Major cryptocurrencies continue to drop as investors await comment from the Federal Open Markets Committee on the exact size of the next rate hike. However, certain altcoin projects have managed to make double-digit gains thanks to a partnership announcement and cross-protocol collaborations that have led to a surge in demand. Algorand (ALGO), Frax Share (FXS) and Helium (HNT) have made a name for themselves with their rise over the past day. Here are the details…
Popular altcoin Algorand gains momentum in partnership with FIFA
The Proof-of-Stake Blockchain network has been selected as the official Blockchain of FIFA, the globally recognized international football governing body, this week. Afterwards, he signed perhaps one of the most notable partnership deals for a crypto project in recent months. ALGO was trading at a price of $0.58 prior to the announcement, and the price rose 28 percent to a daily high of $0.743 as news of the collaboration spread across the crypto ecosystem.
ALGO at the time of writing, down 5.1 percent at $0.66 is being traded. As we reported on Kriptokoin.com, Algorand is expanding its ecosystem by launching decentralized finance (DeFi) and NFT protocols on the network, in addition to the FIFA announcement. The project has also launched a blockchain-based card game called Aegir Tactics and a real estate tokenization platform called Vesta Equity.
Why did Frax Shares (FXS) rise?
Frax Share, the native token of the Frax protocol, is the first fractional-algorithmic stablecoin project launched in the cryptocurrency ecosystem. On May 3, the asset rallied 23 percent despite the broader market being bearish. FXS price rallied 23 percent from $21.89 on May 2 to $26.94 on May 3, after a 200 percent increase in 24-hour trading volume.
The sudden reversal in FXS price, the popularity of 4pool, a new Curve Finance stablecoin liquidity pool developed by Terra; It emerged as Phantom began to gain momentum as it was deployed on Arbitrum and other networks. 4pool consists of TerraUSD (UST), FRAX, USD Coin (USDC) and Tether (USDT) stablecoins and is designed to help concentrate stablecoin liquidity in 4pool on each main chain via the Curve protocol.
Helium (HNT), featured with new reward scheme
Helium is a decentralized Blockchain network for Internet of Things (IoT) devices and powered by a global low-power node system operated by miners. HNT rose 20.3% in one day. At the time of writing, it is trading at $15.14, down 2%.
HNT’s achievements follow a developer announcement detailing their plans to implement the Helium 5G data transfer rewards. This new development will enable 5G access point operators to earn HNT when a compatible 5G device connects to the users access point and sends data over the network.