Skip to content

Decred pops over 75% in a day as new developments are being introduced

The cryptocurrency market, in general, appears to be faltering, with most assets trading in the red zone since the start of August. However, autonomous digital currency Decred (DCR) is among the stand-out assets recording significant gains defying the market price movement. 

By press time, the cryptocurrency was trading at $48, recording gains of 75% within 24 hours. In the early trading hours of August 6, the asset peaked at $60, according to CoinMarketCap data. 

DCR one-day price chart. Source: CoinMarketCap

Notably, the cryptocurrency has mainly suffered significant price correction across 2022 in line with the general market sell-off. The asset that combines Proof-of-Work (PoW) and Proof-of-Stake (PoS) mechanisms is looking to regain the highs of 2021 when it attained a record price of $246. 

Decred powered by upcoming upgrades 

The latest surge in DCR’s value correlates with increased network development, aiming to push the blockchain toward mass utilization. In this case, the Decred lead developer shared an updated proposal to upgrade the website, and messaging noting its already prepared and is just waiting for reimbursement and deployment clearance. In general, the website upgrade will simplify transactions for users. 

“The messaging has been simplified to focus on the most critical aspects of the project, describing them in a way that is more tangible to the average person. Parts of the website viewed as superfluous or messy have been removed, simplifying the site overall. The site is ready to be deployed and replace the existing site if the proposal is approved,” the update read. 

The Decred project that has existed for the last six years has partly stood out due to the hybrid mechanism powering the project. Under the protocol, users are guaranteed that no single entity or individual can control the flow of transactions or make modifications without the community’s approval.

Rising PoS popularity 

Furthermore, the PoS mechanism has gained popularity among most crypto investors due to its environmental friendliness. In this case, as of December 2021, Decred’s drastically tweaked rewards are tied to PoS and PoW. 

Investors who support the PoS protocol can receive 80% of coins generated, while PoW miners get only 10%, and the Decred Treasury is awarded 30%.

This comes as Bitcoin (BTC) comes under criticism for the PoW mechanism while second-ranked Ethereum (ETH) is gearing to shift to PoW in September through the Merge update. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.