IOST tokens hit 650% in 2021, reasons behind

IOST tokens hit 650% in 2021, reasons behind

Blockchain Technology
February 20, 2021 by Delnia
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IOST tokens price has gone up by 650% in 2021, moved by integrations from DeFi, NFT functionality, and big exchanges joining the stacking game. IOST is a decentralized Blockchain organize based on the “Proof of Believability” ("PoB") agreement algorithm. The project's mission is to construct the "architecture for online services that meet the security and versatility needs of a decentralized economy".
IOST tokens hit 650% in 2021, reasons behind

Keeping up with the most recent trends in Cryptocurrency is a must for projects that need to remain important and proceed to pick up market share. The buildup is right now swirling around decentralized finance (DeFi). And nonfungible tokens (NFTs) — and IOST tokens is one protocol. That has been capitalizing on these developing movements to assist grow its community.

The price of IOST tokens which is now placed at the 78th in digital assets by Crypto market 2021 capitalization, has risen 650% since Jan. 8, from $0.0058 to $0.045 on Feb. 17, which is also the highest level after June 2018.

Three reasons for the solid price performance of IOST in this way far in 2021 include its entrance into the DeFi arena, the expansion of NFT functionality combined with a modern marketplace where clients can purchase and offer items, and expanded support for staking from top exchanges, which drive to a critical increase within the token’s trading volume.

IOST tokens inside DeFi arena

DeFi’s main part in extending the cryptocurrency ecosystem is presently evident. And the designers at IOST tokens as of late took steps to capitalize on this growing trend.

Network congestion and high gas expenses on Ethereum have driven cryptocurrency dealers to look for alternatives outside of the Ethereum network, and IOST is presently developing as one of those alternatives as a result of its partnership with the new DeFi platform Donnie Finance.

The partnership was at first reported on Dec. 4, 2020, and is presently planning for its official launch on Feb. 18, which can enable IOST holders to stake their tokens in the protocol to participate in platform governance as well as gain native Don tokens.

IOST token price also received a boost after it was declared that 10% of the total supply of Don would be airdropped to IOST token holders as a way to assist get them involved within the recently launched DeFi platform.

NFT helps gaining others to involve

Comparable to the CryptoKitty fever in the bull Crypto market 2021 . NFTs have once more risen as a hot topic within the cryptocurrency space.

Right after the launch of its IRC-722 NFT standard in April 2020, IOST tokens hopped into the NFT playground through a partnership with the Japanese Blockchain game developer and consultancy company Platinum Egg followed by the development of the TokenLink NFT Crypto market 2021.

TokenLink was designed to allow IOST gamers to trade NFTs and game items in a secure manner.

In January and is available for community members to undertake out by exchanging things from CrossLink. A GPS-linked strategy diversion.

Big exchanges are joining IOST tokens stacking

The third driving force behind the recent price growth of IOST tokens is the addition of staking on several top cryptocurrency exchanges counting Binance and Huobi.

In a major development for the IOST ecosystem, the decentralized. Scalable Blockchain project nowadays announced that not only Binance would be joining it as an accomplice hub but will moreover bring over at first 800 million IOST tokens for staking on the IOST organize.

In a bid to celebrate the previously mentioned staking development, Binance has introduced two events. One occasion offers rewards of up to 54% APY until February 4, 2021. Whereas the other occasion will see the Binance Staking hub share both election rewards and piece creating rewards to voters.

IOST holders

IOST holders stand a chance to win up to 54% annualized return on their tokens. Refer to the underneath chart to know around the yields. And the length for which you might need to hold IOST tokens to be qualified to get rewards.

As DeFi develops and offers ways for token holders to gain a yield on their holdings in a decentralized way. Centralized exchanges have progressively had to offer higher-yielding investment products in arrange to pull in liquidity. And clients similar to IOST.

During January, several top exchanges announced that they would be including support for IOST staking, with an annual rate yield extending from 20% on Huobi to a high of 54.49% on a few Binance contracts.

The partnership with Huobi also included the expansion of the HUSD Stablecoin to the IOST ecosystem, a vital development, because it is the first stable coin on the IOST Blockchain, which should bring new liquidity to its DeFi ecosystem.

Rising fundamentals Crypto market 2021 boost IOST

According to data from Markets, market conditions for IOST tokens have been favorable for some time.

For instance, the VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current Crypto market 2021 conditions inferred from a combination of information focuses counting Crypto market 2021 sentiment, trading volume, recent price developments, and Twitter activity.

Since Jan. 8, trading volume for IOST has moreover seen new record daily volumes. Which have outperformed $1 billion as intrigued within the convention continues to develop.

References
https://cointelegraph.com/news/3-reasons-whyprice-has-risen-650-in-2021
https://btcmanager.com/binance-partner-node-staking-800-million/
https://btcmanager.com/price-three-major-factors/
https://beincrypto.com/resumes-climbing-after-initial-rejection/
https://research.binance.com/en/projects/

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