The blockchain ecosystem has evolved significantly over the past decade as smart contract capabilities have moved the industry from beingness a elementary medium of substitution to a humming ecosystem full of decentralized finance (DeFi) and nonfungible tokens (NFT).

I project that has benefited from the increased capabilities of blockchain technology and the recent launch of smart contracts on Cardano is Coti, an enterprise-form fintech platform focused on helping organizations create their own payment solutions and digitize any grade of currency as a way to facilitate decentralized payments.

Information from Cointelegraph Markets Pro and TradingView shows that since bottoming out at a low of $0.0884 on July 20, the price of Coti has rallied 652% to reach a new all-fourth dimension high at $0.6665 on Sept. 25 equally its 24-hr trading volume surged to a record $917 million.

COTI/USDT 4-hour chart. Source: TradingView

Three reasons for the steady rally in Coti include its launch of the Djed stablecoin on the Cardano network, a series of substitution listings and the launch of Coti's NFT game, which appears to exist bringing new users to its ecosystem.

Coti launches a stablecoin on Cardano

Coti recently announced that its platform would be the official issuer of the Djed stablecoin on the Cardano network, and the cost continued its upward motility on that news.

Stablecoins accept emerged every bit one of the key components of the cryptocurrency ecosystem as a whole and for DeFi, in particular, because they provide sufficient liquidity for the market place and create a condom haven during times of volatility.

Aside from its DeFi applications, Djed can also be used to pay transaction fees on the Cardano network every bit a way to help prevent high gas fees and make the cost of conducting transactions more predictable.

New exchange listings boost trading volume

A 2nd factor behind Coti's price growth is the token'southward listing on several large exchanges, including Coinbase, the almost agile U.s.-based cryptocurrency exchange.

This declaration kicked off a series of exchange listings for Coti, including being added to Huobi, Crypto.com, the decentralized exchange 1inch, and Celsius, which is an all-in-one cyberbanking and financial services platform.

To go along with these exchange listings, the team at Coti likewise revealed that it has started the procedure of inviting beta testers to utilize for the Coti banking company business relationship and debit menu for final testing before the full launch of the protocol'due south banking solution.

Related: Coinbase users can choose to deposit paychecks directly to accounts

NFT opportunities encourage invest hodling

A third factor helping to boost the value and action within the Coti ecosystem is the projection's ongoing NFT activities, including the Coti NFT Game and the network'southward hereafter program to help support NFTs on Cardano.

NFTs have been one of the hottest sectors in the cryptocurrency ecosystem throughout 2022, and protocols that offer a lower fee surround take seen increased activeness in recent months.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for Coti on Sept. 21, prior to the recent cost rising.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and electric current market conditions derived from a combination of data points, including market place sentiment, trading volume, contempo price movements and Twitter activeness.

VORTECS™ Score (green) vs. Coti toll. Source: Cointelegraph Markets Pro

Equally seen in the chart in a higher place, the VORTECS™ Score for Coti climbed into the green zone on Sept. 21 and reached a high of 77 around 10 hours before the toll increased 135% over the next five days.

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