Cartesi has made headlines this week after its token, CTSI, became one of the biggest crypto market winners with a price surge of 95%.
CTSI hits high market cap in a week
The price of CTSI jumped 95% over the last seven days, selling at $0.3299 on April 20, an 8.95% increase from April 19, according to CoinMarketCap. The total market cap also increased by $110 million, reaching $221 million in the week.
Data from IntoTheBlock, a crypto market intelligence platform, shows that the transaction volume of CTSI tokens has also increased, with over 500 transactions, each moving value greater than $100,000.
The report shows that the 30-day change in transactions has increased from $100,000 to $1 million.
The unexpected surge in the CTSI token has caught the attention of investors, showing great interest in Cartesi’s upcoming product. Institutional investors view the token’s recent performance as a bullish indicator of its future and potential in the blockchain industry.
The growth of Cartesi
Cartesi is a blockchain platform introduced to the public on April 14, 2020. The platform aims to introduce ease of use and scalability to decentralized applications (dApps). The platform plans to roll out new improvements and features to reach its goal.
Cartesi operates on layer two and offers benefits such as lower transaction fees, faster processing, and upgraded smart contract transaction privacy. CTSI is vital for the smooth operation of Cartesi’s Data Ledger, a side-chain for temporary data storage.
The platform leverages off-chain computation allowing smooth integration of blockchain technology and mainstream software.
Cartesi made a significant step towards expanding the Cartesi ecosystem contributors’ network by introducing its Community Grants Program (CGP). The program allows CTSI token holders to participate actively in the project’s governance, which includes distributing grant program funding.
The program’s launch made the CTSI token gain more value and utility as the token holders can participate in Cartesi’s ecosystem future.
The CTSI token has more than 1M USD in funding available. Token holders seeking funding can refer to the CGP rules, guidelines, and review process before submitting their applications.
Cartesi plans to introduce other community governance-driven programs, such as the CGP.