The cryptocurrency landscape is witnessing an interesting shift as Internet Computer (ICP) outperforms the market with a significant 7% gain, reflecting its growth potential in the space. At the same time, Collateral Network (COLT) is making waves with a remarkable 40% surge during its presale phase of discounted COLT tokens. Let’s look at both of these events closely and get an in-depth understanding of the developments.
What Is Internet Computer (ICP)
Imagine Internet Computer (ICP) as a global, shared supercomputer built on blockchain technology. It empowers developers to create and manage a diverse range of online systems and services in a decentralized manner. ICP tokens serve as the fuel for this network, paying for transactions, storage, computation, and other resources.
In contrast to traditional IT setups that rely on central cloud computing providers, Internet Computer (ICP) promotes a fully decentralized approach. This shift makes the Internet more secure, open, and accessible by removing the need for conventional IT services.
This groundbreaking concept helped the Internet Computer (ICP) team attract significant funding, over $100 million from private investors, and led to a successful ICO. However, the token was introduced to the public during a tough bear market, causing its value to plunge to a low of $3.48 by December 2022.
Factors Driving the Performance of Internet Computer (ICP)
Since then, Internet Computer (ICP) has shown resilience and bounced back, with its value increasing to $5.54, marking a 59% gain since January 2023. Internet Computer (ICP) has seen an impressive 7% gain in the past week, with the surge attributed to several underlying factors:
1) 250+ Developer Grants – Internet Computer (ICP) has established a $70 million developer grant program to encourage developers to create applications and services on the platform. This initiative has attracted many talented developers, significantly boosting the network’s growth.
2) Smart Contracts on Bitcoin (BTC) – With ckBTC, Internet Computer (ICP) allows users to deploy and execute smart contracts on the Bitcoin (BTC) blockchain.
3) New Partnerships – FEDERITALY, a clothing federation, will use Internet Computer (ICP) to verify the authenticity of its products and reduce fraud. This partnership will further boost ICP’s credibility in the market.
What is Collateral Network (COLT)
Collateral Network (COLT) is an innovative Web3 platform that offers a decentralized lending solution to people across the globe. By leveraging physical assets like luxury watches, fine art, and vintage cars, users can secure loans without undergoing conventional credit checks, making Collateral Network (COLT) an ideal choice for quick and accessible financing.
Collateral Network (COLT)’s unique feature is the ability to convert physical assets into NFTs, representing the items on a 1:1 basis. This enables users to retain ownership of their assets while accessing funds, offering an alternative to traditional lending methods.
These NFTs can be fractionalized, allowing multiple lenders to contribute to a single loan and generating institutional-level liquidity for borrowers. Collateral Network (COLT) appeals to borrowers seeking funds and investors looking for high-return opportunities.
The platform’s COLT token offers holders a range of perks, including staking rewards, governance rights, and lower borrowing fees. As such, holders of COLT benefit from both the token’s potential value appreciation and the services provided by Collateral Network (COLT).
Given its pioneering lending model, experts predict that the 40% presale surge is just the start of the bull run for Collateral Network (COLT). As the asset-backed lending market is projected to reach $6.9 trillion by 2028, the current price of $0.014 is likely to increase to extraordinary heights as the project gains adoption.
Explore the Collateral Network presale here:
Website: https://www.collateralnetwork.io/
Presale: https://app.collateralnetwork.io/register
Telegram: https://t.me/collateralnwk
Twitter: https://twitter.com/Collateralnwk
