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In what looks like a sheep in a pool of hyenas, Cartesi (CTSI) has maintained a strong bullish trend even as the broader crypto market took a hit amid massive sell-offs.
Cartesi price has surged by almost 19% while cryptocurrency heavyweights like Bitcoin (BTC) and Ethereum (ETH) dropped by 3.65% and 6.07% respectively.
What is Cartesi?
Cartesi is a blockchain application-specific rollups execution layer that uses a Linux runtime. Its RISC-V virtual machine allows developers to import decades of open-source codes to their blockchain applications and build decentralized applications using their favourite libraries, compilers, and other time-tested open-source tooling.
Cartesi Rollups can be deployed as a layer 2 on the Ethereum blockchain and as layer 3 on blockchains like Optimism, Arbitrum, and zkEVM.
Cartesi’s native token is called CTSI and it is designed to act as a link between protocol governance and provide additional convenience and timeliness to Cartesi DApps. Its primary function is Cartesi ecosystem governance
Why is the Cartesi (CTSI) price rising?
Cartesi issued its 2023 ecosystem update seven days ago providing a brief recap of what’s been happening as the community with Cartesi Rollups approaches a mainnet-ready stage.
Also, earlier this year Cartesi launched its Community Grants Program (CGP), a community-driven pilot program to expand the network of contributors building the Cartesi ecosystem. In a boost to CTSI token utility, the CPG gives those staking CTSI an active governance role in allocating grant program funding.
The CPG has $1 million available funds for funding projects in 2023 meaning developers looking for funding submit their applications.
There are several community governance-driven programs lined up for launch in preparation for the launch of a Mainnet for Cartesi DApps. These programs include the Honeypot DApp and mainnet-ready announcement for Cartesi Rollups, the Ecosystem Incentives Program, Experimental DApps, Hackathons, and Technical Workshops.
The hype created by the upcoming programs is the most likely reason behind the consistent CTSI price surge since the beginning of the week.
Cartesi price has gone up by over 91% over the last seven days according to data from CoinCecko.
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