This climb in price followed the announcement of their highly anticipated 2023 update, which promises to bring revolutionary changes to the Cartesi ecosystem through Cartesi Rollups. As things stand, CTSI is trading at $0.32, up 8.95% on the day, with a total market cap of $221 million, adding over $110 million to its market cap in just a week.
Notably, the CTSI token has seen an unprecedented increase in transaction volume, with over 500 transactions moving values of more than $100,000 each, according to data acquired by Finbold in collaboration with crypto market intelligence platform IntoTheBlock on April 20; this is an increase of transaction between $100,000 and $1 million by 3,300% over a 30-day change.
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This sudden interest in the token has caught the attention of institutional investors, who have shown bullish indicators for the token’s future price signaling a growing interest in Cartesi’s upcoming product and the potential it holds for the blockchain industry.
What is Cartesi
Cartesi is a blockchain platform that aims to bring scalability and ease of use to decentralized applications (dApps). With the 2023 update, Cartesi is set to introduce a number of new features and improvements.
The blockchain scaling solution that operates on Layer 2 offers a host of benefits, such as faster processing speeds, lower fees, and enhanced privacy for smart contract transactions. It achieves this by leveraging off-chain computations, which allows for the seamless integration of mainstream software with blockchain technology.
Cartesi made a significant move earlier this year by launching its Community Grants Program (CGP), a pilot program that aims to expand the network of contributors to the Cartesi ecosystem. This program is community-driven and provides an opportunity for CTSI token holders to take an active role in the governance of the project, including allocating grant program funding.
As a result, the CTSI token has gained more utility and value, as holders can participate in decision-making processes and have a say in the future direction of the Cartesi ecosystem. With up to 1M USD available for funding in 2023, builders seeking funding can refer to the CGP review process, rules, and guidelines to submit their applications.
Cartesi plans to launch further community governance-driven programs, such as the Ecosystem Incentives Program.
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