An Ethereum-based altcoin, first launched in January 2018, suddenly came back to life with the metaverse move. As a result of this move, an increase in price was also observed.
Alf gained value as a result of metaverse evolution
The ELF coin from decentralized cloud computing blockchain network aelf rose from $0.35 to $0.65 in about 40 minutes on Monday – a massive 85% increase. The sudden price increase comes after the platform has transitioned to supporting metaverse game projects. The aelf team is launching a metaverse-themed hackathon designed to promote the development of gaming projects on the network. The competition will begin in mid-December and the top competitors will receive a total of $680,000 in prizes. The announcement includes the following statements:
Run in partnership with DoraHacks, the hackathon will bring together talented enthusiasts and developers from all over the world to explore the emerging aspects and potentials of the metaverse era. As blockchain plays a critical role in the development of derivatives of the metaverse, aelf will provide a natural incubation for the development of metaverse projects.
The platform aims to provide a high-performance, one-stop Blockchain solution for businesses using a delegated proof-of-stake consensus mechanism that allows token holders to identify which block producers they want to support. The platform’s native token, ELF, is designed to allow token holders to vote on the future of the network. The token is also used to pay gas fees during token transactions and smart contract executions.