Why Is Nexa Price Up? Can the Project Continue to Gain Traction?

The price of the Nexa (NEXA) cryptocurrency has jumped 10% over the last 24 hours. This rapid gain comes as the project has been sharing key updates on its scaling technology and traction.

Introducing Nexa
In a thread, the Nexa X account (@NexaMoney) introduced the project as a “fully programmable Proof-of-Work UTXO Layer 1 blockchain” with features like instant transactions, native tokens, and smart contracts.

Speed and Scalability
A major emphasis was on Nexa’s ability to scale. The tweets explained how solutions like UTXO commitments, hardware acceleration, and Graphene enable throughput of “insane” TPS completely on layer 1. This aims to solve the “Blockchain Scaling Trilemma” that limits other chains.

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Recent tests show Nexa achieving just under 10,000 TPS sustainably, even on a home laptop. As community member @sulla_alexander put it, this suggests Nexa has “already solved” the trilemma.

Traction Building
Along with its tech, Nexa’s community also seems to be gaining traction. The tweets highlighted ecosystem partners like @AvasDAO building out functionality like DEXs on Nexa. There are also now easy ways to create tokens and NFTs on the chain.

The recent price surge indicates growing confidence in Nexa’s abilities. If its scalability unlocks new real-world use cases, adoption could accelerate further. Still, much relies on how its mainnet and products progress from here.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.