Over the past few weeks, Centric Swap (CNS), a dual token model that offers traders “stable hourly” returns over time as it adjusts its token supply in response to continual changes in demand, has grown by more than 850% . and is still about 200% away from the previous all-time high.
Data from Cointelegraph Markets Pro and TradingView show that CNS price has increased as a block from hitting a low of $ 0.0000104 on September 9th, to a daily high of $ 0.0017659 on October 15th. Its 24-hour trading volume increased 130% to $ 6.4. Million.
The three reasons CNS is soaring in price is the expansion of the project’s ecosystem through a partnership, Binance’s $ 1 billion infusion into the DeFi ecosystem on the Binance Smart Chain (BSC), and the promise of the many to come Developments and announcements from the project developers.
Centric’s ecosystem is expanding
Real-world adoption is probably one of the best confirmation signals for a project, as increased token utility tends to increase the price and also attract new attention to the project.
In the past few months, the Centric Swap Protocol has signed a number of partnerships with companies such as Tourvest Travel Services and Absolute World that allow CNS to be used as a payment option for travel expenses.
Other important partnerships include a partnership with Goldgenie, who specializes in high-end luxury items such as gold-plated cell phones, and a partnership with the decentralized cross-chain bridge CroxSwap.
Binance Smart Chain invests in CNS
On July 15, Centric Swap migrated from the Tron network to the Binance Smart Chain. This has allowed the project to reach the active trading community on BSC which has helped increase its exposure and increase its trading volume.
This proved a timely move as Binance recently announced it would invest $ 1 billion in developing the DeFi ecosystem on BSC, which Centric Swap is now a part of.
Investing in the protocol and developer incentive programs have grown in popularity in recent months after many projects, including Avalance, Fantom, and Terra, used these tactics to grow their communities and add liquidity to their DeFi ecosystem. In either case, the tactic resulted in a large spike in the token price of each project.
Related: Ethereum alternatives and Layer-One solutions see steady gains in September
Teaser upcoming announcements
The project’s Twitter feed shows that in the wake of recent announcements like the Absolute World partnership, the Centric team has given plenty of clues about upcoming developments that could excite community members and spark the wave of buying.
Attention #CentricWarriors! Who is excited about the partnership announcement this week (Thursday)? The first 100 people get an incredible special offer! Do not miss it! $ CNR $ CNS #BSCGem #BSC #BinanceSmartChain pic.twitter.com/nZR6hVHW3k
– Center staff (@CentricRise) October 6, 2021
The announcement approach is a common marketing tactic in the crypto space, but it remains to be seen whether this will result in continued price pumping or news buying.
When a Twitter user suggested that the project would be nothing more than a “buy the rumor, sell the news” event, Centric CEO Thomas Butcher dismissed the idea, saying there would be more for Centric in the coming months . .
“It doesn’t matter, we have more news behind this news and more news behind this news and more news behind this news … Let’s look at the model we’re taking. Family.”