- Quant (QNT), via its Overledger, presented one of the earliest solutions to blockchain interoperability.
- The project is now seeing increased use in the development of CBDCs, leading to a rise in the interest of QNT.
- Quant (QNT) has topped the crypto performance charts, rallying by 41% in the bearish month of September.
- Whales have also increased their accumulation of QNT as the token recorded its highest trade volume since September 2021.
Quant is popular for being the first cryptocurrency project to solve the interoperability problem through the creation of the first blockchain operating system and distributed ledger technology, the Overledger Network.
Overledger represents the core around which a future digital economy ecosystem is supposed to be built. The goal of Quant is to use Overledger to connect blockchains and networks on a global scale.
In addition, the Quant Network allows the developers and businesses in it to build decentralized multi-chain applications (known as MApps) for their customers including for chains that do not support them.
QNT is the core currency of the Quant Network and is used to automate the trust functions between multiple blockchains with the help of the Overledger operating system. For MApps to be built, developers must hold a certain amount of QNT.
While Overledger is seen as one of the best-performing chains, Quant has released Overledger 2.2.14, which introduces technical changes to improve the future functionality of the network.
The new release adds an additional field-level validation for Ethereum and Hyperledger Fabric transactions on the network. It also expands Quant’s DLT event monitoring and subscription functionality for QRC-721 tokens.
Quant has been growing in popularity along with the growing demand for Quant Network’s specialization in blockchain interoperability and specific work with central bank digital currencies (CBDCs).
Using distributed ledger technology (DLT) interoperability, the Quant Network has been used in solving supply chain and trade finance problems. A blockchain researcher recently found undocumented Quant Network partnerships worth billions.
Quant’s development in this area saw the project picked by the Digital Pound Foundation to develop the payment infrastructure for the CBDC equivalent of the pound in the U.K.
Quant’s increasing use case in CBDCs led its Chief Product Officer, Martin Hargreaves, to explain the benefits of CBDCs to consumers in an article titled, “the benefits of CBDCs, and designing a system that delivers them.”
In addition to the recent developments, Quant has performed well in social metrics, with its social contributions reaching a 90-day-high on September 26th. The daily active addresses of Quant spiked to the highest point in more than a year.
Data tracker Santiment also reported that Quant has recorded its highest trade volume since September 2021. According to LunarCrush, Quant has an AlternativeRank™ (a ranking of relative combined social and market activity) of 1 out of the top 3,899 coins.
Quant (QNT) broke out from a long-term descending resistance line, rallying by 12.50% during the week of September 18-25th, when other cryptos suffered a very sharp decline.
Over the last 30 days, the price of QNT has increased by 41.3%, the third highest of the top 100 ranked crypto by market cap. Opening September at a price of $96.41, QNT now trades at a new 3-month high of $143.78.
The 30-day price chart for Quant (QNT). Source: CoinMarketCap
In the last 24 hours, QNT has gained 3.7% and now trades at $143.28. The immense performance in September has seen Quant’s market cap rise from $1.14 billion to $1.68 billion. Quant is now ranked as the 33rd biggest crypto.
The 24-hour price chart for Quant (QNT). Source: CoinMarketCap
Quant looks to continue its push for financial institutions to leverage blockchain infrastructure, with Gilbert Verdian, the CEO at Quant speaking at the just concluded CordaCon 2022.
Quant also announced that the team will be present at the Sibos in October to discuss the financial industry’s critical adoption of institutional digital assets.
On the Flipside
- Although interoperability as Quant believes, is widely accepted to be the future of blockchain, there are several hindrances to the adoption of these protocols.
- Interoperability bridges have been exploited for over $1.4 billion since the start of the year.
Despite being one of the older crypto projects, Quant does not have the share volume of community members as other projects. However, it makes up for this in the dedication shown by its community members.
One user, @qntcap shared his thesis about Quant, writing:
Reacting to Quant’s growing use in CBDC development, one user, @SanNL11 wrote:
Reacting to Quant’s recent rally, long-term enthusiast, @QNTMami, who believes QNT will hit $10,000, wrote:
the best thing about this rally is that it’s folks like myself and other veteran crypto holders who are buying. the weak hands capitulated back at $40 in june. quant is back in its rightful place. with the strong. sellers will get exhausted and educated money will hold spot.— $QNT Mami 🧠 (@QNTMami) September 27, 2022
Why You Should Care
Although not as publicized as other top projects, Quant is one of the most actively developed projects. With more countries developing and testing CBDCs, Quant could see more demand for its solution, which could lead to the continuous rise of its QNT tokens.