While the global crypto market slumped, the XDC Network (XDC) crypto rallied with Panama considering adopting Bitcoin and other cryptocurrencies, including XDC, making it the latest Central American country to embrace the digital coins.
The global crypto market fell 3.75% to US$1.76 trillion on Friday afternoon, while its one-day volume decreased by 2.06% to US$87.40 billion. In contrast, the XDC token price rose 9%, while its volume jumped over 97%.
What is XDC Network (XDC)?
The XDC Network, formerly XinFin Network, is powered by interoperable smart contracts. The network claims to be a decentralized, hybrid blockchain platform.
XDC is equipped with a combination of private and public blockchains. According to the company, the XDC Network is a highly optimized, bespoke fork of Ethereum and ConsenSys’s Quorum. It claims to reach consensus through a delegated proof-of-stake (dPOS) mechanism.
It claims to execute more than 2,000 transactions per second and has nearly zero gas fees. Its dPOS mechanism doesn’t require complicated blockchain infrastructures.
Also Read: Why is Arweave (AR) crypto rallying?
Several decentralized applications (DApps) have already started building around the network. Its EVM compatibility, smart contract support, quick transactions, and near-zero gas fees have attracted a large pool of developers to build apps on the XDC network.
The XDC Network was founded by Atul Khekade and Ritesh Kakkad in 2019. The token is available for trading on various exchanges like Bybit, KuCoin, Gate.io, etc.
Panama adopts Bitcoin
Panama has become the latest Central American country to embrace Bitcoin, after El Salvador, Lugano, etc. The Panamanian lawmakers have approved a bill to regulate the Bitcoin trade and other cryptos. They also approved the use of cryptos for private transactions and paying taxes.
Congressman and one of the bill’s advocates, Gabriel Silva, said the National Assembly passed the bill, and it will now be sent to Panama President Laurentino Cortizo for his signature.
Panama may also allow cryptocurrencies like Litecoin (LTC), XDC Network (XDC), Stellar, XRP, ETH, etc. These developments may have led to the XDC crypto rally on Friday.
Data Source: CoinMarketCap.com
The XDC crypto was priced at US$0.06126 at 2:30 pm ET on April 29, up 9.69%, while its volume for the trailing 24 hours soared 97.61% to US$12.32 million. It has a market cap of US$753.79 million, and its fully-diluted market cap is over US$2.29 billion.
The token’s total supply is 37.70 billion, and its current circulating supply is over 12.31 billion. The token returned 12.42% gains in the last 7 days while increasing 4.52% over the last 30 days.
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