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

While the last year has been marked by the rise of decentralized financing, centralized entities such as Coinbase and Binance remain some of the key players in the industry as a whole as they are essential to attract attention to promising projects and pave the way for wider acceptance.

One protocol that has benefited from the ‘Binance bump’ over the past week is IOST, a fully-fledged decentralized blockchain ecosystem that uses a unique consensus protocol for proof of credibility.

Data from Cointelegraph Markets and TradingView shows the price of IOST is up 88% over the past week from a low of $ 0.0484 on April 7 to a multi-year high of $ 0.0912 on April 14 at a record high of $ 2.48 billion in 24 hours. trading volume.

IOST / USDT 4-hour chart. Source: TradingView

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

The airdrop announcement helped trigger a small increase in the price of IOST, but it was Binance’s subsequent announcement of a new “Spring Staking” event that offered an APY of 27.49% on the IOST deployed that drove the price increase. with double digits.

Following the announcement, trading volume for IOST rose 480% on the 24-hour chart and rose to a record high of $ 2.5 billion, with $ 890 million in volume traded on Binance Exchange.

VORTECS ™ data from Cointelegraph Markets Pro began to detect bullish outlook for IOST on April 13, ahead of the recent price hike.

Exclusive to Cointelegraph, the VORTECS ™ Score 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.

VORTECS ™ Score (Green) vs. IOST price. Source: CoinTelegraph Markets Pro

As seen in the cart above, the VORTECS ™ score for IOST hit the green zone for the first time earlier in the week on April 8 and then again on April 12, when it climbed to a high of 71, about twelve hours before the price increased by 62%.

With a growing community and attractive staking options on both centralized exchanges such as Binance and on decentralized financial platforms such as Donnie Finance, IOST has the potential to see further upward as the cryptocurrency ecosystem continues to expand.

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 trade move carries risks, you should do your own research when making a decision.