FLOW, the native token of the Layer-1 blockchain network Flow, has surged 17% over the past day, making it the top gainer among the top 100 cryptocurrencies by market cap.
Currently, Flow (FLOW) is trading at $0.6283, according to data from crypto.news. The token’s trading volume has increased by 361%, reaching approximately $150 million. Additionally, FLOW’s market capitalization has surged to $950 million. Despite this rise, FLOW remains 98.6% below its all-time high of $46.16, recorded on April 5.
Flow, developed by Dapper Labs, is designed to support decentralized applications (dApps) and digital assets. The platform aims to offer a high-performance, user-friendly environment that addresses scalability without compromising decentralization. Its architecture enables developers to create secure and efficient smart contracts.
FLOW serves multiple purposes within the Flow ecosystem, including paying transaction fees, staking, and participating in network governance. The increasing number of dApps and users on the platform has driven demand for FLOW, influencing its price.
The recent surge in FLOW’s value follows a July 24 announcement by Flowverse, a discovery hub and NFT marketplace for the Flow blockchain, stating that OKX Australia has listed Flow on their exchange.
Additionally, on-chain data analyst Adrià highlighted several key developments in a July 24 announcement. These updates include the unveiling of the Crescendo Testnet, set for Aug. 14, and the BETA by NBA Top Shot reaching $100k in total value locked.
Furthermore, 3,500 contracts have been created on Flow, and a new open-source category has been introduced on Flowverse.
Other notable achievements include MFL, a web3 Football Management game on Flow, hitting 50k in secondary sales. Sean P. Robb also shared insights on scaling Ethereum applications using the Ethereum Virtual Machine (EVM) on Flow.
