Altcoins

This Low-Cap DeFi Altcoin Soared 47% This Week Amid Crypto Market Doldrums

One low-cap, decentralized exchange (DEX) altcoin is surging despite the current lack of momentum in the overall crypto markets.

EROWAN, the Ethereum-based native token of Sifchain (ROWAN), is up more than 47% after rallying from its seven-day low of $0.114 recorded on April 23rd.

The 271st-ranked crypto asset by market cap is trading at $0.168 at time of writing.

Sifchain is an omni-chain DEX built with the Cosmos (ATOM) standard development kit. Last week, the project launched a new tokenomics system called the Protocol Monetary Trade Policy (PMTP).

Explains Sifchain,

“Most protocols incentivize liquidity via high APYs [annual percentage yields]. Users will evacuate a protocol when the inflationary APYs drop, making it tough for projects to sustain their liquidity. And keeping APYs high can dump the native token price. We developed PMTP as an answer to this problem.

PMTP aims to increase ROWAN value so that our community wants to hodl and supply liquidity in ROWAN long term. It does this by adjusting the exchange rate of ROWAN on Sifchain, where it’s most liquid, in tiny increments every block.

You don’t need to do anything special to benefit from PMTP. It’s automatically applied when you swap. Over time, those swaps will become more and more favorable as the purchasing power of ROWAN increases.”

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Featured Image: Shutterstock/Alberto Andrei Rosu/Andy Chipus

The post This Low-Cap DeFi Altcoin Soared 47% This Week Amid Crypto Market Doldrums appeared first on The Daily Hodl.

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