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Increased interoperability amongst blockchain networks, as well as the release of Overledger 2.0.5, are a few of the reasons behind the protocol’s August uptick.
Because users are looking for the most cost-effective means to transfer wealth throughout the ecosystem, interoperability between blockchain networks has emerged as one of the most essential concepts in the cryptocurrency ecosystem.
Quant (QNT), a project aimed to assist organisations integrate and operate distributed ledger technology, is one interoperability-focused protocol whose price has skyrocketed to a new all-time high (DLT).
Data from 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.
The recent protocol upgrade to Overledger 2.0.5, the start of the Quant developer programme, and improved access to its supply following listing on the top crypto exchanges are three causes for the positive jump in QNT price.
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.
— Quant (@quant_network) September 7, 2021
According to Quant, the release of Overledger 2.0.5 is a significant step towards the creation 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 allows for the clearing and settlement of various digital assets including stablecoins. It combines lending and staking products with additional settlement options to collateralize NFTs with stablecoins and the ability to perform multi-DLT DeFi payments.
QNT offers incentives to developers
The establishment of the “Quant Developer Program,” meant to lure new developers to join the ecosystem, is a second cause for Quant’s expanding strength.
Active communities are a hallmark of flourishing blockchain ecosystems, and developers play a critical role in attracting users and encouraging on-chain activity by developing on-demand applications and protocols.
Polkadot, Ethereum, and Cosmos all have incredibly active developer communities, so if Quant can recreate this level of activity, the network could prosper.
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