BAND, the native token of the Band Protocol, has grown by extra 300% in simply seven days. On the at time of writing, the token traded at $14.50 in opposition to the August Three buying and selling value of $3.86.
On August 10, the token additionally touched a brand new excessive of $17.78 whereas the 24 hours traded volumes have been $167.four million.
BAND’s surging value follows a flurry of recent partnerships or integration bulletins. The movement of optimistic information in regards to the protocol climaxed with the itemizing of the token on Houbi August 9, just a few days after one other itemizing on Coinbase.
Earlier than the Huobi itemizing, the Band Protocol workforce had introduced one other partnership with Ubik Capital, the ICON community’s “fourth-largest public consultant.”
On the time of the announcement, the Band workforce prompt that Ubik Capital was chosen as a result of it has amongst different issues “over 14.5+ million ICX staked to them and 3800 distinctive delegators.”
The decentralised finance (defi) growth additionally seems to be one other catalyst for the elevated curiosity within the token.
In the meantime, the BAND token value surge seems to be sooner than that of LINK, the native token of Chainlink. Each Band and Chainlink are constructing infrastructure that allows interoperability of sensible contracts.
When LINK was buying and selling at $8.35 the BAND token traded at $3.86. Nevertheless, after seven days, the previous now trades at 13.20. LINK’s all-time excessive (ATH) of $14.45 is simply over three {dollars} lower than BAND’s ATH.
It isn’t clear why BAND’s progress is outpacing that of LINK though a high ten listing of July’s busiest ERC-20 Dapps produced by Santiment may present some clues. In keeping with Santiment, Band protocol is ranked sixth on the listing.
In keeping with Santiment, the rankings are primarily based on “improvement exercise, the often-underrated indicator of venture success.”
A number of the actions that earned Band sixth place embody the discharge of “a cellular model of Cosmoscan, improved incentive techniques in Bandchain, upgraded oracle scripts to help a wider vary of utility libraries and in addition launch the Guanyu Testnet #1 which had 50+ collaborating validators.”
Because the cryptocurrency market outlook stays bullish, it stays to be seen if this token can proceed to outperform LINK and different related tokens.
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