AKRO token price up 100%: What’s happening with Akropolis DeFi?

Highlights

• DeFi protocols Akropolis and Bella Protocol have surged of late, with Bitcoin also up nearly 5%
• Akropolis allows staking and yield farming, with Vortex as the primary offering for enthusiasts
• AKRO trading volume has also ballooned, but it is trading at a loss as compared to the start of this year

For the uninitiated, DeFi or Decentralised Finance is a part of the cryptoverse, with features like deposits, crypto loans, interest, and annual percentage yield (APY). By this measure, it seems to be the crypto banking system. Though DeFi protocols have been hacked in the past, this does not seem to have served as a dampener. As of writing, Bella Protocol and Akropolis tokens are up nearly 30% and 100%, respectively.

Let’s know more about Akropolis and its native AKRO token.

What is Akropolis DeFi?

Akropolis claims that yield farming on its protocol is not dependent on market conditions. With respect to “passive income” from cryptos, the project highlights “sustainable” yield.

The primary product of the project is Vortex. It is where users can deposit their USD Coin (USDC), a stablecoin, to earn yield. The platform is managed by strategists, it is said. Also, returns are compounded to further boost the overall yield for depositors. However, in the documentation, the project has cautioned the users about risks like negative returns and centralisation.

Amun Ra is said to be an automated market maker (AMM) in the Akropolis ecosystem. AMMs usually provide liquidity to the system.

Also read: BEL token’s price up 30%: What is Bella Protocol?

AKRO token

AKRO is native to Akropolis DeFi protocol. The token has utility in staking and rewarding within the yield farming ecosystem of Acropolis. The project website states that rewards accruing in ACRO token are not auto compounded. Auto compounding is said to be provided by some other DeFi protocols.

Another major use case of AKRO token is stated to be governance. The token can be used to participate in the voting process of Akropolis.

AKRO token price information

According to CoinMarketCap, the ACRO token has a market cap of over US$30 million as of writing. The token has also entered the top 500 cryptoassets list. AKRO’s circulating supply stands at 4.88 billion tokens.

What is notable is the steep price surge of AKRO token in the past 24 hours. As of writing, it is trading at a price of nearly US$0.006, with a 24-hour gain of nearly 100%. The trading volume of AKRO token is up approximately 3000%. Simultaneously, major cryptos like Bitcoin and Ether have also racked up gains, but not as sharply.

On a year-to-date (YTD) basis, however, AKRO token has lost value, just like Bitcoin and Ether.

Data provided by CoinMarketCap.com

Bottom line

Akropolis is said to be a DeFi protocol with AKRO as its native and governance token. DeFi protocols have been attacked by hackers in the past. In this light, caution is recommended. The price of AKRO is in the green as of now, but only time will tell how the token fares in the long term.

Also read: What’s in store for Bitcoin in June 2022?

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