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HomeCryptocurrencyGnosis (GNO) continues uptrend after vCOW airdrop and rebrand to CoW Protocol

Gnosis (GNO) continues uptrend after vCOW airdrop and rebrand to CoW Protocol

Airdrops, going ‘multi-chain’ and big multi-million greenback developer incentives have been a few of the key advertising and rebrand techniques blockchain initiatives utilized in 2021. This pattern seems set to proceed in 2022 and Gnosis (GNO) seems to be leaping on the bandwagon.

Information from Cointelegraph Markets Professional and TradingView exhibits that since hitting a low of $219 on Jan. 24, the value of GNO has placed on a acquire of 57% to hit a day by day excessive of $351 on Feb. 14 because the Gnosis chain begins to make its mark within the decentralized finance sector.

GNO/USDT 4-hour chart. Supply: TradingView

Three causes for the bullish reversal in GNO value embody the protocol’s rebrand to CoW protocol, the launch of a number of attention-grabbing proposals, together with one that will burn a big portion of the circulating GNO provide and several other main integrations which have helped enhance the liquidity and entry to the Gnosis ecosystem.

Gnosis rebrands to CoW Protocol

Essentially the most important growth for Gnosis in 2022 has been the protocol’s rebrand to the Coincidence of Needs Protocol, often known as CoW.

The impetus behind the change was the rising recognition of CowSwap, a decentralized trade that was the primary interface constructed on Gnosis Protocol.

As a part of the rebrand and full launch of CowSwap, GNO holders have the chance to lock their tokens on the protocol for one yr as a way to obtain an airdrop of vested COW (vCOW) tokens, the native token on CowSwap.

The airdrop can be obtainable to Gnosis Beacon Chain (GBC) validators and all airdrop members might be certified to obtain future airdrops, such because the newly launched Gnosis Secure. GNO stakers will even be allowed to opt-in for liquid staking on Gnosis Chain as soon as liquid staking turns into obtainable.

GnosisDAO proposals

A second issue serving to stoke the momentum for GNO has been a lot of proposals centered on bringing about large modifications throughout the Gnosis ecosystem.

The newest proposal submitted by the Gnosis crew is designed to determine SafeDAO and launch a SAFE token that can be utilized to manipulate the Gnosis Secure ecosystem and infrastructure.

The proposal additionally seeks to arrange an unbiased Secure Basis in Switzerland that may shield strategic off-chain property, concern a “SAFE” token and assist develop the Gnosis Secure ecosystem.

There may be additionally a proposal presently obtainable for remark that asks the neighborhood if the GnosisDAO ought to burn 68% of the circulating provide of GNO to assist enhance the economics of the token and provides extra voting energy to GNO holders.

Associated: 1inch Community expands to Avalanche and Gnosis Chain

New mergers and integrations

A 3rd cause for the rise in GNO value has been the enlargement of the Gnosis ecosystem which has helped enhance entry to the GNO token in addition to exercise on the community.

Latest notable collaborations embody integrations with the decentralized trade aggregator 1inch and the personal transaction protocol Twister money, whereas the protocol’s early December merger with xDAI helped set up the Gnosis Chain.

VORTECS™ knowledge from Cointelegraph Markets Professional additionally started to detect a bullish outlook for GNO on Jan. 22, previous to the latest value rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mix of information factors together with market sentiment, buying and selling quantity, latest value actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. GNO value. Supply: Cointelegraph Markets Professional

As seen within the chart above, the VORTECS™ Rating for GNO hit a excessive of 76 on Jan. 22, round 48 hours earlier than the value started to extend 61% over the following two weeks.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Each funding and buying and selling transfer entails danger, you need to conduct your personal analysis when making a call.