Stratis (STRAX) receives more than 200% after the announcement of the launch of the Sky Dream Mall m
Bear markets can be incredibly harsh for projects that have little acceptance or no applicable use case, but projects that are dedicated to construction regardless of market sentiment tend to do well in the next market cycle.
One of the projects that has noticeably increased volume despite the broader downtrend of the market is Stratis (STRAX), a blockchain development platform designed to help corporate enterprises simplify their own blockchain. Data from Cointelegraph Markets Pro and TradingView show that after reaching a low of $0.365 on June 15, the STRAX price increased by 220% and reached a daily high of $1.20 on June 29 amid growing 24-hour trading volume.
Here are three reasons why the STRAX price has seen a rally this week, although the broader crypto market continues to struggle.
The metaverse was one of the hottest topics in the bull market of 2021, and this concept continues to be the driving force behind mass adoption in the crypto space. Before the recent rise in STRAX prices, the team behind the protocol envisioned the upcoming launch of Sky Dream Mall, a metaverse project that runs on the Stratis blockchain. The protocol is experiencing growth in its NFT and GameFi token communities thanks to projects such as Astroverse Club and Trivia Legends.
Along with the growth on the Metaverse front, Stratis may also get a boost from its plan to launch the Great British Pound Token (GBPT) stablecoin. The GBPT stablecoin is being developed jointly with Price Waterhouse Coopers (PwC), which helps Stratis complete the registration process of the Financial Conduct Authority (FCA). PwC will also provide future audit services when the GBPT stablecoin is eventually released. The team is also working on a ticket management system that will allow NFT to be used to verify entry, as well as store benefits and perks for designated events and venues.
The third factor helping to increase the price of STRAX is the continuous development of the blockchain innovation center in Uganda, which aims to increase knowledge and awareness about blockchain. The project began after Stratis entered into a long-term partnership with the Foundation of King Oyo, the current monarch of the Kingdom of Toro in Uganda.
Construction of the center began on May 24, and the latest updated information about the project was published on June 27, showing that the foundation of the center is nearing completion.
https://coin-signal.com/cryptonews/stratis-strax-receives-more-than-200-after-the-announcement-of-the-launch-of-the-sky-dream-mall-metaverse-and-the-stablecoin/
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