Litecoin is ignored these days but the coin is reviving.
Litecoin is taking a big step towards developing its ecosystem with the formation of Litecoin Labs. The project is doing this in conjunction with Antpool, one of the world’s leading digital currency mining platforms.
The major focus of Litecoin labs will be “research and information of anonymous transactions, decentralized applications, the evolution of digital currency, wallets and other projects focused on growing the Litecoin ecosystem.”
Announcing the Formation of LTC Labs!
The Litecoin Foundation has partnered with @AntPoolofficial to form the digital currency research laboratory ‘LTC Labs’. The organization will focus on funding projects to help grow the Litecoin ecosystem.https://t.co/kG9Xje9upT
— Litecoin Foundation ⚡️ (@LTCFoundation) April 5, 2022
Antpool is dedicating 50% of whatever they realize from Litecoin pool mining every month to help in funding the project and development initiatives. To support this initiative, the Litecoin team is planning to develop a DAO that will help manage it.
Helping position Litecoin for a better future
Litecoin has not been very innovative in the last few years. However, the development of Litecoin Labs is likely to change the narrative as it could be a major contributor to the growth of the network. Clearly, this will bring cutting-edge aspects of blockchain technology such as decentralized applications which are widely used these days to Litecoin users.
The development of a DAO is also new territory for the project which will place it in the same class as Dash, MakerDAO, and many others who have found relevance in the rapidly evolving crypto space.
Meanwhile, there is evidence that the network is growing as the number of users is increasing rather rapidly as shown in the transaction volume. The new developments will certainly bring more growth in this area as the network incorporates more use cases for its native crypto, LTC.
Litecoin fans have argued for a long that the cryptocurrency is highly undervalued because of its use case as a currency for payments. Some indices such as the rising transaction volume give credence to this view.
Interestingly, the network has just seen the largest amount of LTC daily LTC whale transactions of over $100,000 (3,458 transactions) in 2022. According to crypto analytics platform Santiment, this may be an indication of a mid-term price direction shift.
“Litecoin may not be on many traders’ radars right now, but it quietly just saw the largest amount of daily LTC whale transactions exceeding $100k+ (3,458 transactions) in 2022. Typically, this is an indicator of mid-term price direction shifts.”
🐳 #Litecoin may not be on many traders' radars right now, but it quietly just saw the largest amount of daily $LTC whale transactions exceeding $100k+ (3,458 transactions) in 2022. Typically, this is an indicator of mid-term price direction shifts. 👀 https://t.co/mhi60PtUhX pic.twitter.com/uvCCTmW1Qy
— Santiment (@santimentfeed) April 6, 2022
The asset is currently the 21st largest cryptocurrency by market cap that has fallen out of the top ten for a while now. Hopefully, it will soon reclaim its former place and even go beyond where it used to be if these trends continue on the network.