Because of the restricted quantity of VulcanVerse land plots and the Elysium test net, PYR has restored its bullish momentum.
Hot topics in 2021 included nonfungible tokens (NFTs), gaming protocols, and the birth of the Metaverse.
NFTs and Metaverse-related projects are also quickly recovering from the market crash, with Vulcan Forged (PYR) leading the way. The initiative is building the VulcanVerse ecosystem, a blockchain gaming studio and NFT marketplace.
According to data from Cointelegraph Markets Pro and TradingView, the price of PYR rose 119% from a low of $6.59 on Jan. 24 to an intraday high of $14.43 on Feb. 1 amid a 141 percent increase in 24-hour trading volume.
Price increases in PYR are due to the Elysium testnet, sale of 100 plots of land within VulcanVerse. As well as the establishment of a PYR bridge between Ethereum and Polygon.
The Elysium Testnet Launched
In order to save money, many projects have moved away from Ethereum or developed their own ways.
Vulcan Forged chose the latter path by establishing the Elysium blockchain, dubbed “the blockchain for Metaverses” by the company.
Elysium will work with Coorest, a decentralized carbon credit market in the Netherlands. It is to create the world’s first carbon-neutral blockchain, the project said.
This will accomplish by using tokenized trees to balance the CO2 emitted by the Elysium blockchain. As well as the gas fees from transactions will use to plant trees on Coorest’s almost 70,000 acres of land.
Additional protocols are taking note of Elysium’s eco-friendly approach. With Vulcan Forged noting that three other Metaverse ventures have expressed interest in establishing on the network.
Land Sales Go Live
The limited listing of 100 plots of land in the VulcanVerse is another explanation for the recent rise in PYR.
PYR can use to acquire any plot of land, causing traders to stockpile the tokens, increasing demand, and the token price.
They can utilize it to earn money through games or rent, and they also provide a monthly return of 35 PYR for four years.
Support for PYR on Polygon
VulcanDex, the protocol decentralized exchange already operating on the Polygon and Ethereum networks, is a third factor driving the price of PYR higher.
According to VulcanDeX, the protocol’s total value locked topped $10 million on Jan. 29 and continues to rise with the price of PYR.
VulcanDEX is also working on integrating a cross-chain bridge between Ethereum and Polygon into the DEX’s ‘My Forge’ section.
