The latest entrant in this space is little known cocoa swapData from Coinmarketcap shows an increase of 76,200 percent in just one day.
The website said that KokoSwap jumped from $0.009999 to $7.63 within 24 hours. However, at 12.50 pm IST, it declined to $5.85, with a market cap of around $2 billion.
The KokoSwap staking platform is undergoing a “game-changing” migration as it switches from Ethereum to Binance Smart Chain. This migration allows more users to sign in and provides greater access to a larger community of gamers in the Binance ecosystem.
Sharath Chandra, a blockchain and budding tech evangelist, said that Cocoa Swap was riding high on the NFT-gaming wave. GameFi is attracting a large number of gaming lovers. He added, “What makes it interesting is the promising Cocostech staking platform that enables users to invest and generate high APY income streams. It is hard to resist the allure of a passive income stream through staking ,” They said.
As the popularity of play-to-earn games has grown exponentially recently, it has become a new trend for gamers to wager to monetize tokens. In the past few months, the craze for NFT And there has been a rapid increase in blockchain-based games. Its benefits have triggered a new wave of crypto adoption in the gaming community. KokoSwap is a one-of-a-kind platform that combines decentralized NFT gaming, an invite-only celebrity NFT marketplace, and strong staking.
Tarusha Mittal, COO and Co-Founder, Oropocket and Uniform, said that NFTs and gaming were on trend at this time for various influencers and celebrities joining the NFT revolution. “I think the sudden surge is driven by the fear of missing out and people are taking advantage of the opportunity as soon as it comes. Considering the volatility of the market, it is best to take profits and invest only what you can afford to lose. Huh.”
Why is KokoSwap migrating?
Ethereum as a blockchain has been one of the most popular and top-notch platforms, but it has problems with congestion and high gas fees that have caused a gradual withdrawal from the network. Not only Cocoswap, many projects are seeking alternatives to the Ethereum blockchain because of its slow transaction speed and high fees.
PocketBits CEO and founder Sohail Merchant said that this is a protocol upgrade of Cocoswap from Ethereum Chain (ERC20) to Binance Smart Chain (BSC).
Balance Smart Chain was launched in 2020.
The KokoSwap platform is a decentralized platform that combines the practices of NFT trading, NFT gaming and crypto trading to create a decentralized and prosperous environment.