Over the past few months, the cryptocurrency market has witnessed significant gains with Bitcoin, the largest cryptocurrency, soaring above its previous all-time highs to reach $73,000 on several marketplaces.
As Bitcoin is marking a period of robust growth and renewed investor enthusiasm, the spotlight also shifts towards emerging sectors within the crypto ecosystem that promise innovation and practical solutions to longstanding issues. Among these, decentralized physical infrastructure networks (DePIN) are gradually gaining recognition across the crypto sphere.
DePIN represents an innovative shift from traditional, centralized networks to systems where power, data, and control are distributed across numerous nodes, improving security, reliability, and efficiency. This transition is particularly relevant to cloud computing, a sector that’s becoming more important but faced with privacy, security, and monopolistic concerns.
To dissect what the future holds for this fast-growing sector, we’ll take one project that is generating momentum as an example. Ethernity Cloud ($ECLD) is a decentralized cloud computing service that provides solutions for data protection anywhere. With its $ECLD token experiencing a 180% increase in just two months, Ethernity Cloud points to the potential and rapidly growing interest in decentralized cloud services.
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Understanding $ECLD’s Significant Market Growth
The recent rise in Ethernity Cloud’s price can be attributed to several factors, including the resurgence in the crypto market following the SEC’s approval of Bitcoin ETFs. Nonetheless, the blockchain field is rapidly evolving, giving rise to innovative solutions that address various challenges within the ecosystem. One such innovative solution is decentralized cloud computing or decentralized physical infrastructure networks, or DePIN.
In fact, several crypto thought leaders have endorsed the concept of DePINs. Ethereum founder, Vitalik Buterin, recently initiated a conversation around DePIN projects on social media. The post drew attention, and the active response from the crypto community to this discussion emphasizes the interest in the potential of DePIN. This kind of engagement is indicative of the sector’s potential and Ethernity Cloud’s place within these crucial conversations.
Adding to the positive wider crypto market trends, Ethernity Cloud’s technological advancements, key developments, partnerships, community initiatives, and general market trends have contributed to propelling $ECLD’s massive growth over the past few months. Below we discuss each factor in detail and look at how the DePIN platform has impacted the overall growth of its sector.
- Technological advancements
Decentralized Cloud Computing is finally taking center stage in the crypto space. This innovation introduces a revolutionary approach to cloud computing that prioritizes privacy, security, and decentralization. With centralized cloud computing services lacking in these features, Ethernity Cloud has opened up the door for users to own their data, provide cloud computing services, and get paid for their computing power.
At the heart of its innovation is the $ECLD token, a token that underpins the ecosystem’s unique value proposition. Ethernity Cloud and the $ECLD together deliver a blend of technology and utility to a wide collection of stakeholders, from developers and node operators to investors and end-users seeking confidential computing solutions.
- Launch of Liquidity Reward Programs on Polygon
One of the biggest factors of growth is attributed to the launch of $ECLD’s Liquidity Reward Program on Polygon this February. Ethernity Cloud announced the launch of its liquidity mining program, welcoming users to provide liquidity on its Quickswap DEX pools and in turn earn rewards. This provides users with an easy stake-to-earn account, unlocking economic opportunities for their users.
To bootstrap liquidity onto its pools, Ethernity Cloud rewarded early liquidity providers with a pool of 2 million $ECLD tokens. Additionally, the platform also added liquidity farms to enhance rewards and offer users up to 160% APR on the WMATIC-ECLD pool on Quickswap.
- The ECLD-GLEAM Airdrop
Nothing fascinates the crypto community quite like airdrops. Riding on the Solana ecosystem airdrops frenzy, Ethernity Cloud partnered with GLEAM to offer over 30,000 $ECLD tokens in an airdrop on March 12, at the height of the token’s growth. The airdrop campaign, ‘DePIN Awareness Series’ is aimed at enhancing awareness of the DePIN sector and crucially $ECLD role as a utility token.
The token incentivizes user engagement through staking and rewards, contributing to the ecosystem’s security and efficiency. This mechanism aims to foster a community-driven development approach, ensuring that users’ interests are aligned with the ecosystem’s growth.
