Telcoin (TEL) gains 300 percentage after layer-2 migration to the Polygon network
Telcoin has surged more than 4,100% since Feb. 1, rallying from a low of $0.00066 to a new all-time high at $0.0286 on May 5 as the altcoin saw a record $110 million in 24-hour trading volume.
The project has recently launched V2, an upgraded protocol that enabled its remittance services between the Philippines and Canada to go live on Feb. 4.
The launch of V2 included new versions of both iOS and Android mobile applications that users in participating jurisdictions can download from the Apple Store and Google Play store.
The project further gained attention in late February when CEO Paul Neuner appeared before the Nebraska State Legislature to talk about opportunities in the fintech space and how the state could benefit from legislation geared toward turning Nebraska into a decentralized finance hub.
After trading sideways through most of March and April, TEL price received a dose of rocket fuel while it listed on QuickSwap decentralized exchange that operates on Polygon, the lower fee environment and the attractive yield opportunities for liquidity providers on QuickSwap likely led to the surge in trading volume for TEL.
With a globally relevant use case now operating in a low fee, layer-2 environment, Telcoin has the potential to attract a wide range of global users. As blockchain technology increases its mainstream presence and new participants look for cheaper ways to transfer funds and make payments, TEL price could see further appreciation.