1 week ago
NEO and GAS recorded 13% and 30% regular gains arsenic of property time, respectively, fueled by trading enactment with Korean won (KRW) pairs connected Upbit.
According to marketplace data, NEO posted $54.4 cardinal successful measurement connected its KRW pair, portion GAS registered $134.6 million, ranking some assets among the day’s apical movers crossed integer plus platforms.
The terms hike follows a steep 44% diminution for NEO betwixt March 24 and April 2 and a 32% alteration for GAS successful the aforesaid period, reversing the clang and astonishing marketplace observers.
Neo Bond program
The surge coincides with the recent launch of the Neo Bond program, a marketplace stabilization inaugural launched by the Neo Foundation.
The Neo Bond programme opened for information connected April 5 with a seven-day deposit window. The inaugural allows NEO holders to fastener their tokens for 30 days successful instrumentality for a 50% annualized output and a $5 terms warrant astatine maturity.
Structured arsenic a fixed-term vault, the Neo Bond is designed to enactment marketplace stableness done voluntary token lockups and assurance incentives. Participation requires sending NEO from idiosyncratic Neo N3 wallets, and funds are returned automatically to the aforesaid code aft the term, including involvement and immoderate compensation if the token terms falls beneath the $5 threshold.
The Neo Foundation pre-funded the enslaved with 1 cardinal NEO successful a multi-signature wallet to guarantee liquidity and warrant payout capability. The code manages each publically verifiable enslaved funds.
Korean retail flows
Market information from Upbit shows aggravated KRW trading enactment successful some NEO and GAS. The KRW-denominated request contributed to a crisp uptick successful terms for some assets, though terms enactment extracurricular of Korean markets remained much muted.
On April 9, the NEO/KRW brace accounted for implicit 60% of the token’s planetary trading volume, portion GAS/KRW approached 70% of the full volume, indicating determination concentration.
The comparative surge successful GAS measurement suggests either derivative hedging oregon retail involvement fueled by the Neo Bond program’s promotional visibility.
While GAS is lone utilized to wage fees for operations connected the Neo blockchain, its terms is highly correlated with NEO. On the Pearson Correlation Coefficient, implicit the 1-year timeframe, GAS shows a 0.94 affirmative correlation with NEO, rising to 0.96 successful the 1-month timeframe.
The Pearson Correlation Coefficient estimates the narration betwixt 2 variables, ranging from a full deficiency of correlation (-1) to a implicit correlation (1).
The station NEO and GAS station double-digit gains amid 50% APY inducement program appeared archetypal connected CryptoSlate.
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