– Increasing interest towards Decentralized Finance – New wallet release – Low transaction costs back DAG price surge The consensus mechanisms of Bitcoin (BTC) and Ethereum (ETH) had a significant role in the price movement of both assets in the past two months.However, it has opened the door for other players on the field.One project which has braved the tide in the cryptocurrency market is the Constellation (DAG).As a result, the altcoins have managed to rally to a new record high on July 10.It is a protocol that uses directed acyclic graph architecture to achieve a consensus that is theoretically capable of infinite scaling.Data reveals that the price of DAG rallied 353% from a low of $0.037 on June 22 to a new record high at $0.17 on July 10.Three prominent reasons have been attributed to the surging fortunes of DAG.
– A decentralized working exchange – Ever-expanding global partners who use the Constellation network to manage data – The network offers low-cost, highly scalable transactions DeFi launch brings benefits to stakers Recently launched Lattice Exchange (LTX) can be labeled as a market maker-based decentralized exchange (DEX).It uses Constellation’s Hypergraph network and offers a horizontally scalable decentralized network almost free.The project has seen good yield farming for LTX tokens via liquidity provision on Uniswap.It has also staked the token directly on the Lattice Exchange for a calculated APY of 155%.DAG holders can become a part of the network by betting the tokens on a state channel which will help increase the network’s transaction per second (TPS) capability.Investors can also employ the DAG tokens to run a node on Constellation’s Hypergraph platform and validate data and transactions and receive rewards paid in DAG.Global Partnerships highlight Constellation’s clout.
Several new entities are joining the constellation platform, which is proof of the platform’s strong fundamentals.
The notable partnership includes Amazon Web Services and the United States Airforce, and the project has also established sector-related partnerships with Chainlink (LINK) and KuCoin exchange.One crucial partnership the platform concluded was with Liechtenstein Cryptoassets Exchange (LCX).The exchange promised to support the listing of DAG and future tokens created using the Constellation Network’s L_0 Token Standard.
Quicker Transactions, Lesser Costs Crypto Token giants like Bitcoin and Ethereum are increasingly becoming the targets of environmental concerns and regulators.The high transaction fees also miff investors, and this has made them turn their focus towards projects like Solana and layer-2 solutions, which offer faster transaction speeds at lesser costs.Many traders and blockchain entities were hampered by high gas fees on the Ethereum network.Therefore if any platform offers secure, low fee transactions with a competitive TPS has the opportunity to thrive.The newly introduced ‘Stargazer’ wallet is compatible with Lattice, and it supports zero-fee person-to-person transactions on the network.The cryptocurrency community is waiting for the upcoming London hard fork on Ethereum.
The future of layer-one and layer-two solutions jostling for space will depend mainly upon the upgrade results.It needs to be seen if the upgrades will lead to a significant reduction in fees.If the scenario does not improve and the fundamentals continue to get stronger, the future bodes well for DAG price…
