Gnosis DAO picks Swarm to store blobs? Swarm token surges 100% in 24 hours

In this post:

  • Gnosis DAO opts for ethswarm to store blobs instead of IPFs
  • Gnosis Chain deployed blobs as a strategic move to address one of the most pressing challenges in the blockchain space—scalability. 
  • Swarm (BZZ) price surged by double digits within the last 24 hours

On-chain market data shows that Gnosis DAO has successfully stored blobs on Swarm. The DAO’s move from IPFS to Swarm has piqued investors’ interest in the recent industry buzz. The price of Swarm (BZZ) has surged by more than 80% in the last 24 hours.

Also read: Inflows into Bitcoin ETF are strong, but the price won’t move

Gnosis Chain pioneered blobs—a new approach to enhance Ethereum’s data handling capabilities ahead of the Dencun upgrade. After that, Gnosis DAO co-founder Martin Köppelmann announced the entity would store blobs permanently on ethswarm 3 months ago.

Gnosis DAO moves from IPFS to Swarm

Gnosis Chain, formerly known as xDai Chain, functions as a sidechain alongside Ethereum and is managed by Gnosis DAO. Blob.Fm, a content-based platform, was the first Gnosis Chain application to use network blobs.

These blob transactions, also known as EIP-4844 (or protodanksharding), went live on the Ethereum mainnet at epoch 269568, following the Dencun upgrade.

On March 12, 2024, Martin Köppelmann said on X (formerly Twitter), “No worries, we are already exploring option to save poor  Woody by storing blobs permanently with @ethswarm.”

Soon after, members had an open discussion on which option the Gnosis DAO should choose: either ethswarm or IPFS. The results of the voting are shown below.

Source: DarkoWeb3StorgePerf

To provide some context, Swarm is a peer-to-peer network of Bee nodes that work together to deliver censorship-resistant, decentralized storage and communication services. Swarm’s incentive system is enforced using smart contracts on the Gnosis Chain blockchain and powered by the xBZZ token, making it financially self-sustaining.

IPFS (Interplanetary File System) is essentially a file system that allows users to store files and monitor changes over time, similar to Git. It also allows users to keep track of them on a distributed network, similar to BitTorrent. This storage solution supports direct interaction through a secure, global P2P network. By combining these two qualities, IPFS creates a permanent new web and improves how interactions with old internet protocols such as HTTP.

Market reception creates a price buzz

A user on X by the handle @szarketh caught wind of the price movement, saying, “On  12/03/2024 CO-Founder @GnosisDAO posts information that they are looking for a way to store blobs using @ethswarm. On 11/06/2024, $SWARM grows 95% in 24 hours when everything falls…Have they found a way? They say there are no coincidences, only signs.”

Also read: Solana removes several validators for sharing mempool data

Yaroslav Belkin, co-author and Head of Events for Cryptopolitan, closely paid attention to the token price movements for the last 24 hours with a question in mind: ‘What is happening, and where is this going?’ The on-chain data cited below answer his question. 

Based on the data from CoinMarketCap, Swarm (BZZ) is currently being traded at $0.6424, showing a significant increase of 54.04% in just one day. According to CoinGecko, BZZ currently has a market cap of $38,546,994 and is currently ranked at #760.

Swarm’s trading volume has reached an impressive $16,816,083 in the last 24 hours, showing a 777.00% increase over the last 24 hours. This surge in market activity indicates a recent uptick in trading. The highest recorded price for BZZ was $21.11 on June 22, 2021, nearly three years ago. The current price is 97.06% lower than the all-time high. The lowest recorded price for BZZ was $0.211 on September 16, 2023. The current price is an exponential 194.65% higher than the all-time low recorded nine months ago.

Cryptopolitan Reporting by Florence Muchai

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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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