Under-the-Radar Ethereum Competitor Surges 30% in One Week As Bitcoin and Crypto Markets Move in Tight Range

An Ethereum (ETH) competitor is surging more than 33% this week while most of the crypto market remains stagnant.

The Casper Network (CSPR) is a proof-of-stake layer one blockchain that aims to bring smart contracts and decentralized apps (DApps) to a global scale.

The project’s native token, CSPR, is trading at $0.047958 at time of writing, up from $0.035885 one week ago. The low-cap altcoin is also up more than 4% in the past 24 hours.

Earlier this month, CasperLabs, the blockchain software and services company behind the network, released CEP-78, an enterprise-grade non-fungible (NFT) standard for the Casper Blockchain.

The new NFT standard is designed to enable organizations to maintain upgradability over their tokens after they’ve been deployed, according to a press release announcing the launch.

CasperLabs officials have also laid out a plan to upgrade Casper’s consensus protocol to “Casper 2.0” in the first quarter of 2023.

Says Medha Parlikar, the chief technology officer at CasperLabs,

“Casper is already the only blockchain that enables upgradable smart contracts. Casper 2.0 introduces a more powerful feature set in which everything on Casper is a contract – and contracts have all the properties of accounts (including the ability to pay for transactions and to stake on the network). This will enable a more user-friendly user experience, making onboarding the next million users onto blockchain that much easier.”

CSPR is the 85th largest crypto by market cap. It remains down over 96% from its all-time high of $1.33 reached on May 12th, 2021.

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