Why is Verasity crypto (VRA) token rising?

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Why is Verasity crypto (VRA) token rising?

 Why is Verasity crypto (VRA) token rising?
Image source: © Alexanderushkevich | Megapixl

Highlights

  • Launched in 2018, Verasity (VRA) is a rapidly expanding protocol that focuses on developing an extended version of different blockchains catering to the esports, video entertainment and advertising industry
  • Operating on top of the Ethereum blockchain, the VRA crypto operates on a Proof-of-View consensus, which allows the protocol to offer precise, secure and verifiable audience metrics
  • On 29 March, too, it was up as the VRA token was trading at US$0.028154 with a volume of US$124,313,587 over a day, according to CoinMarketCap

Launched in 2018, Verasity (VRA) is a rapidly expanding protocol that focuses on developing an extended version of different blockchains catering to the esports, video entertainment and advertising industry. Verasity works on a mission to create increased engagement and advertising revenues for video publishers on a video platform.

Operating on top of the Ethereum blockchain, the VRA crypto operates on a Proof-of-View consensus, which allows the protocol to offer precise, secure and verifiable audience metrics. Besides, it provides VRA users with the unique opportunity to play on the Verasity Esportfightclub platform and earn in the process.

According to the project’s whitepaper, the project, in 2018, said there were 380 million viewers of Esports. By 2021, the figure had exploded to 557 million viewers, showcasing the global games market growth.

Also read: What makes Decentralized Social (DESO) unique crypto?

The VRA token on Tuesday witnessed a rally of over 6 per cent and a volume gain of around 7 per cent.

Why is VRA token up?

The VRA token seems to be rallying on the back of the news of extending its staking program till 2023. Announcing the development on its Twitter platform, the Verasity protocol said that till 2023, the protocol would offer to stake at a rate of 18.25 per cent per annum. This would mean a reward of 0.05 per cent per day and would be applicable from 1 April 2022.

The minimum amount of VRA to be staked is still 10,000 VRA tokens, and the rest of the staking terms remain the same. Besides, another unchanged factor is the minimum withdrawal limit from the VeraWallet, which still is placed at 5,000 VRA.

Also read: What will be the future of unhosted wallets after 31 March?

How is the VRA token faring? 

Ranked 365th on CoinMarketCap at the time of writing, it had gained in March so far, witnessing gains of over 42.1 per cent and 37.1 per cent in the past 14 days and seven days, respectively, according to CoinGecko.

On 29 March, too, it was up as the VRA token was trading at US$0.028154 with a volume of US$124,313,587 over a day, according to CoinMarketCap. At the time of drafting, the Verasity protocol was up by 6.91 per cent, with a live market cap of US$125,852,547 and 4,470,185,346 coins in circulation.

Bottom line

While the rally could be tempting, it’s essential to realise that the crypto markets are often volatile, and their prices can change quickly. Therefore, one must tread carefully and do thorough market research before heading in that direction.

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