Low-Cap Ethereum Competitor Surges 68% In One Week, Outpacing Vast Majority of Crypto Projects

One low-cap altcoin is skyrocketing by more than 68% this week amid a surge of total value locked (TVL) on its protocol.

The native asset of the scalability-focused smart contract network Everscale (EVER) is trading at $0.369996 at time of writing.

The 169th-ranked crypto asset by market cap is up 13.8% in the past 24 hours and 68.2% in the past seven days.

The TVL of any decentralized finance (DeFi) protocol represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.

Data from the crypto analytics platform DeFi Llama indicates the Ethereum rival’s TVL has jumped up by more than 126% in April alone, from $33.32 million on April 1st to $75.44 million at time of writing.

The FlatQube (QUBE) decentralized exchange, which operates on the Everscale network, launched its native utility token, QUBE, in late March on the network’s launchpad, EverStart. Everscale users deposited more than 12.45 million EVER to acquire QUBE, according to a press release.

“About a week ago, the FlatQube DEX launched QUBE, the platform’s native utility token. The token launch was intended as an experiment to gauge the community’s interest in governance and support of the platform, as a result, the team has burnt all the EVER tokens deposited in order to receive QUBE tokens.”

Out of that total deposit haul, Everscale says it will burn more than 2.45 million EVER.

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Featured Image: Shutterstock/Ioana Davies (Drutu)/Sensvector