Qtum price rallies 160% as the project's focus on DeFi pays off

Saturday 08 May 2021, 6:33 AM AEST - 1 month ago

After rallying 1.510% in 2021, QTUM price hit a $35.70 all-time high on May 7. This relatively obscure altcoin launched in September 2017 is a fork of the Bitcoin Core 0.13 version, but it also integrates the Ethereum virtual machine (EVM) and smart contract execution capability.

Following Bitcoin's (BTC) April 23 crash down to $47,500, QTUM faced a 52% correction in 4 days before bottoming at $10. However, the situation for the altcoin improved on May 5 as QTUM initiated a 160% rally in two days, reaching the $35.70 peak.

321559a9-be5d-42fb-99e9-eed6a583a970.pngQTUM price at Binance, USDT. Source: TradingViewQtum combines Bitcoin's transaction model with Ethereum smart contracts

The open-source platform's primary goal is to provide simple tools that anyone can use to create decentralized applications (dApps) while maintaining a high level of network security. The project opted for a slightly different Proof of Stake (POS) version to prevent malicious nodes, and a certain number of blocks are needed for the staking tokens to become valid.

Qtum blockchain supports smart contract programming languages beyond Solidity, besides having an on-chain decentralized governance protocol. Token holders vote on network parameters such as block size and base gas fee.

While Qtum blockchain features an on-chain governance system, it also has an off-chain process for approving and handling more significant protocol changes. The protocol has recently identified decentralized finance (DeFi) as a focus area and steps to attract new projects.

This strategy seems to be finally paying off, as the number of daily network transactions peaked on May 6.

3942b69b-757b-412d-91e6-940bd1d8797c.pngQtum blockchain transactions per day. Source: qtum.infoStaking improvements and DeFi pivot send Qtum price higher

Offline staking was implemented in August 2020, and it has grown to more than half the staking activity on the Qtum blockchain. Investors who don't want to handle their own nodes can make a non-custodial delegation for their coins.

On March 17, Value Network announced plans to migrate away from Eth ...

Read full story on Cointelegraph

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.