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Vulcan Forged (PYR) rebounds 119% after selling virtual land and launching Elysium testnet

NFT, game logs, and metaverse are all hot topics in 2021 and on the rise in 2022.

NFT-related projects, Metaverse are also recovering quickly from the market-wide downturn and Vulcan Forged (PYR) was one of the standout growth markets this week. The project is a blockchain game studio and NFT marketplace in the process of developing its VulcanVerse ecosystem.

Data from TradingView shows that after hitting a low of $6.59 on Jan. 24, PYR price jumped 119% amid trading volume to reach a high of $14.43 on Feb hours it increased by 141%.

Vulcan Forged (PYR) rebounds 119% after selling virtual land and launching Elysium testnet

PYR price chart | Source: TradingView

Three reasons for PYR’s price rally are the launch of the Elysium testnet, the listing for sale of 100 lots in VulcanVerse and the launch of the PYR bridge between Ethereum and Polygon.

Launch of the Elysium testnet

High transaction fees on the Ethereum network is one of the barriers to stored logs and this has prompted many projects to switch to other networks or deploy their own solutions to reduce costs.

Volcanoforged selected work Elysium, which Vulcan Forged calls the “blockchain for metaverse.”

According to the announcement, Elysium will become the world’s first carbon-neutral blockchain through a partnership with a decentralized carbon credit exchange, Coorest, based in the Netherlands.

This will happen through By offsetting the CO2 emitted by the Elysium blockchain with tokenized trees, the gas fees from the transactions will be used to plant trees on nearly 70,000 acres of land owned by Coorest.

In addition to the green approach, the network also attracts the attention of other protocols. Vulcan Forged points out that three other Metaverse projects have signaled their intention to launch on Elysium.

Selling a lot in VulcanVerse

The second reason for the PYR’s bullish movement over the past week is the fact that listing limited to 100 lots in VulcanVerse.

All plots of land can be bought with PYR, which has prompted some traders to accumulate tokens for buying land, leading to an increase in demand and token price.

Besides providing an income of 35 PYR per month for the next four years, lots in VulcanVerse can also be used to earn money through gaming or renting.

Polygon supports PYR

The third reason behind the PYR rally is the success of VulcanDex, the decentralized exchange protocol currently operating on the Polygon and Ethereum networks.

According to VulcanDeX, the protocol has a totally locked value level 10 million USD on January 29th and this figure will continue to increase as PYR price recovers.

VulcanDEX is also in the process of adding a cross-chain bridge between Ethereum and Polygon to the “My Forge” section of DEX, allowing for easy transfer of PYR tokens between the two networks.

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Synthetic Team Cuong

According to Cointelegraph

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