Bear markets can be harsh for projects with little adoption or a lack of applicable use cases, but projects that commit to building despite market sentiment tend to be successful in the next market cycle.
Stratis (STRAX), a blockchain development platform designed to help businesses build their own blockchains in a simplified manner, is one project that has seen a marked increase in volume despite the broader market downtrend.
Data from Cointelegraph Markets Pro and TradingView show that after hitting a low of $0.365 on June 15, the price of STRAX rose by 220% to $1.20 per share on June 29 amid soaring 24-hour trading volume. Daily high.
Here are three reasons why STRAX prices have risen this week as the broader crypto market continues to struggle.
Metaverse launches eye-catching
Metaverse was one of the hottest topics during the 2021 bull run, and the concept remains the driving force behind mass adoption in the crypto space.
Ahead of the recent STRAX price rally, the team behind the protocol teased the upcoming launch of Sky Dream Mall, a Metaverse project powered by the Stratis blockchain.
Sky Dream Mall, a virtual world powered by Stratis Blockchain is coming soon! #metaverse #metaverseland #nftcommunity #nftartwork #vaperwave #stratis #Cryptocurency [email protected] [email protected] [email protected]_Faction pic.twitter.com/TpmhGDpKvz
– Polycarbon Games (@Polycarbongame) June 25, 2022
The protocol has been growing in its non-fungible token (NFT) and GameFi communities thanks to projects like his Astroverse Club and Trivia Legends.
Stablecoins and NFTs
As the Metaverse side grows, Stratis may also get a boost from its plans to launch the Great British Pound Token (GBPT) stablecoin.
The GBPT stablecoin is being developed in partnership with PricewaterhouseCoopers (PwC), which is helping Stratis with the Financial Conduct Authority (FCA) registration process. PwC will also provide future audit services when the GBPT stablecoin is finally released.
The team is also developing a ticketing management system that will allow the use of NFTs to verify admission and store benefits and perks for designated events and venues.
Related: Government, Business, Gaming: Who Will Drive the Next Crypto Bull Market?
Outreach in Uganda
A third factor helping to boost the price of STRAX is the continued development of the Uganda Blockchain Innovation Centre, which aims to increase blockchain knowledge and awareness.
The project began following a long-term partnership between Stratis and the King Oyo Foundation, the current monarch of the Kingdom of Turo, Uganda.
As part of Stratis’ global expansion, the groundwork has been laid for the Stratis Blockchain Innovation Centre in Uganda. #blockchain #dotnet #Stratis $STRAX pic.twitter.com/nIBl0IEsBk
— Stratisplatform (@stratisplatform) May 24, 2022
Construction on the center began on May 24, and the latest update to the project was released on June 27, showing that the foundation of the center is nearly complete.
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