Elastos (ELA) surges 45% after major crypto exchange listing

The price of Elastos’ native token, ELA, saw a significant jump of more than 45% in value. This digital currency is used on the decentralized blockchain platform designed to build a secure and expansive Internet.

According to recent updates, ELA‘s price stood at $5.14, marking a significant 566% increase in its daily trading volume, which now amounts to approximately $22 million. This price hike and heightened trading activity have catapulted ELA into the limelight of the US digital currency market conversations.

Elastos (ELA) surges 45% after major crypto exchange listing

Significant events have contributed to the substantial price rise of ELA. For instance, on March 3, Gate.io introduced a new feature allowing users to trade ELA/USDT perpetual contracts using USDT as collateral. This change may have significantly increased ELA’s market activity.

In simpler terms, Elastos’ positive outlook is reinforced by their recent announcement of welcoming a high-ranking executive from Tencent. This action underscores Elastos’ increasing allure and strategic importance within the blockchain industry. Previously, Elastos had already formed partnerships with Alibaba Cloud and Tencent Cloud, enhancing its robust infrastructure and network abilities.

Additionally, on March 2, Elastos provided more information about the ELA token through a post on X. Notable traits include its compatibility with Bitcoin for mining (merged mining), built-in mechanisms for token supply adjustment (halving cycles), economic structure (tokenomics), and rewards for holding and staking (staking yields).

$ELA has a deep connection to Bitcoin, particularly in aspects of scarcity and security. (Or) The relationship between $ELA and Bitcoin is significant, with both sharing themes of scarcity and security.— Elastos (@ElastosInfo) April 2, 2024

Elastos can tap into nearly half of Bitcoin’s powerful hashing capability (around 50%, equating to 293.69 EH/s) through the platform’s method, thereby fortifying Elastos’ security and promoting energy efficiency.

Additionally, Elastos has a limited supply of 28.22 million tokens, with all coins anticipated to be produced by December 2055. Similar to Bitcoin, the scarcity of these tokens contributes significantly to their worth.

In simpler terms, Elastos is working on building a safer and more spacious version of the Internet. It intends to support digital possessions, decentralized apps (dApps), and secure data swapping using ELA as the foundation. The platform’s merged mining with Bitcoin adds an extra layer of security and productivity without requiring extra resources.

This platform is at the forefront of technological advancements as well. Teams like BeL2 are working on a Bitcoin Layer 2 protocol called “Bitcoin L2,” which allows EVM smart contracts to operate on Bitcoin without requiring a direct connection. Meanwhile, the Ela city team is developing a decentralized marketplace for digital rights management (dDRM), providing innovative opportunities for data trading.

Through the use of Zero-Knowledge Proof (ZKP) data feeds integrated via a Bitcoin Oracle, Elastos is converting Ethereum Virtual Machine (EVM) compatible blockchains into second-layer solutions for Bitcoin. This shift raises Bitcoin’s status from merely being a store of value to serving as the base layer for applications that run on Bitcoin. This progress represents an intriguing advancement within the realm of blockchain technology.

Read More

2024-04-03 11:12