IRISnet price is up over 60% today, setting it as the biggest gainer on Crypto.com. With a market cap of $200 million and a trading volume of $101 million, IRIS continues to see incredible price gains. Let’s take a look at what IRISnet is exactly and why IRIS price is rising so much.
What Is IRISnet?
The IRIS network aims to build a technology foundation which facilitates construction of distributed business applications.
IRIS uses the Tendermint protocol as a high throughput consensus engine. Tendermind protocol is the world’s most popular blockchain application framework, built on top of the Cosmos platform.
Some of IRISnet’s key innovations include: Incorporation of a service-oriented infrastructure into Cosmos, integration of businesses services on public & consortium chains, and interoperability of provided services across a multitude of blockchains.
When it comes to its core features, IRISnet includes an IBC + iService protocol, which mimics the current TCP/IP + HTTP stack. There is also support for NFTs and cross-chain Coinswap.
It’s safe to say that IRISnet is loaded with features, and the team continues to develop and add more functionality to the network. Some of the upcoming plans for IRIS include an addition of a VM, and integration with Ethereum’s network.
Why Is IRISnet Price Rising?
Binance announced today their support for the IRISnet Network upgrade, which should happen sometime tomorrow, November 23rd. The V1.2.1 IRIS Hub Upgrade will fix a bug in the IRIS Hub Mainnet that prevented the execution of incoming IBC transactions.
The fact that Binance tweeted their support for their recent network upgrade is a big confidence booster to investors and to IRIS’ price overall.
The price pump started as soon as Binance tweeted the announcement, with IRIS price almost doubling from $0.12 to $0.2 in a matter of hours.
IRIS Tokenomics
IRIS has a total market cap of $201 million, with a 24 hour trading volume of $101 million. IRISnet has a total supply of 2 billion, with a circulating supply of 1.15 billion.
At the time of writing IRIS is trading at $0.2, up over 60% in the past 24 hours. Most of the trading volume is coming from Binance, which only makes sense since the exchange’s announcement is what’s fueling the pump today.
There’s no telling how long the pump will go on for, and whether or not IRIS will be able to reach $0.5 in the short term. However, with a market cap of $201 million, IRIS still has a lot of room for growth, and could just surprise you, especially in 2022.
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