Bear markets can be extremely harsh for projects with little adoption or a lack of an applicable use case. However, projects that are committed to building regardless market sentiment tends to succeed in the next cycle.
Despite the market downturn, Stratis (STRAX) has seen a notable increase in volume. This platform for blockchain development helps enterprises to create their own blockchain.
The Cointelegraph Markets Pro data and tradingView show that STRAX prices have rallied 220% since hitting a low point of $0.365 on June 15. This was in spite of a surge in 24-hour trading volume.
These are the three reasons why STRAX’s price is rising this week despite the continued struggles of the wider crypto market.
Metaverse launches to entice volume
The Metaverse was a hot topic during the bull market in 2021. It continues to be a driving force behind mass adoption of crypto currencies.
The team behind the protocol teased Sky Dream Mall’s upcoming launch, a metaverse project powered by the Stratis Blockchain, prior to the recent STRAX price rise.
Sky Dream Mall, a metaverse powered with Stratis Blockchain Coming Soon! #metaverse #metaverseland #nftcommunity #nftartwork #vaperwave #stratis #Cryptocurency
.@StratisphereNFT .@stratisplatform .@Stratis_Faction pic.twitter.com/TpmhGDpKvz
Polycarbon Games (@Polycarbongame).
June 25, 2022
Thanks to projects such as the Astroverse Club or Trivia Legends, the protocol has seen growth in its GameFi and nonfungible token (NFT).
Stablecoins & NFTs
Stratis may be seeing growth in the Metaverse area, as well as the launch of a Great British ound Token stablecoin (GBPT).
Price Waterhouse Coopers (PwC) is developing the GBPT stablecoin in collaboration with Stratis to complete its registration with Financial Conduct Authority (FCA). PwC will provide future auditing services once the GBPT stabilitycoin is released.
The team is also developing a ticketing management software that will allow NFTs be used to validate entry and provide store benefits and perks to designated events and venues.
Related: Gaming, government, and enterprise: Who will drive the next crypto bull market?
Outreach in Uganda
The third factor that has contributed to the increase in the price of STRAX is ongoing development of a Blockchain Innovation Center in Uganda. This center aims to increase awareness and knowledge about blockchain technology.
After Stratis formed a long-term partnership in the Foundation of King Oyo (current monarch of the Tooro Kingdom of Uganda), the project was initiated.
The foundations have been laid for the Stratis blockchain innovation center in Uganda as part of the Stratis global expansion.#blockchain #dotnet #Stratis $STRAX pic.twitter.com/nIBl0IEsBk
— Stratisplatform (@stratisplatform).
April 24, 2022
Construction began May 24, and the latest update was posted June 27, showing that the center’s foundation is almost complete.
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