The latest entrant to this space is the little-known KokoSwap, which saw an eye-popping 76,200 per cent rise in just a single day, data from Coinmarketcap showed.
KokoSwap jumped $7.63 from $0.009999 within 24 hours, the website said. However, it declined to $5.85 at 12.50 pm IST, boasting a market cap of about $2 billion.
The KokoSwap staking platform is undergoing a “game changing” migration as it switches from Ethereum to Binance Smart Chain. This migration allows more users to sign in and gives more access to a large community of gamers in the Binance ecosystem.
Sharat Chandra, a Blockchain & Emerging Tech Evangelist, said KokoSwap was riding high on the NFT-gaming wave. GameFi is drawing gaming aficionados in hordes. “What makes it interesting is the promising KokoStake staking platform that enables users to invest and generate a high APY income stream. The lure of a passive income stream via staking is hard to resist,” he added.
As the popularity of play-to-earn games has risen rapidly recently, staking has become the new trend for gamers to monetise tokens. In the last few months, the craze for NFT and blockchain-based games has shot up exponentially. A new wave of crypto adoption has begun in the gaming community due to its benefits. KokoSwap is a one-of-a-kind platform that encapsulates decentralised NFT gaming, an invite-only celebrity NFT marketplace and robust staking.
Tarusha Mittal, COO and co-founder, OroPocket and UniFarm, said NFTs and gaming were trending at the moment thanks to various influencers and celebrities joining in the NFT revolution. “I feel that the sudden surge is driven by the fear of missing out and people are lapping up the opportunity as it comes. Considering the market volatility, it is best to take out profits and only invest what you can afford to lose.”
Why is KokoSwap migrating?
Ethereum as a blockchain has been one of the most popular and top-notch platforms, but it has congestion issues and high gas fees have caused a gradual shift away from the network. Not only KokoSwap, a number of projects are seeking alternatives to the Ethereum blockchain owing to its slow transaction speed and high charges.
Sohail Merchant, CEO and Founder, PocketBits said that this is a protocol upgrade of KokoSwap from the Ethereum chain (ERC20) to Binance Smart Chain (BSC).
The Balance Smart Chain was launched in 2020.
The KokoSwap platform is a decentralised platform that combines the practices of NFT trading, NFT gaming and crypto trading to create a decentralised and enriching environment.