Golem (GLM) price rallies 230% to hit a 3-year high after protocol upgrade

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Over the previous few weeks Golem (GLM) value noticed a powerful rally which pushed the token to a 3-year excessive at $0.65. 

The altcoin additionally underwent a powerful pump on Feb. 19, however many of the positive factors evaporated as Bitcoin (BTC) corrected beneath $45,000 over the previous three days. Nonetheless, GLM nonetheless holds a 230% acquire in February alone.

Golem is an Ethereum decentralized software that allows customers to hire out computing-power assets. Since November 2020 the venture has been migrating from GNT to GLM token after deploying a brand new ERC-20 contract. Though most exchanges supported the transfer, it’s nonetheless potential to search out GNT exercise and listings.

Golem gives an open-source cloud processing framework for each software registries and transactions. Thus, anybody can share and mixture computing assets, in addition to create functions utilizing the community. Finally, the answer goals to compete with conventional centralized cloud providers like Amazon AWS.

Golem (GLM) token / USD at Binance. Supply: TradingView

Golem’s ICO came about in November 2016, elevating $8.6 million for 820 million GMT tokens. 180 million tokens had been retained by the venture’s ‘Golem Manufacturing facility’ basis, together with early contributors and workforce members.

The community permits private computer systems and enormous information facilities to share assets and contributors are paid in GMT tokens. In keeping with Golem, a transaction system settles funds between suppliers, requesters, and software program builders. To guard the host system, all computations happen in a sandbox surroundings.

In keeping with the Golem Venture weblog, its batched transaction method protects customers from Ethereum community congestion and extreme fuel costs. Layer-2 scalability is already being supplied on the mainnet utilizing Matter Labs’ zkSync which is a zero-knowledge know-how for the cost API.

Partnerships and protocol testnets again Golem’s uptrend

The outcomes of the Golem Gitcoin Hackaton 2020 included a sensible contract referred to as the GLM-stake-pool. The contract permits GLM token holders to acquire yield by staking Uniswap LP tokens.

On Feb. 17 Golem additionally revealed a new testnet release, called Alpha IV. The replace permits customers to arrange long-running duties as an alternative of the common per-use funds. The platform additionally allows customers to obtain funds with out initializing an account.

On Feb. 23, Polygon (MATIC), previously generally known as the Matic Community, introduced that it will be joining forces with Golem to produce an off-chain payment driver. This partnership goals to offer a long-term resolution to keep away from pricey Layer-1 transactions.

On-chain information registers a pointy spike in lively addresses and transfers

In keeping with the Golem migration website, 44% of the full provide has been transformed to GLM. On-chain information reveals that exercise spiked on Feb. 19, reaching 1,839 day by day lively addresses. Curiously, that was the identical day that GLM value traded at $0.65, the very best degree in three years.

GLM day by day transfers and distinctive addresses. Supply: etherscan.io

Though the community shows potential, there are only some functions obtainable and they aren’t very lively. The present functions are video transcoders, bulk picture editors, a Sudoku sport and some information evaluation and optimization instruments.

Whereas there seems to be potential within the venture’s product, the workforce could have to safe an enterprise-level partnership to ensure that GLM to achieve sustainable traction.

It’s practically inconceivable for the common cryptocurrency dealer to judge how Golem’s resolution compares to Amazon AWS and the opposite top-level cloud providers suppliers that it goals to compete towards. Thus, the GLM token upside appears restricted till such affirmation occurs by means of real-world use circumstances.

The views and opinions expressed listed below are solely these of the author and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer entails danger. You must conduct your personal analysis when making a choice.