BAND, the native token of the Band Protocol, has grown by extra 300% in simply seven days. On the at time of writing, the token traded at $14.50 towards the August Three buying and selling price of $3.86.
On August 10, the token additionally touched a brand new excessive of $17.78 whereas the 24 hours traded volumes had been $167.four million.
BAND’s surging price follows a flurry of recent partnerships or integration bulletins. The circulation of constructive information in regards to the protocol climaxed with the itemizing of the token on Houbi August 9, a couple of days after one other itemizing on Coinbase.
Earlier than the Huobi itemizing, the Band Protocol crew had introduced one other partnership with Ubik Capital, the ICON community’s “fourth-largest public representative.”
On the time of the announcement, the Band crew instructed that Ubik Capital was chosen as a result of it has amongst different issues “over 14.5+ million ICX staked to them and 3800 unique delegators.”
The decentralised finance (defi) growth additionally seems to be one other catalyst for the elevated curiosity within the token.
In the meantime, the BAND token price surge seems to be sooner than that of LINK, the native token of Chainlink. Each Band and Chainlink are constructing infrastructure that allows interoperability of sensible contracts.
When LINK was buying and selling at $8.35 the BAND token traded at $3.86. Nonetheless, after seven days, the previous now trades at 13.20. LINK’s all-time excessive (ATH) of $14.45 is simply over three {dollars} lower than BAND’s ATH.
It’s not clear why BAND’s development is outpacing that of LINK though a prime ten checklist of July’s busiest ERC-20 Dapps produced by Santiment may present some clues. Based on Santiment, Band protocol is ranked sixth on the checklist.
Based on Santiment, the rankings are primarily based on “development activity, the often-underrated indicator of project success.”
Among the actions that earned Band sixth place embody the discharge of “a mobile version of Cosmoscan, improved incentive systems in Bandchain, upgraded oracle scripts to support a wider range of utility libraries and also release the Guanyu Testnet #1 which had 50+ participating validators.”
Because the cryptocurrency market outlook stays bullish, it stays to be seen if this token can proceed to outperform LINK and different related tokens.
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