Over the last several days, the price of EtherLite has skyrocketed. The coin began trading on cryptocurrency exchanges, which triggered the rise.
Hardfork on Ethereum Trading of Ethereum Has Begun
This month, EtherLite began trading on cryptocurrency exchanges. The cryptocurrency is a fork of Ethereum, the second-largest cryptocurrency by market capitalization. The proof-of-stake (PoS) consensus methodology is used by the Ethereum hardfork token, ensuring that it utilizes less energy than proof-of-work protocols while also providing investment opportunities for stakeholders.
Following a massive hardfork on the Ethereum network in May, EtherLite was born. The developers have been working on the numerous events on the roadmap since its release. Following an airdrop and an initial exchange sale, the cryptocurrency began trading on trading platforms earlier this month.
The EtherLite token (ETL) was launched at a price of $0.2495 per coin. However, its value has now soared, increasing by more than 300 percent in just a few hours. During the weekend, the coin dipped for a brief while. It has since found its footing and is now trading near the $0.9 mark.
The Ethereum Virtual Machine Is Compatible With EtherLite (EVM)
The Ethereum blockchain is shifting from a proof-of-work (PoW) consensus model to a proof-of-stake (PoS) consensus model. EtherLite, on the other hand, already employs the PoS protocol. Despite this, the EtherLite’s compatibility with the EVM is a vital feature.
Developers can use decentralized applications (dApps) and smart contracts hosted on the Ethereum blockchain on EtherLite thanks to the interoperability. Due to Ethereum’s status as the world’s leading trading platform for dApps and smart contracts, this feature is critical to the ecosystem.
The EtherLite blockchain aspires to be a better version of Ethereum, with lower transaction and gas fees, staking capabilities, and faster transaction speeds. ETL token holders can use the tokens for a variety of purposes, including network governance.