In the last 24 hours, aelf (ELF) has surged by more than 44% to trade at $0.5258, marking a second consecutive day on the Bull Run.
It is currently ranked at position 184 by CoinMarketCap with a market cap of $285,964,366.
Let us examine why ELF is rallying while other altcoins feel the heat of the recent bears. Read on to find out the cause of this bullish trend.
What is aelf (ELF)?
aelf is a decentralized blockchain network with the most advanced and secure blockchain cloud computing infrastructure.
ELF is the native token of the aelf network and it is used both as a utility token and a governance token within the network.
aelf has nodes on its mainnet which are independent, with unlimited scalability and outstanding performance. It is also a next-generation with a crypto Oracle which allows two-way communication between two public chains with efficient cross-chain transfer
Additionally, aelf has a diversified DeFi protocol which allows a variety of applications like NFTs, automatic market makers, and Lending.
Why EFL price is rising?
Cryptocurrency markets started the week on a bullish trajectory with aelf (EFL) coin being one of the biggest gainers.
ELF price surged after aelf announced that FBG Capital and aelfie were the elected projects in their second round of public node elections as production nodes for block production and validation of transactions on the aelf mainnet.
FBG is an industrial-lending digital asset management company with the largest liquidity providers for high-profile crypto exchanges to support hundreds of blockchains projects worldwide. Aelfie, on the other hand, is a group of aelf lovers that set up nodes for everyone.
FBG and aelfie were both founded in 2017 and 2018 respectively.
On December 2, ELF staking was officially launched on Huobi allowing Users to receive up to 15% APY for staking their ELF. The recent price action reflects the trend of the aelf ecosystem
Moreover, aelf is also preparing to tackle the metaverse Top of OASIS which is scheduled in mid-December 2021, however, pre-registration for new participants was closed on December 1st.
Top of OASIS (hackathon) wants to facilitate building the Metaverse projects on its platform to accelerate the growth of the aelf ecosystem as the Metaverse hype is dominating the crypto markets.