Ethereum-Based Altcoin Soars 85% in Just One Hour, Fueled by Metaverse and Gaming Announcement

An Ethereum-based altcoin project that first launched in January of 2018 has suddenly roared back to life.

The core asset of the decentralized cloud computing blockchain network aelf (ELF) shot from $0.35 to $0.65 in the span of about 40 minutes on Monday – a massive 85% increase.

The sudden price jump follows the platform’s shift to supporting metaverse gaming projects.

The team at aelf is launching a metaverse-themed hackathon designed to encourage the development of gaming projects on the network.

The competition is set to start in mid-December and a total of $680,000 will be awarded to top entries.

“Collaborated with DoraHacks, the hackathon will gather talented enthusiasts and developers from all over the world to explore the developing directions as well as the landing potentials of the era of the metaverse…

As blockchain plays a critical role in the development of metaverse derivatives, aelf will provide a natural incubation soil for the development of metaverse projects.”

The platform aims to offer a high-performance, one-stop blockchain solution for enterprises, utilizing a delegated proof-of-stake consensus mechanism that allows token holders to determine which block producers they want to support.

The platform’s native token ELF is designed to allow token holders to vote on the future of the network.

The token is also used to pay for gas fees during token transactions and smart-contract executions.

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