May was an extremely difficult month for the cryptocurrency market as a majority of tokens booked heavy losses as a bear market was confirmed, however not each undertaking dropped again to pre-bull market lows.
Chain (XCN), a protocol designed to assist organizations launch their very own blockchain community or join with different extra established networks, managed to rally greater than 120% since May 19.Â
Data from Cointelegraph Markets Pro and TradingView reveals that since hitting a low of $0.0712 on May 11, XCN reversed course to hit a record-high at at $0.176 on May 31.
Three causes for the sturdy displaying from XCN embrace a number of alternate listings, launching on BNB Smart Chain (BSC) and a number of other notable partnerships, together with a long-standing collaboration with the Stellar Foundation.
Exchange listings pump up the quantity
In March 2022, Chain deployed a brand new good contract for its token and rebranded from CHN to XCN. Following the rebrand, XCN listed at KuCoin and subsequent listings on Huobi, Gate, Bitrue and Hotbit have been accompanied by sharp upticks in buying and selling quantity.
Several of the supporting exchanges have additionally launched perpetual contracts for the XCN token together with Gate, Huobi, ByBit and Poloniex, which has helped generate an elevated consciousness for the undertaking and initially led to a spike in buying and selling quantity.
XCN can also be a part of a cross-chain integration with BNB Smart Chain and this enables for cheap token transfers and buying and selling on PancakeSwap the place holders can earn yield for offering liquidity to the alternate.
Following the integration with the BSC, the worth of XCN rallied from $0.0712 on May 11 to $0.14 over the subsequent week.
Related: BNB Chain releases year-long technical roadmap to develop ecosystem
Notable partnerships
Since 2014, Chain has had a number of notable partnerships and funding rounds, together with an preliminary fundraise of over $40 million from Khosla Ventures, Pantera Capital, Capital One, Citigroup, Fiserv, Nasdaq, Orange and Visa.
In 2018, the undertaking was acquired and have become a part of the business arm of the Stellar Foundation often known as Interstellar. Chain was reacquired in 2020 as a part of a ledger-as-a-service platform known as Sequence.
It’s doable the latest developments with the Stellar protocol, together with its partnership with MoneyGram to create a stablecoin-based platform for cash transfers, might have constructive results on the worth of XCN as a result of their shut ties.
In April 2022, Chain additionally introduced a strategic partnership with Alameda Research which established the personal fairness and quantitative cryptocurrency buying and selling agency as Chain’s major market maker. While none of those partnerships seem vital sufficient to clarify XCN’s present good points, it’s notable that the altcoin’s worth motion has diverged from the wider crypto marketplace for practically a complete month.
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