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Vulcan Forged (PYR) rallies after virtual land sales and the Elysium testnet launch

Nonfungible tokens (NFTs), gaming protocols and the daybreak of the Metaverse had been all trending subjects in 2021 and they’re shaping as much as be even greater in 2022. 

NFTs and Metaverse-related initiatives are additionally bouncing again rapidly from the market-wide downturn and Vulcan Cast (PYR) is without doubt one of the high movers this week. The venture is a blockchain recreation studio and NFT market that’s within the strategy of creating out its VulcanVerse ecosystem.

Information from Cointelegraph Markets Professional and TradingView reveals that after hitting a low of $6.59 on Jan. 24, the value of PYR has rallied 119% to an intraday excessive at $14.43 on Feb. 1 amid a 141% spike in its 24-hour buying and selling quantity.

PYR/USDT 4-hour chart. Supply: TradingView

Three causes for the restoration seen within the worth of PYR are the launch of the Elysium testnet, the itemizing of 100 plots of land on the market inside the VulcanVerse and the launch of a PYR bridge between Ethereum and Polygon.

Elysium testnet launches

Excessive charges on the Ethereum community have been a thorn within the facet of protocols hosted on the community and this has led to many initiatives migrating to different networks or launching their very own options to assist decrease the fee for customers.

Vulcan Cast opted to journey the latter by launching the Elysium blockchain, which Vulcan Cast is referring to as “the blockchain for Metaverses.”

In keeping with bulletins made in regards to the venture, Elysium will turn out to be the world’s first carbon-neutral blockchain through a collaboration with the Netherlands-based decentralized carbon credit score alternate Coorest.

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This shall be achieved by offsetting the CO2 emitted by the Elysium blockchain with tokenized bushes and the gasoline charges from transactions shall be used to plant bushes on practically 70,000 acres of land owned by Coorest.

Along with this environmentally-friendly method, the community can also be attracting the eye of different protocols, with Vulcan Cast indicating that three different Metaverse initiatives have already signaled their intent to launch on Elysium.

Land gross sales go reside

A second motive for the bullish transfer in PYR over the previous week has been the restricted itemizing of 100 plots of land within the VulcanVerse.

All plots of land can be found for buy utilizing PYR, which has prompted some merchants to build up the token to make a purchase order, resulting in a rise in demand and token worth.

On high of providing holders a yield of 35 PYR per 30 days for the subsequent 4 years, land plots within the VulcanVerse may also be used to to earn by gameplay or hire.

Associated: NFTs are ‘Stayin’ Alive’ as new minting developments, AI and music-based initiatives thrive

PYR help on Polygon

A 3rd motive for the bullish turnaround within the worth of PYR has been the success of VulcanDex, the protocols decentralized alternate which presently operates on the Polygon and Ethereum networks.

In keeping with VulcanDeX, the protocol surpassed a complete worth locked of $10 million on Jan. 29 and this determine continues to rise as PYR worth rallies.

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VulcanDEX can also be within the strategy of integrating a cross-chain bridge between Ethereum and Polygon into the “My Forge” part of the DEX that may allow the straightforward switch of PYR tokens between the 2 networks.

The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you must conduct your personal analysis when making a call.

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