PlutusDAO skyrockets 41% to new ATH amid spike in network activity

• PlutusDAO price rose to a new all-time high of $1.42.
• The PLS token has spiked 41% in the past 24 hours and 170% this past week.
• PlutusDAO announced the launch of plsRDNT on Arbitrum, making it easy for holders to earn RDNT.

As cryptocurrencies look to bounce higher on Tuesday, PlutusDAO (PLS) price has skyrocketed 170% in the past seven days, with the Arbitrum-native Layer 2 governance platform seeing massive network activity. According to data from CoinGecko, the price of PlutusDAO’s native token has spiked over 41% in the past 24 hours.

Data showed PLS price rose to $1.42 on Tuesday 21 March 2023, the token’s new all-time high. PLS/USD traded at $1.38 on Tuesday afternoon, having changed hands around $0.95 earlier in the day.

PlutusDAO price: Why PLS rose 170% this week

Per CoinGecko, the decentralised network had recorded a 50% surge in trading volume in 24 hours, with over $1,700,800 worth of PLS traded so far on the day.

The spike suggests a surge in market activity. Notably, the price soared after PlutusDAO announced it had added plsRDNT, the fourth asset in its product range. The new plsAsset is for the native token on Radiant, a money-market protocol on the Arbitrum network.

“We’re excited to announce that $plsRDNT is now live on #Arbitrum! The best cross-chain money-market in crypto just got a massive upgrade – users can now earn max-locked yield without having to lock their tokens!” the PlutusDAO team tweeted.

Given PlutusDAO’s attractive rewards system for plsAsset stakers, the hype around Arbitrum looks to have aided an uptick in user activity. RDNT holders can now tap into the benefits of liquid staking via the PLS platform and earn rewards from Radiant.

In a blog post, PlutusDAO said plsRDNT stakers can earn from three possible fees sources —underlying locked liquidity tokens (dLPs), PLS emissions and from dLP-boosted plvRDNT, a new vault product on Radiant.