Cryptocurrencies can gain momentum as a result of developments in the ecosystem. In line with this phenomenon, four altcoins have given important news recently. This caused the price of many of them to skyrocket. Here are the details…
Significant improvements for DXP: Price more than doubled
Arbitrum-based decentralized trading platform (DEX) Vela Exchange’s DXP utility token has started a strong rally as it prepares to release the highly anticipated beta version of the project next week. According to the data, the price of DXP has risen nearly 26 percent in the last 24 hours, and its price has more than doubled since trading for under $1 Wednesday morning. It is currently trading at $2.49 and has climbed as high as $2.75 on a daily basis.
Before Vela Exchange moved development to Arbitrum, an Ethereum layer 2 Blockchain, it was originally known as Dexpools on Ethereum. The beta version of the platform opens in early access for registered testers on January 31 and will be available to a wider audience from February 7, according to the project’s website. Vela’s token also garnered attention for potentially contributing to the rally by listing the same token, VELA, rebranded on Thursday on Arbitrum, another DEX, Camelot. DXP holders on Ethereum and Metis can exchange their tokens one-to-one on Arbitrum at VELA without paying any fees using a bridge.
Partnership with popular altcoin Tezos in California
The California Department of Motor Vehicles (DMV) is testing the digitization of car titles and title transfers via a proprietary Tezos Blockchain. The move is part of a collaboration between California DMV, Tezos, and blockchain software firm Oxhead Alpha, with the latter announcing a successful proof-of-concept on Jan. California DMV leveraged Oxhead Alpha to build on a custom Tezos testnet it calls a “shadow notebook.”
Ajay Gupta, chief digital officer of the California DMV, said on January 26 that the institution intends to liquidate the shadow ledger within the next three months. Following this, NFT plans to launch applications such as digital wallets for holding and transferring cars, with the DMV acting as an intermediary to oversee such transactions. Commenting on why Tezos is eligible for the DMV, the official stated in the firm’s January 25 announcement that Tezos “solved some of the really tough problems in Blockchain gracefully.” Tezos is currently up 3.3 percent. It rose from $1.09 to $1.15 on a daily basis.
Aave V3 deployed to Ethereum
On the other hand, the third version of crypto loan app Aave has now been deployed to Ethereum for the first time, according to a January 27 tweet thread by the Aave team. As cryptokoin.com reported, “Aave V3” was first released in March 2022 and was soon deployed on multiple Ethereum Virtual Machine (EVM) compatible Blockchains. Until now, Ethereum users could only access the old “V2” version of the app.
Aave V3 includes several features aimed at helping users save on fees and maximize the efficiency of user capital. For example, the High Efficiency mode allows the borrower to avoid some of the more stringent risk parameters of enforcement if the borrower’s collateral is highly correlated with the borrowed asset. The developers say this could be useful for borrowers of stablecoins or liquid staking derivatives. After the development, the value of AAVE managed to increase from $ 86 to $ 88.
VeChain’s big collaboration boosts altcoin price
Finally, we will talk about VeChain. The VeChain Foundation announced on January 25 that their blockchain will be used to achieve the 17 sustainable development goals (SDGs) set by the United Nations (UN). The VeChain Foundation emphasizes the positive effects of the digital ecosystems it creates on society by emphasizing sustainability. This is because it creates new uses for data and promotes positive social outcomes for everyone.
The “Sustainable Development Goals” set by the United Nations cover a wide range of issues related to environmental protection. These include issues such as health, education, clean water and sanitation, clean energy, decent employment and economic development, sustainable cities and responsible consumerism, among other issues besides poverty and hunger. VeChain rose as much as 10 percent after the news. At the time of writing, it has gone from $0.023 to $0.025.
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