Elastos (ELA), the native token of the decentralized blockchain platform aimed at creating a secure and scalable Internet, experienced a substantial price increase of over 45%.
As of the latest reports, ELA was trading at $5.14, with its 24-hour trading volume witnessing a remarkable 566% surge, reaching $22 million. This uptick in price and trading volume has propelled ELA into the trending topics in the U.S. digital currency market.
ELA 24-hour price chart | Source: CoinMarketCap
Several pivotal developments have been attributed to this remarkable price increase. Notably, on March 3, crypto exchange Gate.io introduced ELA/USDT perpetual contract trading, utilizing USDT as the margin, a move likely to have played a role in boosting ELA’s market activity.
Adding to the bullish sentiment around Elastos, the platform announced the joining of the former vice president of Tencent, a move that emphasizes Elastos’s growing appeal and strategic positioning in the blockchain sector. Elastos has previously secured partnerships with major cloud service providers Alibaba Cloud and Tencent Cloud, further solidifying its infrastructure and network capabilities.
Furthermore, on March 2, with an X post, Elastos detailed the unique attributes of the ELA token. Among these features are merged mining with Bitcoin, halving cycles, tokenomics, and staking yields.
$ELA has always been connected to #Bitcoin especially when it comes to scarcity and security🔒
Delve into this interesting piece to learn more about $ELA distinctive characteristics including merged mining, halving cycles, tokenomics, staking yield and more! 💫
📖:… pic.twitter.com/2bwWfn72AT
— Elastos (@ElastosInfo) April 2, 2024
The platform’s approach allows ELA to leverage Bitcoin’s substantial hashing power—approximately 50% of Bitcoin’s, translating to 293.69 EH/s. It not only enhances the security of Elastos but also ensures energy efficiency.
Moreover, Elastos’s tokenomics reveals a capped supply of 28.22 million coins, with the final coins expected to be minted by December 2105. The scarcity principle, akin to Bitcoin’s, plays a crucial role in the token’s value proposition.
You might also like: Largest ENA airdrop recipient missed out on over $1 million profit
Beyond the technicalities, Elastos is laying the groundwork for a more secure and scalable Internet. It aims to underpin digital assets, decentralized applications (dApps), and secure data exchange networks with ELA at its core. The platform’s capability for merged mining with Bitcoin enhances its security and efficiency without necessitating additional resources.
The platform is also pioneering in terms of technical developments, with teams such as BeL2 working on a Bitcoin Layer 2 protocol that would enable EVM smart contracts to run on Bitcoin without the need for direct bridging. Simultaneously, the Ela city team is creating a decentralized digital rights management (dDRM) marketplace for content trading, promising new avenues for data commerce.
With its integration of Zero-Knowledge Proof (ZKP) data feeds through a BTC Oracle, Elastos is transforming EVM-compatible blockchains into Bitcoin Layer2s. The move elevates Bitcoin from a store of value and establishes it as a foundational layer for BTC-powered applications, marking an exciting development in the blockchain space.
Read more: Bitcoin investors in Asia face volatility over automated ETF trading bots
