Increased interoperability between blockchain networks and the release of Overledger 2.0.5 are just a few of the reasons for the protocol’s August upturn.
Interoperability between blockchain networks has emerged as one of the most important concepts in the cryptocurrency ecosystem because users are looking for the most cost-effective ways to transfer value across the ecosystem.
One interoperability-focused protocol that has seen its price skyrocket to a new all-time high is Quant (QNT), a project designed to help enterprises integrate and operate distributed ledger technology (DLT).
Data from Cointelegraph Markets Pro and TradingView shows that since reaching a low of $178 on Sept. 1, the price of QNT has surged 117% to a new all-time high of $387 on Sept. 6 as its 24-hour trading volume spiked to a record $740 million.
Three reasons for the bullish surge in QNT price include its recent protocol upgrade to Overledger 2.0.5, the launch of the Quant developer program, and increased access to its supply after listing on the largest crypto exchanges.
The release of Overledger 2.0.5, the protocol’s DLT gateway for businesses, offers universal interoperability between various protocols and allows users to connect any system to any network or DLT.
Overledger 2.0.5 released to bridge ecosystems with Stablecoins, DeFi, NFTs & popular ERC20/ERC721 digital assets for clearing & settlement.
The new Payment API settles between different digital asset types with a few lines of code.
More: https://t.co/Qte4ot49yJ #NFT pic.twitter.com/R7NybtFZIS
— Quant (@quant_network) September 7, 2021
According to Quant, the release of Overledger 2.0.5 marks a key milestone in the development of a “bridge that connects institutional and enterprise ecosystems with stablecoins, DeFi, NFTs and popular ERC20 and ERC721 digital assets for clearing and settlement.”
The Overledger Payment API supports clearing and settling between different digital assets and stablecoins. It collateralizes NFTs with stablecoins and the ability to conduct multi-DLT DeFi payments by combining lending and staking products with new settlement options.
QNT offers incentives to developers
A second reason for the growing strength seen in Quant is the launch of the “Quant Developer Program,” designed to entice new developers to join the ecosystem.
Active communities are a hallmark of thriving blockchain ecosystems, and developers play a crucial role by creating on-demand applications and protocols that attract users and encourage on-chain activity.
Successful networks like Polkadot, Ethereum and Cosmos all have extremely active developer communities so if Quant is able to replicate this level of activity the network could thrive.
Related: Blockchain technology can change the world, and not just via crypto
Major exchange listings boost trading volumes
A third reason for the strong performance from QNT is the token’s availability on the largest cryptocurrency exchanges in the sector.
In the last few months, QNT was added to Coinbase and Binance, which helped its 24-hour trading volume jump from a daily average of $9 million to over $740 million on Sep. 6.
QNT is launching on https://t.co/bCG11KveHS & in the iOS & Android apps within the next 15 mins. You may need to update your app to buy, sell, convert, send, receive or store QNT. We will update when all are fully live. https://t.co/8JSiuLsAmJ
— Coinbase (@coinbase) June 24, 2021
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for QNT on Sept. 4, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for QNT climbed into the green on Sept. 4 and reached a high of 72 as the price of QNT began to increase by 102% over the next three days.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.