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Rising DeFi TVL and Binance Are Attempting To Recoup An 88% Gain In The Price Of IOST

By Max S - Cryptocurrency Speculator - 15-04-2021

After well-known crypto trading platform Binance unveiled a new staking program and the project airdropped tokens to Citadel One mobile wallet users, IOST surged to a multiyear high.

Although the growth of decentralized finance (DeFi) has been notable in the past year, centralized organizations where you can buy and sell cryptocurrency as well as swap crypto, platforms such as Coinbase and Binance remain some of the most important players in the industry as a whole, as they are critical in attracting attention to promising ventures and paving the way for wider adoption.

IOST, a fully-fledged decentralized blockchain ecosystem that uses a proprietary proof-of-believability consensus protocol, is one protocol that has taken advantage of the Binance bump over the last week.

According to data from Cointelegraph Markets and TradingView, the price of IOST has increased by 88% in the last week, rising from a low of $0.0484 on April 7 to a multiyear high of $0.0912 on April 14 on a record $2.48 billion in 24-hour trading volume.

The news of the airdrop prompted a small rally in the price of IOST, but it was Binance's subsequent announcement of a new "Spring Staking" event that offered a 27.49% annual percentage yield on staked IOST that spurred the double-digit price rise

Following the announcement, IOST trading volume increased 480% on the 24-hour tracker, reaching a record-high $2.5 billion, with $890 million transacted on exchange Binance. Cointelegraph Markets Pro's VORTECSTM data started to detect a bullish outlook for IOST on April 13, prior to the recent price increase.

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