An Ethereum (ETH)-based altcoin flying under the radar is moving against largely bearish crypto price action this week, after surging more than 110% in the past seven days.
Power Ledger (POWR) is a blockchain designed for decentralized and distributed energy markets.
The project’s native token, POWR, is trading at almost $0.737 at the time of writing, a huge increase from the weekly low of $0.35. The 171st-ranked crypto asset by market cap is up nearly 25% in the last 24 hours alone.
According to the Powerledger official websitethe crypto project aims to support the decentralization of the energy network, aid the transition to renewable energy and help consumers keep track of their energy consumption.
POWR’s gains materialized this week disclosure of xGrid 2.0, the latest version of Powerledger’s blockchain-enabled energy trading platform.
The project says the new trading platform has a “modern and minimalist” user interface (UI) and greater flexibility with demand and percentage-based secondary market power purchase agreements (PPA).
PPAs are typically used for renewable energy sources and consist of third-party developers who install and operate energy systems on their customers’ properties, according to the US Department of Energy. The customer can receive cheap energy, while the developer can sell excess electricity from the system.
Despite POWR’s gains this week, the token remains more than 61% lower than its all-time high of $1.89, which it reached in January 2018, according to Coin gecko.
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Generated image: Midjourney