Energy Web Token recently saw a major price surge that took it up by 50%. The surge came after the project announced the plans to make staking a possibility, as well as due to the recent listing on a popular crypto exchange, Kraken.
The rise of Energy Web Token
Energy Web Token (EWB) is a native cryptocurrency to Energy Web Chain, which is a blockchain-based virtual machine, created to support the development of the energy sector. The project is not exactly new, but it is also not that old either, being launched in June 2019.
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EWB saw major price growth in 2021, going from only $5 per coin to its new all-time high at $17.62 on February 17th. After that, a correction hit that took the coin down to a support level at $11, only for it to rally again and hit a new all-time high only a few hours ago, at $18.29.
With energy production being one of the world’s largest databases, and the integration of renewable energy sources into an electrical grid being a major movement, the growing interest in the token does not come as a major surprise.
The Energy Web Token project’s goal is to integrate blockchain technology into the energy sector, but also to help with app development and the creation of decentralized energy exchange.
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EWT project is bringing staking to its platform
With the surge of the DeFi sector, the project also recently announced that it plans to add staking to its platform. The announcement, which came on February 25th, caused the coin’s price to starts skyrocketing. Following that, the coin was also listed on the Kraken crypto exchange, which only further boosted the on-going rally, allowing EWT to hit a new all-time high.
The staking mechanism that the project had created is a new kind of crypto model, according to the company’s Chief Commercial Officer, Jesse Morris. Morris said that the new model is the key to unlocking tens of thousands of utility nodes, which would offer reliable and cheap IT services to grid operators.
It is likely that the use of blockchain in the renewable energy sector is only beginning, and that the current EWT rally is only the first of many to come.