IOST has become one of the top performers in the ongoing crypto bull market, with the token rising more than seven times year-to-date (YTD), making the altcoin one of the best performing ones so far in 2021.
Price Action for IOST Sees 650 percent gains
Between Jan. 8 and Feb. 17, IOST is up over 650 percent as the token price has “mooned” from $0.0058 and, according to data from CoinGecko, is currently pushing the $0.045 mark as of the time of writing this post.
There is also an upsurge in 2021 in trading volume for the 82nd-ranked cryptocurrency by market capitalization. Indeed, in the last trading week, the 24-hour amount rose by almost 10 percent and may soon be on track to cross the $1 billion mark.
On IOST, DeFi Make a Splash
Part of the explanation for this parabolic advance can be traced to the advent of decentralized fiance (DeFi) and non-fungible tokens (NFT) functionality on the IOST ecosystem.
The IOST protocol has been able to take advantage of the many revolutionary advancements in the crypto industry.
Decentralized finance, also known as DeFi, in the crypto-currency industry continues to solidify its mark. Most of these ventures, however, operate on the blockchain of Ethereum, which is infamous for its high gas fees, forcing traders to search for less costly alternatives.
In order to act as a safer option for traders, IOST, meanwhile, has been involved with a variety of DeFi integrations. IOST partnered with Korea-based decentralized network Donnie Finance in December 2020, as previously stated, with the latter preparing to launch six financial services.
The DeFi platform later revealed in February 2021 that it would drop 10 percent of the DON token supply to IOST holders, causing the IOST price to increase. The airdrop, scheduled for February 25, will reveal the DeFi project to IOST users. IOST also incorporated the major HUSD stablecoin.
Expanded Staking Support and NFT Features
Staking support from major exchanges was another factor that propelled the IOST price.
The decentralized scalable blockchain revealed earlier in January that Binance, the main crypto exchange, was joining the network as a partner node.
Moreover, more than 800 million IOST tokens were staked on the IOST network by the exchange giant, giving users the ability to stake the tokens and gain rewards. For a limited time, Binance offered a high annual percentage yield (APY) of over 54 percent.
The launch of NFTs was the third factor that triggered the high price success of the Altcoin. Since 2020, the NFT sector has seen steady growth, with the buzz around NFTs rising in 2021. Over the past 30 days, there have been NFT revenues of over $100 million.
Tapping into the budding industry, IOST released the IRC-721 standard, which allows NFTs to be launched smoothly. 1,000 NFT badges were also distributed by IOST, following the listing on CoinCheck. In October 2020, a Japanese game maker, Platinum Egg, incorporated intelligent IOST contracts into CrossLink, a mobile gaming framework linked to GPS.