An altcoin associated with a decentralized physical infrastructure network (DePIN) project surged by nearly 44% on Friday after receiving a prominent exchange listing.
On Thursday, the South Korean crypto exchange giant Bithumb announced it was listing XYO, the native token of the XYO Network.
The XYO Network aims to process any type of decentralized data.
Explains the project’s website,
“Encompassing both a network and protocol, XYO can be used for aggregating, verifying, organizing, and utilizing decentralized data from any hardware node capable of running XYO-enabled software or firmware.
XYO’s defining premise is decentralized verification, allowing network devices to verify the data flowing into the network’s databases by acting as witnesses for one another, strengthening the veracity of data received. Simple, accessible organization then allows this data to be put to use quickly and efficiently.”
Earlier this month, the project announced it would be migrating its network to a new layer-1 chain focused on DePIN. To help facilitate that move, the XYO Network is also rolling out a new layer-1 native token, XL1, and will operate with a dual-token model going forward.
The original XYO token will stay on Ethereum (ETH) and act “as an anchor to regulate the flow of XL1 into its native blockchain,” according to the project.
XYO is trading at $0.0154 at time of writing. The 278th-ranked crypto asset by market cap is also up by more than 71% in the past week.
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