Because the begin of February, Concord (ONE) has rallied by 230% and whereas the proof-of-stake sensible contract platform benefited from Ethereum’s skyrocketing fuel charges, the current meteoric rise seems to be pushed by extra elementary elements.
Though different scaling-focused options reminiscent of Cosmos (ATOM), Solana (SOL), NEAR, and OMG additionally rallied throughout the identical time interval, Concord’s efficiency stands out.
Concord is a sharding protocol with a trustless Ethereum bridge that separates the chain into segments that course of transactions and retailer information in parallel. It is thought-about a layer-2 resolution because it splits each the nodes and blockchain states into shards. This implies the community can scale linearly.
Every shard has 250 nodes to ensure cryptographic randomness and through the use of a Sensible Byzantine Fault Tolerance consensus, the community maintains low transaction charges and single block remaining affirmation.
Concord’s mainnet went reside in June 2019 and presently, it provides staking and delegation mechanisms. Annual issuance is capped at 3%, whereas transaction charges are burnt to attain near-zero inflation as community utilization will increase.
In comparison with its rivals, Concord continues to be in a fledgling stage as its market capitalization stands at $250 million. This pales compared with Cosmos, Solana and NEAR Protocol which have respective market caps at $5 billion, $2.2 billion and $1.26 billion.
Though its market cap could also be small, Concord already has 640 community-run nodes and it is a robust indication that adoption is going down. Whereas some rivals battle to develop useful decentralized finance (DeFi) functions, Concord already has greater than three in place.
Amongst these are a cross-asset DEX, UnifyProtocol, and a portfolio steadiness DApp referred to as SeeSwap. Concord additionally helps a DApp-based prediction market referred to as SeeMarket, and LMA, which is a non-fungible token artwork gallery.
Contemplating the staggering DEX quantity development, which surpassed $14 billion, there appears to be sufficient room for scaling options able to dealing with DeFi trades.
Ethereum compatibility created extra upside
On Feb. 4, Concord introduced full Ethereum compatibility after the builders have been capable of port their ether.js or web3.js functions to Concord. As this occurred, Metamask additionally turned accessible for asset transactions on Concord.
On Feb. 5, Blits Labs introduced a mainnet beta model of a cross-chain lending market between Concord and Ethereum. The protocol permits customers to collateralize their Ether to take out a mortgage on Concord.
On Feb. 11, Concord introduced a partnership with API3 to natively combine decentralized API or dAPI. That is anticipated to supply dependable, clear, and decentralized information.
Additional success hinges on Concord’s bold roadmap
Concord’s roadmap consists of asset-bridging with the Bitcoin community and cross-chain communication. Decentralization is one other space that is still underdeveloped, as exterior validators want to achieve relevance.
As for community safety, plans embody re-sharding for single-shard assault prevention and Concord plans so as to add “Quick Sync” capabilities to enhance community efficiency.
Whereas the roadmap is relatively bold, there appear to be robust prospects for the mission judging by the current deliveries and the ecosystem’s accelerated development.
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