The decentralized education platform’s native altcoin surged more than 117% this week following news that the web3 company was planning to purchase the token.
EDU, Open Campus’ governance and utility asset, is trading at $1.10 at the time of this writing, up from a 7-day low of $0.505.
The 252nd ranked cryptocurrency asset also rose more than 12% in the last 24 hours.
According to the project’s white paper, Open Campus aims to foster an ecosystem that “connects learners, educators, content creators, and educational institutions.” EDU Chain bills itself as “the first layer 3 blockchain built for education.”
EDU’s price surge took shape when Animoca Brands, a web3 and blockchain gaming company, announced plans to acquire more EDU tokens on the open market.
Animoca explains:
“Animoca Brands firmly supports the work of Open Campus and the EDU Foundation, including the upcoming EDU Chain, the first layer 3 (L3) blockchain specifically designed to serve the global education industry. “We will increase value by 2030.”
Open Campus also announced the sale of key nodes on the EDU chain. Key node operators receive rewards for validating transactions on the EDU chain.
According to the project, a sales date will be revealed next month.
Despite this week’s price rally, EDU remains more than 34% below its all-time high of $1.67 hit in April 2023, according to CoinGecko.
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