Quant (QNT) is going steep: What’s behind it?2 min read
While the charts on the entire crypto market were rather mixed, Quant token is now literally going through the roof. At the time of writing, there has been an increase of more than 20 percent in the last 24 hours alone.
The first half of 2021 was marked by great success for Quant. From around eleven dollars in January 2021, it went to over 400 US dollars within half a year. In addition to the fundamentally bullish mood on the overall market, the reason for the strong price development was above all the listing Coinbase and binance. Nevertheless, Quant could not escape the selling pressure in the second half of 2021. Since September 2021, the price has only known the way down and at times was more than 60 percent below its all-time high.
The recent increase may come as a surprise to many, since on the part Quant Network (QNT) – except one new version by Overledger on January 24th – no specific news was reported. The strong rise is therefore likely to be mainly technical in nature after the price fell to a new all-time low in January 2022 and then formed a strong bottom for several weeks. The bulls’ renewed onslaught was also accompanied by strong volumes in trading exchanges, underscoring the strength of the current move. In addition, the hack of the Token Bridge Wormhole could also be seen as a possible reason for the rapid price increase at Quant. worm hole was open yesterday February 2nd Twitter announces that it is investigating a potential exploit. Shortly thereafter, it was confirmed that 120,000 WETH (Wrapped Ether) had been stolen. Since Quant Network is also working on multi-chain solutions, the second largest DeFi hack of all time could therefore play QNT as a competitor in the cards.
The self-imposed goal of Quant Network (QNT) sounds ambitious. They want to establish themselves as a kind of basic infrastructure in the interoperability of blockchain platforms. The underlying technology used by QNT is called the Overleder DLT Gateway. The Quant token is the proprietary ETH token on which Quant Network’s enterprise software solutions operate. The special feature: Quant Network enables the creation of so-called multi-chain apps (mApps). These work in a similar way to the already known dApps, but have the special feature that they enable the user to create an interaction between the different blockchains. Data can thus be processed, verified and stored on multiple chains. In short: mApps are operated on several blockchains.
With a market capitalization of around 1.82 billion US dollars, Quant is currently one of the 100 largest crypto projects worldwide.
If you want to learn more about Quant Network, we recommend the August issue of Kryptokompass, which goes into detail about the coin without a blockchain. For the output go here.