While the past year has been marked by a rise in decentralized financing (DeFi), central organizations such as Coinbase and Binance are still among the most important players in the industry as a whole, as they are important in drawing attention to promising projects. A relief for wider acceptance.
One protocol that has taken advantage of Binance’s “surge” over the past week is IOST, which is a completely decentralized blockchain system that uses a unique consensus protocol to improve reliability.
Data from Cointelegraph Markets and TradingView shows that IOST price rose 88% over the past week, from the low of $ 0.0484 on April 7 to the $ 0.0912 multi-year level on April 14th. $ 2.48 billion.
4 hour IOST / USDT chart. Source: TradingView
A look at the IOST feed on Twitter reveals that the last minute token began with the April 12 announcement of an airdrop of users of the crypto Citadel One wallet as a way to spur the effort.
The Airdrop announcement helped trigger a small spike in IOST rates, but Binance’s subsequent announcement of a new spring rate event offered annual interest rates of 27.49% on IOST stakes, leading to two-digit price increases.
Following the announcement, IOST trading volume rose 480% on the 24-hour chart to an all-time high of $ 2.5 billion, with a trading volume of $ 890 million.
VORTECS data from Cointelegraph Markets Pro showed an optimistic outlook for IOST on April 13th even before the latest price rally.
Cointelegraph’s exclusive VORTECS Crude Score is a mathematical comparison of historical and current market conditions drawn from a range of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
VORTECS ™ result (green) vs. IOST price. Source: Cointelegraph Markets Pro
As shown in the basket above, the IOST VORTECS ™ gauge turned green for the first time earlier in the week of April 8, then turned green again on April 12 and rose to a high of 71 on April 12, as highlighted by Cointelegraph Markets Pro. Newsquake highlights the delay in announcing Binance as a potential price developer. After less than twelve hours, the price started to rise by 62%.
With a growing community and attractive investment options in both central exchanges like Binance and decentralized financial platforms like Donnie Finance, IOST has the potential to grow further as the cryptocurrency ecosystem continues to expand.