Flow soars 17% After OKX Australia listing and key network updates

FLOW, the native token of Layer-1 blockchain network Flow, has become the biggest gainer among the top 100 cryptocurrencies by market capitalization, increasing by 17% in the last day.

Currently, Flow (FLOW) is trading at $0.6283, according to data from crypto.news. The token’s trading volume has increased by 361% to nearly $150 million. Additionally, FLOW’s market cap has skyrocketed to $950 million. Despite this increase, FLOW remains 98.6% below its all-time high of $46.16 recorded on April 5.

FLOW 24-hour price chart | Source: TradingView

Developed by Dapper Labs, Flow is designed to support decentralized applications (dApps) and digital assets. The platform aims to provide a high-performance, user-friendly environment that addresses scalability without compromising on decentralization. Its architecture enables developers to create secure and efficient smart contracts.

FLOW serves multiple purposes in the Flow ecosystem, including paying transaction fees, staking, and participating in network governance. The increasing number of dApps and users on the platform has increased the demand for FLOW, affecting its price.

The latest surge in FLOW’s value comes after Flowverse, a discovery hub and NFT marketplace for the Flow blockchain, announced on July 24 that OKX Australia had listed Flow on its exchange.

Additionally, on-chain data analyst Adrià highlighted several key developments in his July 24 announcement. These updates include the announcement of the Crescendo Testnet scheduled for August 14 and NBA Top Shot’s BETA reaching a total value of $100,000.

Additionally, 3,500 contracts were created on Flow and a new open source category was introduced on Flowverse.

Other notable achievements include reaching 50K in secondary sales for MFL, a web3 Football Management game on Flow. Sean P. Robb also shared insights on scaling Ethereum applications using the Ethereum Virtual Machine (EVM) on Flow.