- In a new use case, Ekta is bridging physical assets with the digital world on its cross-chain mainnet
- Ekta launched its mainnet on January 11 after completing a $5m funding round from funding and private sales
- For the future, Ekta has outlined the whitelist for its NFT marketplace that would bring physical asset owners into the world of digital art
- Ekta’s decentralized financial services will allow users to lend and borrow without collateral
Believing that blockchain has the power to disrupt the prevalent systems but cannot exist without those systems, Ekta aims to bridge the physical assets and communities with the digital world of cryptocurrencies.
Not only a blockchain project, Ekta also focuses on sustainability. Ekta is looking to develop natural capital conservation, cleantech, wise tech, ocean startups, alternative medicines, permaculture, and aquaponics.
Raising over $5m in seed funding and private sales, the vision and goal of Ekta has caught the attention of many investors. So, how has EKTA performed in the market since its launch?
On January 11, Ekta announced its cross-chain mainnet on the back of a $5m funding round from funding and private sales. EktaChain is primarily for its partners to test and develop for this initial period.
Ekta also launched the Ektascan to give users validation of real-time blocks. There are currently 22,300 Ekta blocks, with the network having an average block time of 15 seconds.
Despite just launching, approximately 62% of the 33,000,000 EKTA in circulation are currently staked in different pools.
At the moment, the public cannot access Ekta. However, Ekta has announced that the public will be able to access functions when the EktaBridge and EktaHybex launch.
According to Ekta, its EktaBridge (to give users access to transfer tokens and/or arbitrary data from one chain to another) and Ekta Hybex (hybrid exchange) are expected to launch in the coming weeks.
As a new project, Ekta has announced that the platform would support the creation of non-fungible tokens (NFTs) in the future. On January 12, Ekta announced the incoming launch of its NFT Whitelist.
Through the Ekta NFT marketplace, Ekta will provide a novel way for NFT creators and the owners of physical assets represented as NFTs to connect with consumers. In addition, Ekta will be releasing a MetaTrees NFT collection in Q1.
Ekta has announced for the future, it will also provide decentralized financial services through a decentralized exchange (DEX) and lending and borrowing features. However, unlike conventional decentralized financial services, Ekta has revealed that collateral will not be a requirement.
Ekta (EKTA), the native token of the Ekta ecosystem, currently trades at $0.3702, following an 8% drop over the last 24 hours. Ekta’s $4.5 million market cap places it as the 5,623rd largest cryptocurrency.
On the Flipside
- Ekta’s launch into the already established NFT and DeFi markets means the project will need to compete against already established projects in the sector
Although just making its debut in the crypto space, Ekta has gathered a strong follower base thanks to its visionary team and promising roadmap.
The Ekta community fondly calls themselves Ektarians and doesn’t hesitate to talk about the project. One user, @SimpliciaGarcia, wrote about the project;
I really do admire this project.💯Their purpose in making the world much better is beyond amazing.👏 The wholesomeness is just WOW!! Can't wait for more to come, more power to the team!🚀❤️— Simplicia Garcia (@SimpliciaGarcia) January 13, 2022
@cryptogmaria wrote about the project;
Primary reason why I fell in love with @ekta_io😍👇— Maria 💫 (@cryptogmaria) January 10, 2022
I am impressed with their vision of helping people from lower income areas to have better access to capital, and to #Crypto, as well. Talk about inclusivity!💚💥
📌More info: https://t.co/87rEI2CD2h#NFT #Metaverse #NFTs https://t.co/OSmv5Ep18V
While the project still isn’t publicly available, Ekta keeps its community active with regular updates on the progress of the project and giveaways. Ekta recently tweeted;
Why You Should Care
By creating a bridge between both worlds, Ekta has the opportunity to be involved in multiple use cases and bring new economic opportunities for everyday people.