Cryptocurrency markets are starting this week with bullish momentum, Bitcoin is inching towards $50,000, and Ethereum is holding $4,200 support. Today’s biggest gainer on Crypto.com is aelf, rising over 35% in the past 24 hours. What is aelf and why is the price rising? Let’s find out.

What Is aelf (ELF)?

aelf describes itself as the most advanced and secure blockchain cloud infrastructure. According to its official website:

“aelf is a decentralized blockchain network empowered by cloud computing infrastructure. Each node on aelf mainnet is independent, with outstanding performance and unlimited scalability.”

aelf includes a next-generation Mainnet with unlimited scalability, sidechains, and efficient cross-chain transfer. In addition, aelf has a crypto Oracle, allowing two-way communication between public chains.

Last but not least, aelf has a diversified DeFi protocol, allowing for a variety of applications like automatic market makers, Lending, and NFTs.

ELF is the native token to aelf that enables economics and governance.

Why Is aelf Price Rising?

On December 2nd, aelf announced the elected projects during their second round of public node elections. According to the official announcement:

“FBG Capital and aelfie were elected as production nodes, both of whom have devoted themselves to block production and validation work on aelf mainnet.”

FBG Capital is an industrial-leading digital asset management company founded in 2017. FBG supports hundreds of blockchain projects worldwide and is one of the largest liquidity providers for high-profile crypto exchanges.

aelfie is a group of aelf lovers founded in 2018 that set up a node for everyone.

In other news, on December 2nd, ELF staking was officially launched on Huobi. Users can receive up to 15% APY for staking their ELF.

Undoubtedly, the aelf ecosystem is growing, and the recent price action reflects that trend.

aelf is also looking to tackle the Metaverse, with their Top of OASIS Hackathon scheduled in Mid-December, 2021. Unfortunately, for those looking to participate, pre-registration for the hackathon closed on December 1st.

Top of OASIS is a Metaverse-themed hackathon looking to facilitate building Metaverse projects on its platform. With the Metaverse hype dominating crypto markets, the upcoming hackathon is an excellent move by aelf to accelerate the growth of its ecosystem.

ELF Price & Tokenomics

At the time of writing, aelf is trading at $0.47, with a 24-hour trading volume of $272 million. ELF’s market cap is $259 million, ranking it as the top 190th cryptocurrency on the market.

There are 880 million ELF tokens, with a circulating supply of 544 million. You can purchase ELF on Huobi Global, Bithumb, Binance, KuCoin, Uniswap, Gate.io, and more.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.

Follow us on Twitter @themerklehash to stay up to date with the latest cryptocurrency news!