Chain (XCN), a little-known smart contract platform, is gaining traction as the price of its native XCN jumped into the top 50 list of the most valuable crypto assets by market cap.
However, the token was soon dumped in the market, trading at its lowest level in nearly a week.
Chain's XCN token is trading at USD 0.09571 as of 02:44 IST on Thursday, up 11.2% in the last 24 hours, and 28 per cent this week.
The market's current movements follow Chain's statement on April 23 that the Chain Decentralized Autonomous Organization (DAO) has officially launched, with native staking and administrative modules now accessible.
"The initial recommendations to determine incentives and fully decentralize the protocol has passed successfully, and the DAO is now fully in the control of XCN holders," according to the release.
The Chain Governance currently oversees the Chain DAO Treasury, which has 10 billion XCN tokens, according to the statement (worth some USD 840m at current prices). The release stated that only users that stake their XCN tokens in the Chain Staking smart contract will be allowed to vote on platform governance issues.
Meanwhile, in April, the initiative revealed that Alameda Research, the parent firm of crypto exchange FTX, will serve as its "main cryptocurrency market operator."
Despite its lack of popularity among retail crypto users, the Chain network has been active in the industry since 2014, specializing in the area of permission, and closed-ended blockchains for financial firms.
Permissioned blockchains vary from decentralized and permissionless blockchains like Bitcoin (BTC) in that a central entity decides who is allowed to participate in network operations. Chain's core offering, Sequence, is a software suite that allows businesses to handle their financial holdings in a token format on private ledgers, with support for public blockchain networks coming soon.
Deepak Thapliyal is a CEO Advocating for Institutionalization of Blockchains and a well-known non-fungible token (NFT) collector, made news in February this year when he paid ETH 8,000 (USD 16.4 million) for an NFT.
