Golem (GLM) price hits three-year high following protocol upgrade

Written by: Ali Raza
February 25, 2021
  • Golem’s move from GNT to GLM has galvanized users’ interest in the project.
  • Golem offers an open-source cloud processing protocol for both transactions and application registries.
  • The project launched its initial coin offering (ICO) in November 2016 and issued 820 million.

The price of Golem (GLM) has rallied over the past few weeks to a 3-year high of $0.65, as on-chain data shows an increase in transfers and active addresses.

It went on a strong bull run on February 19. However, most of the altcoin’s gains retracted at the same time Bitcoin fell to $45,000 within the past three days. Even with the retraction, the coin still managed a 230% gain this month.

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More investors now purchase Golem (GLM) in anticipation of a further rise of the token.

But there is something else going on with the token. Since November last year, the project has been moving to GLM from the previous GNT token after it deployed a new ERC-20 contract. While most exchanges are now trading the new token, some others are still actively trading the GNT.

Golem offers an open-source cloud processing protocol for both transactions and application registries.

It allows users to share and aggregate computing resources. Users can also develop applications with the network. The protocol serves as an alternative to centralized cloud services such as Amazon Web Services.

Golem raised $8.9 million in ICO last year

Golem launched its initial coin offering (ICO) in November 2016, issuing 820 million and raising $8.6 million in the process.

The “Golem Factory” foundation project, team members, and early contributors retained 180 million tokens in the ICO.

The Golem network enables large data centers and computers to share resources. Golem says it settles payments between software developers, requesters, and providers through a transaction system.

Golem also utilizes a batched transaction approach that offers protection to users from the congestion in the Ethereum (ETH) network as well as high gas prices.

The project also offers two-layer scalability on the zk-Sync mainnet, a zero-knowledge protocol for the payment API.

There have been other engagements by Golem to make its project more feasible and scalable for users. It launched the Golden Gitcoin Hackaton 2020 which included the GLM-stakepool smart contract. It enables the GLM tokenholdersto gain yield of staking Uniswap LP tokens.