Monero worth rises 20% after Atomic Swap implementation
Monero (XMR), the most important privacy-focused cryptocurrency by market capitalization, has posted a 20% worth surge following the launch of the Atomic Swap implementation program final week.
On Friday, the Monero Project formally introduced a rollout of the Atomic Swap implementation developed by the cross-blockchain protocol COMIT Network, aiming to simplify trades between XMR and Bitcoin (BTC).
Following the launch of Monero Atomic Swaps, XMR has seen a notable surge, with its worth rising from round $265 on the launch day to an intra-week excessive of $331. At the time of writing, the privacy-centric cryptocurrency is buying and selling at $318, down round 2.4% over the previous 24 hours, in accordance with crypto monitoring web site CoinGecko. Following a strong bullish pattern on main crypto markets, XMR is up over 50% over the previous 30 days.
Monero Project contributor ErCiccione mentioned that the newly launched swap deployment is a model new know-how that enables customers to change BTC and XMR with out counting on a trusted third get together like a cryptocurrency change. “These swaps are called ‘atomic’ because they only have two possible outcomes: either the trade is successfully completed and each trader receives the other one’s funds, or nothing happens and both traders keep the funds they started with,” he defined.
Related: Newly discovered Monero bug might impression transaction privateness, builders warn
According to the announcement, customers can now proceed with testing out XMR Atomic Swaps by downloading the COMIT-designed software program. ErCiccione cautioned customers that the brand new swaps “might have unexpected bugs” and really useful testing with small quantities.
Launched in 2014, XMR is a significant privacy-focused cryptocurrency designed to help non-public and untrackable transactions. At the time of writing, Monero is the thirtieth largest cryptocurrency by market cap, valued at $5.7 billion.