Airdrops, going ‘multi-chain’ and massive multi-million dollar developer incentives were some of the key marketing and rebrand tactics blockchain projects used in 2023. This trend appears set to continue in 2023 and Gnosis (GNO) appears to be jumping on the bandwagon.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $219 on Jan. 24, the price of GNO has put on a gain of 57% to hit a daily high of $351 on Feb. 14 as the Gnosis chain begins to make its mark in the decentralized finance sector.
Three reasons for the bullish reversal in GNO price include the protocol’s rebrand to CoW protocol, the launch of several interesting proposals, including one that would burn a large portion of the circulating GNO supply and several major integrations that have helped increase the liquidity and access to the Gnosis ecosystem.
Gnosis rebrands to CoW Protocol
The most significant development for Gnosis in 2023 has been the protocol’s rebrand to the Coincidence of Wants Protocol, also known as CoW.
The impetus behind the change was the rising popularity of CowSwap, a decentralized exchange that was the first interface built on Gnosis Protocol.
As part of the rebrand and full launch of CowSwap, GNO holders have the opportunity to lock their tokens on the protocol for one year in order to receive an airdrop of vested COW (vCOW) tokens, the native token on CowSwap.
The airdrop is also available to Gnosis Beacon Chain (GBC) validators and all airdrop participants will be qualified to receive future airdrops, such as the newly launched Gnosis Safe. GNO stakers will also be allowed to opt-in for liquid staking on Gnosis Chain once liquid staking becomes available.
GnosisDAO proposals
A second factor helping stoke the momentum for GNO has been a number of proposals focused on bringing about big changes within the Gnosis ecosystem.
The most recent proposal submitted by the Gnosis team is designed to establish SafeDAO and launch a SAFE token that can be used to govern the Gnosis Safe ecosystem and infrastructure.
The proposal also seeks to set up an independent Safe Foundation in Switzerland that will protect strategic off-chain assets, issue a “SAFE” token and help grow the Gnosis Safe ecosystem.
There is also a proposal currently available for comment that asks the community if the GnosisDAO should burn 68% of the circulating supply of GNO to help improve the economics of the token and give more voting power to GNO holders.
Should the GnosisDAO burn 68% of the total GNO Supply?
Leave your comment in this proposal!https://t.co/V8O72PRkGc@gnosisPM @gnosischain @GnosisGuild @gnosisSafe @MEVprotection— Karpatkey (@karpatkey) February 3, 2023
Related: 1inch Network expands to Avalanche and Gnosis Chain
New mergers and integrations
A third reason for the increase in GNO price has been the expansion of the Gnosis ecosystem which has helped increase access to the GNO token as well as activity on the network.
Recent notable collaborations include integrations with the decentralized exchange aggregator 1inch and the private transaction protocol Tornado cash, while the protocol’s early December merger with xDAI helped establish the Gnosis Chain.
The Gnosis Chain ⛓ (formerly xDai Chain) journey begins!
♻️ STAKE to GNO swap application now live on Ethereum and GC.
Details and Swap Link ➡️ https://t.co/m34tWgQUVx pic.twitter.com/a9JeMfYuUE
— Gnosis Chain (@gnosischain) December 12, 2023
VORTECS™ data from Cointelegraph Markets Pro also began to detect a bullish outlook for GNO on Jan. 22, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for GNO hit a high of 76 on Jan. 22, around 48 hours before the price began to increase 61% over the next two weeks.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
