- Cloud Token (CLOUD) is an alternative coin that is built and operated by Sanctum to transform the DeFi market.
- The platform is centered to revolve around improving the concept of liquid staking with more accessibility to liquidity options and Decentralized security.
- Through its “No Cloud Left Behind” staking services campaign, Sanctum endeavours to change the staking sector into one that is fair for all participants.
- It has attracted limelight in the defi industry owing to the social interactions that the platform affords and the open source approach to development.
About Cloud Token & Sanctum
The Cloud Token ($CLOUD) is a revolutionary new digital currency designed to disrupt the decentralized finance (DeFi) market. Developed by Sanctum. thus, sanctum’s $CLOUD is an intersection of a reimagined liquid staking platform. The platform’s mission is to achieve the goal of “No Cloud Left Behind,” and Sanctum has been the industry’s pioneer to make staking more open and equitable. It’s essential to note that it brings a different perspective to liquid staking as it provides more liquidity options to its users while retaining a decentralized security system.
Sanctum has indeed amassed considerable under the DeFi umbrella and with emphasis being placed on the community-driven and open-source development model. Since the recent launch of $CLOUD, Sanctum remains committed to actively maintaining its presence and contributing to the blockchain space and integrating the initial staking mechanisms they created with improvements to their existing offers.
What Is Behind the Cloud Token Price Movement
The sharp increase in the prices of Cloud Token can be explained by the following major events in Sanctum ecosystem in recent days. Below are the main factors driving this price increase:
The outcome of the Mint Event
This has largely been contributed by success in the minting event which led to the increase in the price of $CLOUD as illustrated in the graph above. More than 7000 LST-NFTs were created demonstrating high popularity among users within Solana. Although this event gave much publicity it was a starting point for growth that followed in the later months and years. This has fuelled expectations of the upcoming activation of the dissolve function for LST-NFTs, which has seen a ramp up of buying.
Listing on Crypto.com
The other key driver of the increase in price of $CLOUD is the fact that the Crypto.com has listed $CLOUD. This listing has helped make it easier for users to swap $CLOUD with numerous fiat currencies like USD and EUR. The expansion of its accessibility and convenience for trading $CLOUD has attracted more and more investors, and thus increasing the demand for the token will lead to an increase in its price.
More Support from Infinex
It has been a game-changer for Infinex to decide supporting nineteen new assets including $CLOUD across DeFi and GameFi. The rising utilization of $CLOUD across various spheres and its enhanced visibility have contributed to higher demand from the buying public and various institutions.
New Liquid Staking Tokens Offered By CEXes
There has also been an awakening of centralized exchanges introducing new liquid staking tokens (LSTs), which have also contributed to the increase in price. It is evident that, the usage of these tokens has boosted staking to millions of users. Thank to transparency and compatibility with these open-source, decentralized programs, $CLOUD has remained in the mainstream of the staking revolution increasing its value.
Community and Developer Engagement
The censorship by Sanctor’s team has also not only helped keep the fire burning in the community and the developers but also made sure that the value of $CLOUD remains afloat. Investing in strong projects such as the Solana Incubator that allows teams to create the future of Web3 has enriched Sanctum’s ecosystem. The current community support and backup from the development team have created the belief system in $CLOUD and are largely attributed to the latest spike in the price.
Final Thoughts
The new high of Cloud Token is also a sign that there has been progress and new plans regarding Sanctum’s future. Successful events and high-profile listings, the increase in additional platforms treated by $CLOUD, high community activity, and many more factors all worked in unison to push the value of $CLOUD up. Various trends seem to indicate that the future is bright for Sanctum as it develops its products and services as well as for the native token.
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