A cryptocurrency linked to a decentralized physical infrastructure network (DePIN) project saw a significant surge of almost 44% on Friday following a major exchange listing.
Bithumb, a leading South Korean cryptocurrency exchange, made an announcement on Thursday about listing XYO, the native token of the XYO Network.
The XYO Network’s objective is to process various types of decentralized data. According to the project’s website,
“Combining a network and protocol, XYO enables the aggregation, verification, organization, and utilization of decentralized data from any hardware node capable of running XYO-enabled software or firmware. The core concept of XYO is decentralized verification, where network devices act as witnesses for each other, enhancing the accuracy of data. This data can then be efficiently utilized through simple organization.”
Recently, the project revealed plans to transition its network to a new layer-1 chain focused on DePIN. As part of this transition, the XYO Network is introducing a new layer-1 native token, XL1, and will operate with a dual-token model moving forward.
The original XYO token will remain on the Ethereum (ETH) blockchain and serve as a bridge to regulate the flow of XL1 into its native blockchain, as stated by the project announcement.
Currently trading at $0.0154, XYO, ranked 278th by market cap, has also seen a rise of over 71% in the past week.
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