Congestion and rising transaction costs on the Ethereum (ETH) network have been an ongoing problem for investors and developers over the past year. This has highlighted blockchain projects that offer a solution to these problems.
One category of tokens that has received a boost in both trade volume and price in the last two months is Gas tokens that help drive transactions on their blockchain networks.
4 hour chart comparison for VTHO / USDT, GAS / USD, and ONG / USDT. Source: TradingView
Data from Cointelegraph and TradingView Markets shows this Gas (GAS), Ontology Gas (ONG) and VeThor Token (VTHO) have seen their prices rise by more than 300% Since the beginning of February thanks to the growing interest in double symbol models.
VTHO / USDT
VeThor Token is one of two tokens launched on the public VeChain blockchain. Thor, after rebranding the project in 2018. VeChain (VET) It is the parent token of the platform and acts as the main value transfer token, while VTHO is a VIP-180 token, which means that it represents the cost of transactions on the VeChain Thor blockchain.
Since hitting a low of $ 0.00125 on February 1, VTHO has risen 615% to a high of $ 0.00897 on February 13 thanks to a record volume of $ 325 million. After the correction that saw the price drop to $ 0.0037, VTHO is now rising again and trading above $ 0.008.
4 hour chart for VTHO / USD pair. Source: TradingView
VTHO is inseparable from the general functions of VeChain Thor, as it is also the smart contract layer of the network, which manages all transactions and execution of smart contracts.
As part of the dual token model, VTHO is automatically distributed to VET holders at rates ranging from 1.4% to 1.9%, depending on the wallet provider. This is similar to the staking reward model and provides additional incentives for those with a professional education.
Gas / dollar
Neo One of the first projects was to popularize the dual token model through Gas Pay Online (GAS) transactions.
Similar to the VeChain Thor token model, Users with Neo in a wallet that they control automatically get Staking Rewards at a rate of 1.61%, That is pushed in the form of gas.
4-hour GAS / USD chart. Source: TradingView
Enthusiasm for natural gas began to pick up in early February When information on the launch of Neo3 It began to appear along with the development of cross bridges towards Ethereum s Smart Binance Series.
GAS traded as low as $ 1.79 on Feb.1, before a record $ 1.5 billion trading volume saw its price rise to a high of $ 15.80 on Feb 21. Just as transaction fees on the Ethereum network reached their highest level in 6 months.
Ethereum average price. Source: Etherscan
While gas prices on Ethereum have more than halved since February 23, The high price of Ether continues to make transactions on the network unmanageable by the average user. While Transactions on the Neo blockchain cost an average of 0.001 GAS.
As the Neo ecosystem expands as DeFi platforms such as Flamingo Finance And decentralized exchange Switcheo, GAS has the potential to keep going by offering a more stable and low-cost alternative to blockchain transactions.
ONG / USDT
Ontology Gas is the blockchain transactional token (ONT) that specializes in digital identity and data management.
Users with ONT in eligible wallets can earn an average interest of 8.56% which is paid in the form of an NGO. That can be sold or used to pay for transaction costs.
The basic features of Ontology network include ONT ID, Application of digital identification used throughout the ecosystem and decentralized exchange of data DDFX, That enables coding, tracking, and data processing between systems.
Ontology is designed to support level 2 scalability and cross-chain integration, with projects such as the DeFi platform Wing.finance, Which provides support for Neo and Ethereum based tokens, Plus the ONTO wallet that recently won support for 12 separate chains, including Polkadot (DOT) and Binance Smart Chain.
4 hour chart for NGO / USDT. Source: TradingView
With increasing activity on Ontology’s network and expanding its ecosystem, NGOs saw a price increase of 480% from $ 0.196 on Feb 1 to a high of $ 1,137 on Feb 21, with the token reaching $ 1.42 billion in 24-hour trade volume.
All transactions in the network depend on NGOs to complete them and, As the eco-ontology system continues to grow, NGOs are likely to experience a healthy increase in demand that could drive prices up even further.
The opinions and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trade involves risk, you must do your research when making a decision.
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