Flying under the radar, an Ethereum (ETH)-based altcoin is moving against the cryptocurrency’s price action, which has seen significant weakness this week after surging more than 110% over the past seven days.
Power Ledger (POWR) is a blockchain designed for decentralized and decentralized energy markets.
The project’s native token, POWR, is trading at nearly $0.737 at the time of this writing, up significantly from its weekly low of $0.35. The 171st-ranked cryptocurrency asset by market capitalization is also up nearly 25% in the last 24 hours alone.
According to Powerledger’s official website, the cryptocurrency project aims to support the decentralization of the energy grid, aid the transition to renewable energy, and help consumers track their power usage.
POWR’s gains materialized this week. open This is xGrid 2.0, the latest version of Powerledger’s blockchain-based energy trading platform.
According to the project, the new trading platform features a “modern and minimalistic” user interface (UI) and offers increased flexibility for demand- and percentage-based secondary market power purchase agreements (PPAs).
According to the U.S. Department of Energy, PPAs are typically used for renewable energy sources and consist of a third-party developer installing and operating an energy system on a customer’s property. Customers can receive cheap energy, and developers can sell surplus power from the system.
Despite POWR’s rise this week, the token remains more than 61% below its all-time high of $1.89 hit in January 2018, according to CoinGecko.
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