Airdrops, going ‘multi-chain’, and massive incentives for billionaire developers were some of the key marketing and rebranding tactics used on blockchain projects in 2021. This trend looks set to continue in 2022 and Gnosis (GNO ) appears to be jumping into the market. car.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $219 on Jan 24, the price of GNO has risen 57% to hit a daily high of $351 on Feb 14 as the Gnosis chain starts to turn a profit. . its footprint in the decentralized finance sector.
GNO/USDT 4-hour chart. Source: TradingView
Three reasons for the bullish reversal in GNO price include the rebranding of the protocol to CoW protocol, the release of several exciting proposals, including one that would burn a large portion of the circulating GNO supply, and several major integrations that have helped increase liquidity and access to the Gnosis ecosystem.
Gnosis rebrands to CoW Protocol
The most significant development for Gnosis in 2022 has been the rebranding of the protocol to the Coincidence of Wants Protocol, also known as CoW.
The impetus behind the change was the growing popularity of CowSwap, a decentralized exchange that was the first interface built on top of the Gnosis Protocol.
As part of the rebranding and full launch of CowSwap, GNO holders have the opportunity to lock their tokens in the protocol for one year to receive an airdrop of COW (vCOW) tokens, the native token in CowSwap.
The airdrop is also available to Gnosis Beacon Chain (GBC) validators and all airdrop participants will be qualified to receive future airdrops, such as the recently released Gnosis Safe. GNO participants will also be able to opt into liquid participation in Gnosis Chain once liquid participation becomes available.
A second factor that helped stoke GNO’s momentum has been a series of proposals focused on bringing about big changes within the Gnosis ecosystem.
The most recent proposal put forward by the Gnosis team is designed to establish SafeDAO and launch a SAFE token that can be used to govern the Gnosis Safe ecosystem and infrastructure.
The proposal also seeks to establish an independent Safe Foundation in Switzerland that will protect strategic off-chain assets, issue a “SAFE” token, and help grow the Gnosis Safe ecosystem.
There is also a proposal currently available for comment asking the community if GnosisDAO should burn 68% of the circulating GNO supply to help improve the token economy and give GNO holders more voting power.
— Karpatkey (@karpatkey) February 3, 2022
Related: 1-Inch Network Expands to Avalanche and Gnosis Chain
New mergers and integrations
A third reason for the rise in GNO price has been the expansion of the Gnosis ecosystem which has helped increase access to the GNO token as well as activity on the network.
Recent notable collaborations include integrations with decentralized exchange aggregator 1inch and private transaction protocol Tornado cash, while the protocol’s early December merger with xDAI helped establish Gnosis Chain.
The journey of Gnosis Chain ⛓ (formerly xDai Chain) begins!
♻️ STAKE to GNO exchange app is now available on Ethereum and GC.
Details and exchange link ➡️ https://t.co/m34tWgQUVx pic.twitter.com/a9JeMfYuUE
— Gnosis Chain (@gnosischain) December 12, 2021
Cointelegraph Markets Pro’s VORTECS™ data also began spotting a bullish outlook for GNO on Jan. 22, prior to the recent price surge.
Exclusive to Cointelegraph, the VORTECS™ Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and trading activity. Twitter.
VORTECS™ score (green) vs. GNO price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ score for GNO reached a high of 76 on January 22, around 48 hours before the price started to rise 61% over the next two weeks.
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This post Gnosis (GNO) continues the uptrend after vCOW airdrop and rebranding to CoW Protocol
was published first on https://cointelegraph.com/news/gnosis-gno-continues-uptrend-after-vcow-airdrop-and-rebrand-to-cow-protocol