- The KokoSwap (KOKO) staking platform is undergoing a very major migration of switching from Ethereum to Binance Smart Chain.
- The migration will cater to a broader community of users excited about gaming and the NFT market.
On Wednesday, November 10, Bitcoin and the broader crypto market entered a correction following an initial pump. The Bitcoin (BTC) price touched an all-time high of $69,000 and went on to correct nearly 10 percent from those levels. A similar scenario appeared in the altcoin space as all top ten altcoins tanked by 4-10 percent.
But this lesser-known cryptocurrency defied the market momentum gaining 76,200 percent in a single day. The price of KokoSwap (KOKO) shot from $0.0099 all the way to a high of $7.63. As of press time, KOKO has seen a partial retracement and is currently trading at $6.65 with a market cap of $1.716 billion.
But KokoSwap is not just any other altcoin in the town showing massive gains. The KokoSwap (KOKO) staking platform is undergoing a very major migration of switching from Ethereum to Binance Smart Chain. This migration will allow more user sign-ins along with access to the larger community of gamers in the Binance ecosystem.
KokoSwap has been gaining immense popularity amid the rapidly emerging NFT-gaming wave. Sharat Chandra, a Blockchain & Emerging Tech Evangelist, said:
What makes it interesting is the promising KokoStake staking platform that enables users to invest and generate a high APY income stream. The lure of a passive income stream via staking is hard to resist.
Staking a new trend among gamers
Decentralized Gaming Finance (GameFi) has seen a massive demand picking up in recent times. Moreover, with the rising popularity of play-to-earn games, staking becomes a new trend for gamers to monetize their tokens. Furthermore, the frenzy around NFT and blockchain-based games has shot up significantly this year.
KokoSwap is one such platform that encapsulates all key elements like robust staking, an invite-only celebrity NFT marketplace, and decentralized NFT gaming. Besides, the NFTs and gaming markets have been also receiving major push with several influencers joining the craze.
KokoSwap has been catering to the market demand and thus finds itself in the sweet spot. Furthermore, with the migration away from Ethereum, the platform developers are ensuring that they cater to the broader user base.
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Although the Ethereum blockchain remains one of the most popular and in-demand platforms, it continues to face issues of high network congestion. As a result, the high gas fee is also forcing people to move away from Ethereum.
Thus, the upgrade from Ethereum to the Binance Smart Chain (BSC) is a major one for the KokoSwap platform and is backed by users. The decentralized KokoSwap platform combines the best practices of NFT gaming, NFT trading, and crypto trading.