An altcoin project outperformed many altcoins this week, surprising everyone. A coin named Constellation (DAG) reached a new high on July 11 as the market struggled. So, what are the reasons behind the rise of this coin? Here are the details…
This altcoin broke the record: Here are the reasons for the rise
Constellation (DAG) is a protocol that uses a directed acyclic graph structure to achieve consensus that can possibly scale infinitely. According to CoinMarketCap, the DAG price is up 33.7 percent. It hit an all-time high of $0.2209 on July 11 from a low of $0.1398 on July 10. It is trading at $0.199 at the time of writing.
So why did the cryptocurrency reach record highs? Global partners using the Constellation network have launched a decentralized exchange (DEX) with an expanding list. On the other hand, the network’s low cost, highly scalable transactions are also cited by experts as one of the reasons behind the rise.
A decentralized exchange uses the Constellation network
Lattice Exchange (LTX) is an automated market maker-based DEX that provides “near-zero fees and horizontally scalable decentralized network” using Constellation’s Hypergraph network. Therefore, in the past few months, the project has added yield farming for the LTX token. This is also the case of DAG owners; It enables the network to participate by staking tokens to help improve the network’s throughput per second. Users can use DAG tokens to run a node on Constellation’s Hypergraph protocol to validate data.
On the other hand, the number of partners in Constellation’s growing ecosystem is increasing day by day. This list includes Amazon Web Services, the US Air Force series, and more. Issues related to the consensus mechanisms of Bitcoin and Ethereum may also have played a role in the price action. Recently, traders have been having a hard time with a series of high gas fees on the Ethereum network. Therefore, any project that provides low-fee-dollar transactions with a competitive TPS could have benefited the coin. For more altcoin news Cryptocoin. com “Last Minute: Hack Attack Affecting 13 Altcoins! You can review our article named “Fiyadollarsar Collapsed”.