The price of Wormhole (W) has been on the rise for several days after a prolonged period of trading sideways. Over the last 48 hours, the token has experienced approximately a 30% increase, aligning with the bullish trends observed among many altcoins in the cryptocurrency market.
Investors had anticipated this bullish movement, especially following Wormhole price breakout from a descending channel in early September. Rather, after this initial breakout, the price entered a sideways trading pattern until it finally surged two days ago.
While the overall strength in the cryptocurrency market may have played a role in this bullish move, Wormhole has also been active in making strategic decisions that positively impact the community.
Some Key Development in the Wormhole Ecosystem
On September 20, significant announcements showed Wormhole’s growing influence in the crypto space:
Securitize Partnership: Securitize has chosen Wormhole as its official interoperability provider for all current and future tokenized assets. This partnership will enable seamless movement of tokenized assets across different blockchain ecosystems, enhancing liquidity and accessibility for participants.
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Show more +SkyEcosystem Integration: The SkyEcosystem, formerly known as MakerDAO, is expanding its $SKY, $USDS, and $sUSDS tokens to multiple chains using Wormhole’s NTT framework. This integration allows the SkyEcosystem to connect with Solana, ensuring native token functionality while unifying liquidity across different chains.
Benefits of NTT: With the NTT framework, users will soon be able to transfer $USDS to Solana via the Portal Bridge, benefiting from fast execution and low costs. A governance proposal to finalize this integration is actively being discussed in the SkyEcosystem forum.
Wormhole Era3 Upgrade: Wormhole recently launched its Era3 Upgrade, which includes four product upgrades, a new intents product, native-to-native swap capabilities, and initiatives to take institutions multichain. This upgrade is seen as a significant step toward a more connected and decentralized economy.
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In addition, on September 18, Google Cloud announced its integration with Wormhole’s Guardian Network. This partnership will validate cross-chain messages and enhance decentralization and security within the ecosystem.
Google Cloud’s involvement is expected to maintain high standards of multichain security and accelerate zero-knowledge (ZK) research, further supporting Wormhole’s growth initiatives.
These developments within the Wormhole ecosystem contribute to an overall positive sentiment, reinforcing the bullish outlook surrounding the token.
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