- The XDC Network is a hybrid blockchain network that has become popular for being both faster and cheaper than Bitcoin and Ethereum.
- Between December 14th and 16th, XDC gained by as much as 50%, reaching prices as high as $0.09791.
- On December 2nd, the XDC Network completed its Andromeda Upgrade, making changes to its XDPoS consensus protocol.
- The XDC Network has also announced a partnership with Trustology, a leading institutional crypto custodian wallet provider.
XDC is short for XinFin Digital Contract and was created as the native token for the Xinfin blockchain network, a hybrid network that combines the power of public and private networks. The proof-of-stake XinFin blockchain network allows users to access the public layer of the network to build highly-scalable private networks.
The XDC Network has become increasingly popular for being faster than Bitcoin and Ethereum, capable of handling up to 2,000 TPS, while also being cheaper, with average transactions costing approximately $0.00001. In addition to this, the XDC Network continues to defy market odds.
While the crypto market has reverted back into a bearish trend, the price of the XDC Network has surged as demand for the tokens continues to rise. Between December 14th and 16th, XDC’s value gained by as much as 50%, making it one of the best-performing cryptos.
The price chart for XDC Network between December 14th and 16th. Source: Tradingview
The rally saw the price of XDC rise from its initial pricing of $0.066 to as high as $0.09791, and this rally has brought its total market capitalization to more than $1.1 billion.
In the wake of this outstanding performance, XDC has begun to correct, dropping by as much as 15% from its newly found highs. As a result, XDC is now trading at $0.081932 as of this writing. The drop means that the XDC Network is now ranked as the 87th largest crypto with a $1.016 billion market cap.
The seven days price chart for XDC Network. Source: Tradingview
On The Flipside
- Despite claiming its position as the top-performing crypto on December 15th, the XDC Network (XDC) is currently trading far below its all-time high.
- On August 25th, XDC hit its ATH of $0.1939. At the time of writing, it is trading at 58% less than those giddy highs.
Recent Developments and Future Events
The XDC Network has built a blockchain technology solution that is becoming increasingly attractive to developers, smart contract architects, and enterprises looking to deploy their applications on the network.
The update changed how fees are computed on the network. The block owners now receive transaction fees in place of the miners. Andromeda also upgraded the EVM (Ethereum Virtual Machine) of the XDC Network to support the latest version of solidity.
This means that developers on the network can now bypass extensive customization when deploying code from different EVM chains. This feature will support XinFin’s ecosystem partners and enhance internal product development.
Following the network update, the XDC Network announced a partnership with Trustology, a leading institutional crypto custodian wallet provider.
The partnership will see XinFin work with Trustology to provide secure, institutional-grade on-chain custody for the XDC Network’s native XDC utility token.
The partnership will additionally serve as a first step in the network’s plans to build a secure, compliant trade finance network across decentralized finance (DeFi) applications and markets. It will also facilitate access for non-bank investors to create more financing opportunities.
The XDC Network emerged as a black horse in the crypto space, solving two critical issues that have long plagued the more prominent blockchains, those being scalability and network fees.
As a direct result of this, the project has garnered a circle of strong supporters. In comparing the network with others, a Twitter user, Shangle Slanger, wrote;
Another user, @DScamron, while sharing his opinions, wrote;
Ok let's make something verry clear— Lord ₿ae the first 👑 (@DScamron) December 15, 2021
As of now you know $XDC will be enormous and widely used by #trade & #Finance
Hundreds of Trillions of dollars market ✅
Now chek this graph and start letting it sink in real good 😉#WeAreXDC #XDCnetwork #XDCfoundation pic.twitter.com/OPNU7xVm6e
@darrinlewisjr shared why the XDC Network has great prospects ahead, writing;
Why You Should Care?
Being significantly faster and cheaper than Bitcoin and Ethereum positions XDC Network to be an exciting competitor from a strategic standpoint.