The altcoin XYO, linked to a decentralized physical infrastructure network, soared nearly 44% after its listing on Bithumb, a major South Korean exchange. The coin’s surge is tied to the network’s aims of processing decentralised data and its upcoming migration to a new layer-1 chain with a dual-token structure. Currently, XYO trades at $0.0154, marking a 71% increase in the last week.
An altcoin linked to the decentralized physical infrastructure network, or DePIN, experienced a remarkable surge of nearly 44% on Friday, directly following its listing on a major exchange. This boost comes after Bithumb, a leading South Korean cryptocurrency exchange, announced the listing of XYO, the native token from the XYO Network.
The XYO Network is designed to handle all kinds of decentralised data. Their official resources specify that it encompasses a network and protocol, enabling the aggregation, verification, organisation, and use of decentralised data from any hardware that can run the necessary XYO-enabled software. Its main feature, decentralised verification, lets devices in the network check the data entering their databases, effectively acting as witnesses for each other and enhancing the data’s reliability.
Earlier in the month, the XYO project shared plans to migrate its operations to a fresh layer-1 blockchain tailored specifically for DePIN. As part of this transition, they’re introducing a new layer-1 native token, XL1, establishing a dual-token framework for the future. The original XYO token will remain on the Ethereum blockchain, acting as an anchor to manage the flow of XL1 into the new native blockchain.
As of the latest updates, XYO is trading at approximately $0.0154. This positions it as the 278th ranked cryptocurrency by market cap. Remarkably, it has seen a gain of over 71% in just the past week alone.
