An Altcoin Surges After Prominent Exchange Listing
An altcoin associated with a decentralized physical infrastructure network (DePIN) project experienced a significant surge of almost 44% on Friday following a major exchange listing.
Bithumb Lists XYO Token
On Thursday, Bithumb, a leading South Korean cryptocurrency exchange, made an official announcement regarding the listing of XYO, the native token of the XYO Network. This listing played a crucial role in the surge of the altcoin’s value.
The XYO Network and Its Objectives
The XYO Network is focused on processing various types of decentralized data. According to the project’s website, the network and protocol aim to aggregate, verify, organize, and utilize decentralized data from hardware nodes capable of running XYO-enabled software or firmware. The core principle of XYO is decentralized verification, enabling network devices to validate data and enhance the accuracy of information flow.
Migration to a New Layer-1 Chain
Recently, the XYO Network revealed plans to migrate its network to a new layer-1 chain that emphasizes DePIN. To facilitate this transition, a new layer-1 native token, XL1, will be introduced. The project will adopt a dual-token model moving forward, with the original XYO token remaining on Ethereum to regulate the flow of XL1 into its native blockchain.
Current Market Performance
As of now, XYO is trading at $0.0154 and has shown a remarkable increase of over 71% in the past week. This places the altcoin as the 278th-ranked cryptocurrency by market capitalization.
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