XRP could benefit tremendously, as the Root Network (ROOT) goes live for trading on multiple crypto exchanges, including KuCoin, Bybit, Bitget, and Gate.io.
The Root Network announced the multiple listings on Tuesday. However, the time the token went live on each platform differs. While the token started trading on KuCoin at 00:00 PT, Bybit, Bitget, and Gate all listed ROOT at 14:00 PT (23:00 NZT).
The listing on KuCoin in particular marked a lot of difference as ROOT ranked as the best performing asset on the exchange. Per the data shared, ROOT price soared as high as 627% to $0.030288 following the listing.
The Root Network and XRP Ties
Exchange listings are considered an important aspect of any crypto project’s life cycle as they underscore the recognition of its use cases and broaden the accessibilities to the project.
The proposed listing of ROOT highlights the same sentiments, as the recent development has just placed the protocol’s potentials on a hill for everyone to see.
The Root Network’s design as a central hub targets the “open metaverse.” The protocol is the brainchild of the Futureverse team.
The Root Network is essentially a “Modular Development Toolkit” through which users can experience a “scalable, secure, and interconnected experience.” To properly serve its users, The Root Network maintains an integration with the XRPL and also has EVM compatibilities.
One unique feature of The Root Network is its close ties to XRP. It is worth noting that the protocol has integrated XRP as its gas token according to the protocol’s Whitepaper.
This is particularly a unique push seeing XRP will remain the key beneficiary of the majority of network transactions that will flow to The Root Network following the listing on exchanges.
XRP Fulfilling its Mission
XRP as a digital currency aims to power a broad range of transactions riding on its speed and low cost. The choice of XRP as a gas token by The Root Network underscores the role of the Ripple-backed cryptocurrency in driving more mainstream adoption of the asset.
The role XRP is playing in The Root Network remains one of the key expressions of the argument of Ripple Labs in its lawsuit with the US SEC – that XRP is a utility token and not an investment contract.