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Quant (QNT) is going steep - what's behind it?



While the charts on the entire crypto market were rather mixed on Wednesday, the quant token is now literally going through the roof. At the time of writing, there has been an increase of more than 20 percent in the last 24 hours alone.


turbulent year

The first half of 2021 was marked by great success for Quant. From around eleven dollars in January 2021, it went to over 400 US dollars within half a year. In addition to the fundamentally bullish mood on the overall market, the reason for the strong price development was above all the listing on Coinbase and Binance . Nevertheless, Quant could not escape the selling pressure in the second half of 2021. Since September 2021, the price has only known the way down and at times was more than 60 percent below its all-time high.


Wormhole hack as a possible course driver?

The recent increase may come as a surprise to many, as Quant Network (QNT) - apart from a newer version of Overledger on January 24th - has not reported any special news. The strong rise is therefore likely to be mainly technical in nature after the price fell to a new all-time low in January 2022 and then formed a strong bottom for several weeks. The bulls' renewed onslaught was also accompanied by strong volumes in trading exchanges, underscoring the strength of the current move. In addition, the hack of the Token Bridge Wormhole could also be seen as a possible reason for the rapid price increase at Quant. worm holeannounced on Twitter yesterday, February 2nd , that it was investigating a potential exploit. Shortly thereafter, it was confirmed that 120,000 WETH (Wrapped Ether) had been stolen. Since Quant Network is also working on multi-chain solutions, the second largest DeFi hack of all time could therefore play QNT as a competitor in the cards.


What does Quant do?

The self-imposed goal of Quant Network (QNT) sounds ambitious. They want to establish themselves as a kind of basic infrastructure in the interoperability of blockchain platforms. The underlying technology used by QNT is called the Overleder DLT Gateway. The Quant token is the proprietary Ethereum token on which Quant Network's enterprise software solutions operate. The special feature: Quant Network enables the creation of so-called multi-chain apps (mApps). These work in a similar way to the already known dApps, but have the special feature that they enable the user to create an interaction between the different blockchains. Data can thus be processed, verified and stored on multiple chains. In short: mApps are operated on several blockchains.



With a market capitalization of around 1.4 billion US dollars, Quant is currently one of the 100 largest crypto projects worldwide.

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