An altcoin from the decentralized finance (DeFi) sector has outperformed the entire crypto market by a large margin over the past seven days as the project gears up for its next phase.
BarnBridge (BOND) is a cross-platform risk management protocol aiming to allow users to minimize the risks associated with DeFi.
BOND, BarnBridge’s ERC-20 token used for governance and staking, skyrocketed this week from a low of $2.94 to a high of $24.11, marking a surge of over 720% in just seven days.
The rally comes in anticipation of the project’s latest update. BarnBridge’s Twitter page says that the release of version two (V2) of the project is in sight.
“This is your reminder that BarnBridge v2 is coming. Audits are under way and sustainable fixed yield is on its way.”
Looking at BarnBridge’s Discord server, co-founder Tyler Ward says that most of the frontend and backend code for the update will be done by August.
“Code is coming along. We are at the phase where things feel like they are happening faster than you expect vs. slower than you expect which is a sign that things are coming together and timelines get more realistic.
At this point, since we have an amazing audit firm who is letting us submit changes ongoing through the audit, we’ve been able to update the frontend and backend in sync.
I think we’ll be done with the code base frontend/backend (with changes from audit) by August 9th. We still have some back end work to do. From there, we’ll probably have a week where we start pushing things out via a soft launch.”
At time of writing, BOND has slightly retraced from its weekly highs and is trading at $22.16.
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The post Overlooked DeFi Altcoin Skyrockets Over 720% in a Week Ahead of Project’s Anticipated New Update appeared first on The Daily Hodl.
