FLOW, the native token of the Layer-1 blockchain network Flow, has surged 17% over the past day, making it the top gainer among the top 100 cryptocurrencies by market cap.

Currently, Flow is trading at $0.6283, with a trading volume increase of 361%, reaching approximately $150 million. The market capitalization has also surged to $950 million. Despite this rise, FLOW remains 98.6% below its all-time high of $46.16, recorded on April 5.

Flow, developed by Dapper Labs, is designed to support decentralized applications (dApps) and digital assets. The platform aims to offer a high-performance, user-friendly environment that addresses scalability without compromising decentralization. Its architecture enables developers to create secure and efficient smart contracts.

Within the Flow ecosystem, FLOW serves multiple purposes, including paying transaction fees, staking, and participating in network governance. The increasing number of dApps and users on the platform has driven demand for FLOW, influencing its price.

Key Developments Driving FLOW’s Surge

The recent surge in FLOW’s value follows a July 24 announcement by Flowverse, stating that OKX Australia has listed Flow on their exchange. Additionally, on-chain data analyst Adrià highlighted several key developments in a July 24 announcement:

  • The unveiling of the Crescendo Testnet, set for Aug. 14
  • The BETA by NBA Top Shot reaching $100k in total value locked
  • Creation of 3,500 contracts on Flow
  • Introduction of a new open-source category on Flowverse
  • MFL, a web3 Football Management game on Flow, hitting 50k in secondary sales

Sean P. Robb also shared insights on scaling Ethereum applications using the Ethereum Virtual Machine (EVM) on Flow.

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