The price of EtherLite has soared massively over the past few days. The rally came after the cryptocurrency started trading on cryptocurrency exchanges.
Ethereum Hardfork Ethereum Begins Trading
EtherLite started trading on cryptocurrency exchanges earlier this month. The cryptocurrency is a hardfork of Ethereum, the world’s second-largest crypto by market cap. The Ethereum hardfork token uses the proof-of-stake (PoS) consensus model, ensuring that it uses less energy than the proof-of-work protocols and provides investment opportunities for stakeholders.
EtherLite was created following a major hardfork on the Ethereum blockchain in May. Since its debut, the developers have been going through the various events on the roadmap. The cryptocurrency finally began trading on trading platforms earlier this month after an airdrop and an initial exchange offering.
EtherLite token (ETL) began trading at $0.2495 per coin. However, its price has since surged, rising by over 300% within the space of a few hours. The coin dipped for a brief period during the weekend. However, it regained its momentum and is now trading close to the $0.9 mark.
The rally by ETL over the past few days means that the cryptocurrency has given investors over 300% return on investment within five days.
EtherLite Is Compatible With The Ethereum Virtual Machine (EVM)
The Ethereum blockchain is transitioning from a proof-of-work (PoW) to a PoS consensus model. However, EtherLite is already using the PoS protocol. Despite that, a key feature of the EtherLite is that it is compatible with the EVM.
The compatibility implies that developers can use the decentralized applications (dApps) and smart contracts hosted on the Ethereum blockchain on EtherLite. This feature is crucial to the ecosystem due to Ethereum’s position as the number one trading platform for dApps and smart contracts in the world.
The EtherLite blockchain seeks to be an improvement to Ethereum by offering low transaction and gas fees, staking features, and faster transaction speed. ETL holders can use the tokens for several activities, such as network governance.