Rising DeFi TVL and Binance staking back 88% rally in IOST price

Friday 16 April 2021, 5:08 AM AEST - 3 weeks ago

While the past year has been marked by the rise of decentralized finance, centralized entities like Coinbase and Binance continue to be some of the most important players in the industry as a whole as they are essential in attracting attention to promising projects and pave the way for wider adoption.

One protocol that has benefitted from the Binance bump over the past week is IOST, a fully-fledged decentralized blockchain ecosystem that utilizes a unique proof-of-believability consensus protocol.

Data from Cointelegraph Markets and TradingView shows that the price of IOST has rallied 88% over the past week, going from a low of $0.0484 on April 7 to a multi-year high of $0.0912 on April 14 on a record $2.48 billion in 24-hour trading volume.

93e1605e-431f-4df2-b102-08090a758a05.pngIOST/USDT 4-hour chart. Source: TradingView

A scroll through the IOST Twitter feed shows that the recent momentum for the token was initiated by the April 12 announcement of an airdrop to users of the Citadel One mobile cryptocurrency wallet as a way to incentivize staking.

The airdrop announcement helped sparked a small rally in the price of IOST, but it was the subsequent announcement from Binance about a new "Spring Staking" event that offered a 27.49% APY on staked IOST that kicked off the double-digit price growth.

#Binance Staking Launches the 2nd Spring Staking Promo with Up to 47.79% APY

$TRX @Tronfoundation
$MATIC @0xPolygon
$IOST @IOST_Official

Read full story on Cointelegraph

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