The blockchain ecosystem has evolved exponentially over the past decade as the power of smart contracts has transformed the industry from a mere medium of exchange to a vibrant ecosystem filled with Decentralized Finance (DeFi) and Non-Perishable Tokens (NFT).
One project that is leveraging the growing potential of blockchain technology and the recent launch of Cardano smart contracts is COTI (COTI), an enterprise-grade fintech platform focused on helping organizations create and digitize their own payment solutions. Any currency as a means of facilitating decentralized payments.
Data from Cointelegraph Markets Pro and TradingView show that since falling $ 0.0884 on July 20, the COTI price has surged 652% to a new all-time high of $ 0.6665 on September 25, as 24-hour trading volume surged to a record $ 917 million.
4-hour chart of COTI / USDT. Source: TradingView
Three reasons for the regular growth of COTI include the launch of Djed-stablecoin on the Cardano network, a number of exchange listings, and the launch of COTI NFT games that seem to be bringing new users into the ecosystem.
COTI Launches Coin Stack on Cardano
COTI recently announced that the platform will be the official issuer of the Djed stablecoin on the Cardano network, and the price continues to rise with the news.
Stable coins have become one of the main components of the cryptocurrency ecosystem in general, and especially for decentralized finance, as they provide sufficient liquidity in the market and create a safe haven in times of volatility.
In addition to DeFi apps, Djed can also be used to pay transaction fees on the Cardano network to prevent high gas fees and make the cost of completing transactions more predictable.
New IPOs Increase Trading Volume
Another factor in COTI’s inflation is the inclusion of tokens on several major exchanges, including Coinbase, the most active cryptocurrency exchange in the United States.
The announcement kicked off a number of COTI IPOs, including the addition of Huobi, Crypto.com, a 1-inch decentralized exchange, and Celsius, an integrated bank and financial services company.
To keep track of these exchange records, the COTI team also announced that it has begun the process of inviting beta testers to apply for a COTI bank account and debit card for final testing ahead of the full launch of the protocol banking solution.
Related: Coinbase users can deposit payroll checks directly into accounts.
NFT capabilities drive investment
The third factor contributing to the increased value and activity of the COTI ecosystem is the ongoing activities of the NFT project, including the COTI NFT game and the future NFT support network plan on Cardano.
Until 2021, NFTs were one of the most important sectors of the crypto ecosystem, and in recent months, the activity of protocols providing lower fees has increased.
VORTECS data from Cointelegraph Markets Pro began providing an upbeat outlook for COTI on September 21, ahead of the recent price hike.
The VORTECS ore Score, specially designed for Cointelegraph, is an algorithmic comparison of historical and current market conditions, compiled from a number of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
VORTECS ™ result (green) compared to COTI price. Source: Cointelegraph Markets Pro
As you can see from the chart above, COTI VORTECS ™ rose on September 21st and peaked at 77 about ten hours before the price rallied 135% over the next five days.