Did Legend X hackathon trigger Aelf (ELF) crypto rally on Friday?

Highlights 

• Aelf is a digital asset company with technology partners like Google Cloud, Microsoft Azure, Amazon Web Services, and Huawei. 
• Its open-source blockchain network aims to offer a complete business solution, connecting existing ecosystems like Bitcoin and Ethereum. 
• A reward of more than US$500,000 worth of ELF tokens is up for grabs in the hackathon.

Ranked 289th on Coinmarketcap in terms of market capitalization, Aelf (EFF) was trending on Friday while other top currencies fell. 

Bitcoin (BTC) was down 0.23% to US$28,942.04, and Ethereum (ETH) plunged 1.95% to US$1,780.71 on Friday morning. 

Aelf (ELF) jumped 5.42% to US$0.1575 at 7:26 am ET, backed by updates on Legend X, a Web3.0 themed hackathon it launched last month (April 20 to June 15). The deadline for project submission in the hackathon is June 1. Winners will be announced on June 16. 

A reward of more than US$500,000 worth of ELF tokens is up for grabs in the competition covering eight fields, including Web3.0 Infrastructure, DeFi, NFT, DAO, SocialFi, GameFi, DID Network, and Creator economy.

A seed fund of US$300,000 ELF tokens and a Grant Pool of US$100,000 ELF tokens would be provided to the most promising projects. Besides, Aelf would give NFT badges and honors for all the award-winning projects.

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Its official blog claimed that there were 238 participants with 13 projects submitted till May 26. Some projects are already deployed on the Aelf blockchain. Additionally, AELF has launched campaigns through Twitter and Discord to reward users for making the hackathon successful. 

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What is Aelf?

Aelf is a digital asset technology company. It aims to develop its blockchain ecosystem and digital assets further, including Aelf public chain, DeFi protocol, Oracle, etc. Its technology partners include Google Cloud, Microsoft Azure, Amazon Web Services, and Huawei. 

Its open-source blockchain network is designed as a complete business solution connecting the existing ecosystems such as Bitcoin and Ethereum. 

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Aelf’s chain structures enable developers to deploy or run DApps independently on side chains. Aelf also uses Parallel Processing & AEDPoS Consensus Mechanism, ensuring secure communication between main and side-chains and direct interoperability between side chains. 

For governance, Aelf has different models for different needs. These governance models include Parliament Governance Model, Association Governance Model, and a Referendum Governance Model etc.

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 Data Source: coinmarketcap.com

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ELF token:

The ELF token has a market capitalization of US$85.75 million, with 51,017 token holders. Its circulating supply is 544.48 million ELF, and the total supply is 880 million. 

The token is available for trading on crypto exchanges like Binance, OKX, MEXC, and DigiFinex.

Its trading volume soared 92.28% to US$15.76 million in the last 24 hours as the hackathon project submission and reward campaigns are underway.

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Bottom line:

The crypto market has different themed-based projects offering attractive returns. While they may be drawing investors’ attention, the space is fraught with risk with inadequate regulations. Thus, investors must exercise caution before investing in digital assets.   

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