- A fertile ground for innovation
Amidst the marketing and partnerships, Ethernity Cloud’s growth can also be attributed to the wide innovations currently happening on the platform. It provides developers access to secure and confidential computing resources but also supports the creation and deployment of decentralized applications (dApps) that require high-level data protection.
Since its launch, Ethernity has opened up new avenues for developers to get creative, allowing them to build DApps in diverse fields such as healthcare, finance, and academic research. Some of the leading users of the platform include Max Planck Gesellschaft, GreenAnt, Bank of Memories, and Hackathon, a Microsoft Challenge winner.
The Steady Rise of Ethernity Cloud ($ECLD) Price
On March 9, 2024, Ethernity Cloud token ($ECLD) price unexpectedly shot up by 240% in hours, bringing the project to the limelight as one of the top gainers across the crypto space. The token’s price proliferation from $0.012 to $0.041, catalyzed further growth as buyers flocked to markets in the next couple of days, which saw $ECLD set its all-time high price at $0.066 on March 12, 2024.
Image: Coinmarketcap
The token broke the key resistance level at $0.02 in early March, which hadn’t been tested since its early launch days in November 2023. Despite the recent 57% retrace, $ECLD still hovers above its launch price, trading at $0.28, which represents a 180% increase in the past two months.
According to Coingecko data, the token’s total market cap value stands at nearly $3.1 million, with a total of 113,500,000 $ECLD tokens currently in circulation. $ECLD price spikes have helped reignite investor interest in the decentralized cloud sector, which has also benefited from the positivity surrounding Bitcoin’s (BTC) bull run.
The project recorded over $900,000 in total volume traded on March 15, placing it first across DEXs on Polygon. It also reached $200,000 in total locked value in its first month, showing massive progress for the DePIN platform.
#EthernityCloud is soaring! 900k+ Volume in 24hrs & TOP 1 DEX Pair on #Polygon.
— Ethernity Cloud (@Ethernity_cloud) March 13, 2024
Over 200K TVL in just a month!
Next up: FARMS with boosted rewards in partnership with Merkl & Steer!
Add liquidity & claim your rewards:https://t.co/4H4T7jVfGy#ECLD #DePIn pic.twitter.com/xykN6YFuJZ
DePIN’s Future Outlook
While the systematic positivity across the crypto market has played a role in $ECLD’s value growth, more can be attributed to its community-driven approach, strategic partnerships within the Polygon ecosystem, targeted awareness efforts, and the organic reach stemming from genuine interest and engagement.
According to data from Markets And Markets, the global cloud computing industry is expected to grow from $626.4 billion in 2023 to $1.2 trillion in 2028, representing a compound annual growth rate of 15.1 %. Decentralized cloud computing services are expected to play a huge role in the near future, as the world increasingly moves towards smart contract-based innovations and blockchains.
Through the use of DePIN technology, real-world assets can be seamlessly integrated into decentralized infrastructure networks, bridging the gap between digital and physical worlds. With the DePIN ecosystem expected to continue to grow in the future, projects like Ethernity Cloud will offer more innovative solutions for managing physical resources.
Conclusion
Increasing interest in decentralized physical infrastructure networks (DePIN) fueled by leaders like Ethereum’s Vitalik Buterin agrees: DePIN’s potential is huge and largely untapped. This sector is a niche innovation, it’s an important shift to a more secure, efficient, and user-centric digital ecosystem. As the blockchain landscape progresses, DePIN stands out for its promise and for the tangible solutions it offers today. From enhancing data privacy to democratizing access to cloud resources, the impact of DePIN projects is set to grow.
Despite DePIN’s early days, it promises a decentralized, secure, and accessible digital world in the future. We are undoubtedly going to continue to hear more about DePIN and projects like Ethernity Cloud as time goes on, highlighting the exciting possibilities of decentralized infrastructure in blockchain.
Disclaimer: We advise readers to do their own research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in cryptoassets is high-risk; consider the potential for loss. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.
