The native currency of the decentralised blockchain network, Elastos (ELA), which aims to build a scalable and secure Internet, had a significant price surge of more than 45%.

According to the most recent statistics, ELA was trading at $5.14, and its 24-hour trading volume had increased by an astounding 566% to $22 million. In the US digital currency market, this increase in price and trade volume has catapulted ELA into the trending topics.

This extraordinary price increase has been ascribed to a number of significant occurrences. Notably, ELA/USDT perpetual contract trading using USDT as the margin was offered by cryptocurrency exchange Gate.io on March 3. This move probably contributed to an increase in ELA's market activity.

The platform's announcement of the former vice president of Tencent joining, which highlights Elastos's expanding appeal and strategic placement in the blockchain industry, added to the positive vibe surrounding the company. Elastos has further strengthened its network and infrastructure skills by securing relationships in the past with key cloud service providers, Tencent Cloud and Alibaba Cloud.

Furthermore, on March 2, with an X post, Elastos detailed the unique attributes of the ELA token. Among these features are merged mining with Bitcoin, halving cycles, tokenomics, and staking yields

Because of the way the platform works, ELA may take advantage of Bitcoin's significant hashing power, which is almost 50% of Bitcoin's total hashing power, or 293.69 EH/s. It guarantees energy efficiency in addition to improving Elastos' security.

Furthermore, according to Elastos' tokenomics, there will only be a 28.22 million coin supply, and the last coins will likely be produced by December 2105. The token's value proposition mostly relies on the scarcity principle, which is similar to that of Bitcoin.

Beyond its technological aspects, Elastos is building the foundation for an Internet that is more scalable and safe. With ELA at its heart, it seeks to support digital assets, decentralised apps (dApps), and safe data exchange networks. The platform's ability to combine Bitcoin mining improves security and efficiency without requiring more resources.

Technically speaking, the platform is also leading the way. Groups like BeL2 are developing a Bitcoin Layer 2 protocol that would allow EVM smart contracts to operate on Bitcoin without requiring direct bridging. The Ela City team is launching a decentralised digital rights management (dDRM) marketplace for content exchange at the same time, opening up new opportunities for data trade.

By integrating Zero-Knowledge Proof (ZKP) data feeds via a Bitcoin Oracle, Elastos is converting blockchains that are compatible with Ethereum virtual machines (EVMs) into Bitcoin Layer2s. The change is an exciting advancement in the blockchain world as it takes Bitcoin beyond its current role as a store of value and positions it as the base for applications powered by BTC.