Major crypto exchange listing causes Elastos (ELA) to skyrocket by 45%
Elastos (ELA), the native token of a decentralized blockchain platform that aims to create a secure and scalable Internet, has experienced a significant price surge of over 45%.
According to the latest reports, ELA is currently trading at $5.14, with its 24-hour trading volume witnessing a remarkable increase of 566%, reaching $22 million. This surge in price and trading volume has made ELA one of the trending topics in the U.S. digital currency market.
Several key developments have been attributed to this impressive price increase. One notable factor is the introduction of ELA/USDT perpetual contract trading by crypto exchange Gate.io on March 3. This move, which utilizes USDT as the margin, is likely to have contributed to the increased market activity for ELA.
In addition, the platform has announced the addition of a former vice president of Tencent, highlighting Elastos’s growing appeal and strategic position in the blockchain sector. Elastos has also established partnerships with major cloud service providers Alibaba Cloud and Tencent Cloud, further solidifying its infrastructure and network capabilities.
Furthermore, Elastos has detailed the unique attributes of the ELA token, including merged mining with Bitcoin, halving cycles, tokenomics, and staking yields. This approach allows ELA to leverage Bitcoin’s substantial hashing power, enhancing its security and energy efficiency.
Moreover, Elastos’s tokenomics reveal a capped supply of 28.22 million coins, with the final coins expected to be minted by December 2105. This scarcity principle, similar to Bitcoin’s, plays a crucial role in the value proposition of the ELA token.
Beyond the technical aspects, Elastos is focused on creating a more secure and scalable Internet. It aims to support digital assets, decentralized applications (dApps), and secure data exchange networks with ELA at its core. The platform’s ability to merge mine with Bitcoin enhances its security and efficiency without requiring additional resources.
In terms of technical developments, Elastos is pioneering various initiatives. For example, the BeL2 team is working on a Bitcoin Layer 2 protocol that would enable EVM smart contracts to run on Bitcoin without the need for direct bridging. Additionally, the Ela city team is creating a decentralized digital rights management (dDRM) marketplace for content trading, opening up new opportunities for data commerce.
By integrating Zero-Knowledge Proof (ZKP) data feeds through a BTC Oracle, Elastos is transforming EVM-compatible blockchains into Bitcoin Layer2s. This move elevates Bitcoin from being just a store of value and establishes it as a foundational layer for BTC-powered applications, marking an exciting development in the blockchain space.
