The cryptocurrency market faced a very difficult month in May. A majority of tokens suffered heavy losses after a bear market was confirmed. However, not all projects fell back to their pre-bull market levels.
Chain (XCN), which is a protocol that allows organizations to create their own blockchain networks or connect to existing networks, has seen more than 120% growth since May 19.
Cointelegraph Markets Pro and TradingView data show that XCN has reversed its course since hitting a low at $0.0712 on May 11 and then reaching a record high at $0.176 on May 31.
XCN/USDT 4-hour chart. Source: TradingView
There are three reasons for XCN’s strong showing. They have multiple exchange listings, launched on BNB Smart Chain, and many notable partnerships, including a long-standing partnership with the Stellar Foundation.
Volume is boosted by exchange listings
Chain created a smart contract to manage its token in March 2022 and rebranded as XCN from CHN. After the rebrand, XCN was listed on KuCoin. Following that listing, Hotbit, Gate, Bitrue, Huobi and Gate all saw a sharp increase in trading volume.
Many of the supporting exchanges, including Gate, Huobi and Poloniex have launched perpetual contracts for XCN token. This has helped to increase awareness and led to a surge in trading volume.
XCN can also be used in cross-chain integration with BNB Smart Chain. This allows for token transfers at a low cost and trading on PancakeSwap. Holders can earn yield by providing liquidity for the exchange.
After the BSC integration, the price for XCN jumped from $0.0712 on May 11, to $0.14 the following week.
Similar: BNB Chain issues a year-long technical roadmap for developing ecosystem
Chain has enjoyed several noteworthy partnerships and funding rounds since 2014. This includes a fundraise of more than $40 million from Khosla Ventures and Pantera Capital, Capital One and Capital One.
The project was purchased by the Stellar Foundation in 2018. It became part of Interstellar, the commercial arm. Chain was repurchased in 2020 by Sequence, a platform that provides ledger-as a service.
Due to their close ties, it is possible that the Stellar protocol’s recent developments, including its partnership for MoneyGram to make a stablecoin-based platform to transfer money, could have positive impacts on the price of XCN.
Chain announced in April 2022 a strategic partnership agreement with Alameda Research, which made the firm a primary market maker for Chain. It is a private equity and quantitative crypto trading firm. Although none of these partnerships seem significant enough to explain XCN’s current gains it is noteworthy that altcoin’s price action diverges from the wider crypto market almost every month.
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