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Crypto exchange OKEx was the first to announce the listing of Chia Coin (XCH) on its network. XCH is now available on OKEx on its spot trading market.
On Monday, May 3, green cryptocurrency Chia coin (XCH) debuted on exchanges going live for trading at the listing price of $1600. Chia Network, the energy-efficient blockchain platform aims to overcome the drawbacks of other cryptos like Bitcoin and Ethereum.
Chia employs a Proof of Stake and Time model and rewards “farmers” in XCH against providing their storage disks for financial transactions. The Chia whitepaper reads:
“Instead of using power hungry specialized computing resources, Chia relies on storage space coupled with the added variable of time (via a “verifiable delay function,” or “VDF) to ensure the integrity and security of the blockchain. A chia farmer will expend some CPU cycles to create “plots” on hard drives, but will then utilize the energy-efficient resource of drive space over the following years to participate in the consensus mechanism that verifies new blocks on the Chia blockchain”.
The Chia Network developers are also confident that the blockchain will be useful in different transactions. This includes issuing financial assets, cross-border payments, stablecoin issuance, and much more. Besides, Chia also plans to offer smart transaction software services to corporates, governments, financial institutions and other large players.
OKEx Listing and Chia Coin Performance
Crypto exchange OKEx was the first to announce the listing of Chia Coin (XCH) on its network. Chia Coin XCH is now available on OKEx on its spot trading market. OKEx also announced a week-long promotion and a giveaway of XCH between May 3 to May 11.
“To celebrate the listing of XCH on OKEx this week, we’re giving away a total of $100,000 and 5000 TiB to participants who deposit or trade XCH on OKEx.”
But soon after the listing of XCH at around $1600, the cryptocurrency gained a bit above $1800 before losing steam. From this high, Chia Coin lost more than 50% and is currently trading at $690.72, as per data on CoinMarketCap.
The Chia Network project has been backed by some of the top VC funds in the market. Big names like Andreessen Horowitz, Galaxy Investment Group, and Cypherpunk have put their money into it.
Chia Network has seen a good response in its early adoption phase. The Chinese miners have been aggressively farming XCH in recent days. This has led to a massive demand for storage hardware and SSDs. Thus, the price of this hardware has also jumped 50-60% in recent times.