Vulcan Forged (PYR) price is skyrocketing. At the time of writing, had gone up 17.14% to trade at $13.80 up 17.14% with a daily high of $14.30 and a daily low of $11.84 in the last 24 hours.
PYR currently has a trading volume of $90,542,432, a market cap of $329,857,824, a circulating supply of 23,897,700 PYR coins, and a max. Supply of 50 million PYR coins.
In this article, we shall delve into what is making the PYR coin price rally.
What is Forged (PYR)?
Before we look into the current bullish, it’s important we first explain what Vulcan Forged is.
In a nutshell, Vulcan Forged is a blockchain NFT marketplace and game studio that is in the process of developing its metaverse ecosystem called VulcanVerse. PYR is its native utility token.
So, why is the price of PYR on the rise?
This week the PYR token has been on the top while a majority of the metaverse and NFTs related project tokens recover from the recent bear market.
There are three main reasons behind the current Vulcan Forged (PYR) price surge. These include the launching of the Elysium testnet, listing of 100 plots of land for sale within the VulcanVerse ecosystem, and launching of a PYR bridge between Polygon and Ethereum.
1. Launching of the Elysium testnet
The high gas fees related to the Ethereum Network has pushed many projects to launch solutions aimed at lowering the cost of deploying metaverse and NFT related project. That is why Vulcan Forged decided to launch the Elysium blockchain that it refers to as the blockchain for Metaverse.
It’s 20:05 GMT, 28th January, 2022, The Year of the Vulcanite.
And Elysium Testnet just went live.$PYR pic.twitter.com/qqevQeC0TB
— Vulcan Forged (@VulcanForged) January 28, 2022
Elysium will become the first carbon-neutral blockchain in the world and it shall work in collaboration with the Netherlands-based decentralized carbon credit exchange Coorest. Coorest will be responsible for offsetting the CO2 emitted by the Elysium blockchain using tokenized trees and gas fees from transactions.
The environmentally-friendly approach has caught the attention of other protocols and other metaverse projects have started showing interest in Elysium.
2. Listing of 100 plots of land for sale within the VulcanVerse ecosystem
The plots of land available for purchase have led to an increase in token price and demand since the traders need to accumulate PYR tokens to purchase the plots of lands.
The limited listing of 100 plots was the main contributor to last week's bullish momentum.
12-24 hours left on the @VulcanVerse 100 plot sale.
Auction expiry dates cleverly designed for time zones.https://t.co/CjiW5HPVjY$PYR pic.twitter.com/tDRhQT5HjG
— Vulcan Forged (@VulcanForged) February 1, 2022
Apart from the plot holders earning 35 PYR coins per month in the next four years, the plots of land can also be used to earn through rent or gameplay.
3. Launching of a PYR bridge between Polygon and Ethereum
The success of VulcanDex, a decentralized exchange protocol that operates on Ethereum and Polygon Networks, is also seen as a major contributor towards the current PYR bullish trend.
As of 29th January, VulcanDEX had a total value locked of more than $10 million and the protocol is in the process of integrating a cross-chain bridge between Polygon and Ethereum to enable the simple transfer of PYR tokens between them.