across various pools.
On September 9, Elrond Announced that US citizens could start buying EGLD tokens directly through the Maiar app, thanks to the integration with Moonpay, giving the project access to the world’s largest retail economy.
In an effort to attract new users and showcase Elrond’s capabilities, Maiar also launched a $ 100,000 “Battle of the Yields” contest on September 14, giving users the opportunity to earn EGLD based on their trading volumes.
Exchange listings increase trading volume
Another reason for the recent strength seen in EGLD was its listing on the KuCoin exchange, the fifth largest exchange by 24-hour trading volume.
New listings are often followed by strong rallies for the token, especially when paired with perpetual futures markets or one of the top five exchanges by trading volume.
The addition of the token to KuCoin and the launch of the Maiar Exchange have brought a new level of exposure to EGLD. Subsequently, its 24-hour trading volume increased from a daily average of $ 83 million to $ 740 million on September 11.
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A third factor supporting the Elrond rally is the growth of its ecosystem. Recent partnerships include adding AI-generated media content through a partnership with Humans, a platform that integrates data and technology to generate AI models, and an agreement with NewsCrypto, which allows users to learn more about Elrond through the platform’s “crypto academy”. Elrond also has a new integration with Copper, a major digital custodian provider.
The network has also partnered with companies focused on gaming, DeFi, and cross-chain transfers between Ethereum, Polkadot, and Binance Smart Chain.
According to data from Cointelegraph Markets Pro, market conditions for EGLD have been favorable for some time.
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 activity. from Twitter.
As seen in the chart above, the VORTECS ™ score for EGLD began to rebound on September 10 and peaked at 77, approximately one hour before the price began to increase by 55% over the next four days.
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