HomeBitcoin UpdateGnosis (GNO) continues uptrend after vCOW airdrop and rebrand to CoW Protocol

Gnosis (GNO) continues uptrend after vCOW airdrop and rebrand to CoW Protocol

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Airdrops, going ‘multi-chain’ and large multi-million greenback developer incentives had been a few of the key advertising and rebrand ways blockchain tasks utilized in 2021. This pattern seems set to proceed in 2022 and Gnosis (GNO) seems to be leaping on the bandwagon.

Information from Cointelegraph Markets Professional and TradingView exhibits that since hitting a low of $219 on Jan. 24, the worth of GNO has placed on a acquire of 57% to hit a every day excessive of $351 on Feb. 14 because the Gnosis chain begins to make its mark within the decentralized finance sector.

GNO/USDT 4-hour chart. Supply: TradingView

Three causes for the bullish reversal in GNO worth embrace the protocol’s rebrand to CoW protocol, the launch of a number of attention-grabbing proposals, together with one that might burn a big portion of the circulating GNO provide and a number of other main integrations which have helped enhance the liquidity and entry to the Gnosis ecosystem.

Gnosis rebrands to CoW Protocol

Essentially the most vital improvement for Gnosis in 2022 has been the protocol’s rebrand to the Coincidence of Needs Protocol, also called CoW.

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The impetus behind the change was the rising recognition of CowSwap, a decentralized change that was the primary interface constructed on Gnosis Protocol.

As a part of the rebrand and full launch of CowSwap, GNO holders have the chance to lock their tokens on the protocol for one 12 months in an effort to obtain an airdrop of vested COW (vCOW) tokens, the native token on CowSwap.

The airdrop can also be obtainable to Gnosis Beacon Chain (GBC) validators and all airdrop individuals shall be certified to obtain future airdrops, such because the newly launched Gnosis Secure. GNO stakers may even be allowed to opt-in for liquid staking on Gnosis Chain as soon as liquid staking turns into obtainable.

GnosisDAO proposals

A second issue serving to stoke the momentum for GNO has been a variety of proposals centered on bringing about huge adjustments inside the Gnosis ecosystem.

The newest proposal submitted by the Gnosis crew is designed to ascertain SafeDAO and launch a SAFE token that can be utilized to control the Gnosis Secure ecosystem and infrastructure.

The proposal additionally seeks to arrange an impartial Secure Basis in Switzerland that can shield strategic off-chain belongings, problem a “SAFE” token and assist develop the Gnosis Secure ecosystem.

There may be additionally a proposal presently obtainable for remark that asks the group if the GnosisDAO ought to burn 68% of the circulating provide of GNO to assist enhance the economics of the token and provides extra voting energy to GNO holders.

Associated: 1inch Community expands to Avalanche and Gnosis Chain

New mergers and integrations

A 3rd motive for the rise in GNO worth has been the growth of the Gnosis ecosystem which has helped enhance entry to the GNO token in addition to exercise on the community.

Current notable collaborations embrace integrations with the decentralized change aggregator 1inch and the personal transaction protocol Twister money, whereas the protocol’s early December merger with xDAI helped set up the Gnosis Chain.

VORTECS™ knowledge from Cointelegraph Markets Professional additionally started to detect a bullish outlook for GNO on Jan. 22, previous to the current worth rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mix of information factors together with market sentiment, buying and selling quantity, current worth actions and Twitter exercise.

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VORTECS™ Rating (inexperienced) vs. GNO worth. Supply: Cointelegraph Markets Professional

As seen within the chart above, the VORTECS™ Rating for GNO hit a excessive of 76 on Jan. 22, round 48 hours earlier than the worth started to extend 61% over the following two weeks.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you need to conduct your personal analysis when making a choice.