In recent weeks, Centric Swap (CNS), a dual-token model that offers participants a fixed hourly return that "stabilizes over time as it self-regulates token supply to meet ongoing changes in demand. ", has recovered more than 850%. and it is still 200% from its previous all-time high.
Data of Cointelegraph Markets Pro and TradingView shows that since hitting a low of $ 0.000104 on September 9, the CNS price has skyrocketed 1.130% to a daily high of $ 0.0017659 on October 15, as its 24-hour trading volume skyrocketed 130% to $ 6.4 million.
Three reasons for CNS's rapid price increase include the expansion of the project ecosystem through partnerships, a $ 1 billion injection from Binance into the DeFi ecosystem on Binance Smart Chain (BSC), and the promise of multiple developments and upcoming announcements from project developers. .
Centric ecosystem expands
Real-world adoption is probably one of the best validation signals for a project because the increased utility of the token tends to drive prices and also attracts new attention to the project.
In recent months, the Centric Swap protocol signed a handful of partnerships with companies such as Tourvest Travel Services and Absolute World, which will allow CNS to be used as a payment option for travel expenses.
Other great partnerships include a collaboration with Goldgenie, which specializes in high-end luxury items like gold-plated cell phones, and a partnership with decentralized cross-chain bridge CroxSwap.
Binance Smart Chain invests in CNS
On July 15, Centric Swap migrated from Tron network to Binance Smart Chain. This gave the project access to the trading community active in BSC, which has helped boost its exposure and increase its trading volume.
This turned out to be a timely move because Binance recently announced that would invest $ 1 billion towards the development of the DeFi ecosystem in the BSC, of which Centric Swap is now a part.
Investments in protocols and developer incentive plans have gained popularity in recent months after multiple projects, including Avalance, Fantom and Terra, used the tactic to grow their communities and bring liquidity to their DeFi ecosystems. In each case, the tactic leads to a sharp increase in the token price of each project.
Related: Ethereum Alternatives and Layer One Solutions Make Steady Gains in September
Provoking the next announcements
The project's Twitter feed shows that prior to recent announcements such as the Absolute World partnership, the Centric team dropped numerous hints about upcoming developments that may have excited community members and triggered a buying spree.
Attention #CentralWarriors! Who is excited for this week's partnership announcement (Thursday)? The first 100 people will receive an incredible promotional offer! Do not miss it! $ CNR $ CNS #BSCGem #BSC #BinanceSmartChain pic.twitter.com/nZR6hVHW3k
- Centric Officer (@CentricRise) October 6, 2021
Announcing an ad focus is a popular marketing tactic used in the cryptocurrency sector, but it remains to be seen whether this will deliver a sustainable price pump or result in a buzz-buy, news-sell-out scenario.
When a Twitter user suggested the project would be nothing more than a "buy the rumor, sell the news" event, Centric COO Thomas Butcher rejected the idea, saying Centric has more plans in the coming months. . .
Butcher said:
"It doesn't matter, we have even more news behind that news, and more news behind that news, and more news behind that news ... See the pattern that we are entering."
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade move involves risk, you should do your own research when making a decision.
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