Cryptocurrencies behind several layer 1 blockchain networks have all jumped double-digits this morning. 

Solana, a speedy proof-of-stake (PoS) blockchain, has enjoyed a jump of more than 16% over the past 24 hours. The layer-1 token's rise could be attributed to Coinbase, the largest U.S.-based crypto exchange, listing two Solana-based tokens, Bonfida (FIDA) and Orca (ORCA). 

Additionally, the network’s leading crypto wallet, Phantom, just raked in another $109 million. Paradigm led the latest round, pushing the wallet provider's valuation to $1.2 billion.

AD

Tezos is also enjoying a heady start to February. Another PoS-based network, XTZ has risen 5% over the past 24 hours, according to data provided by CoinMarketCap

Often pitched as a “green alternative” to Ethereum, the network’s most recent rise comes on the heels of a new deal between Warner Music Group and a Tezos-based NFT marketplace called OneOf. 

“Partnering with OneOf, a leader in the emerging technology space of Web3 and NFTs, gives our artists an edge in more authentically building one-to-one relationships with their fans and winning in the new Web3 economy,” Oana Ruxandra, Warner’s VP of business development. 

Terra, a DeFi-centric layer-1 protocol built using Cosmos, has also rebounded by nearly 12% after a brutal week which resulted in LUNA, the network’s native token, shedding nearly 20%. 

LUNA’s gains appear to revolve around returning trust in the network’s U.S. dollar-pegged stablecoin. Last week, the stablecoin briefly fell below $0.99, according to CoinGecko.

AD
Price of UST stablecoin.
UST price. Source: CoinGecko.

As for Bitcoin and Ethereum, the leading cryptocurrencies are also enjoying a rebound since both fell to lows not seen since last summer. 

Today, Bitcoin is up by nearly 2.6% and Ethereum is up 7%. 

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Stay on top of crypto news, get daily updates in your inbox.