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Stablecoin Lender Liquity’s Token Gains 80% in Month as Activity Increases

Liquity, a decentralized borrowing protocol, has seen its native token LQTY rally 80% over the last month, contrasting with sluggish performance in the broader cryptocurrency markets.

Liquity is a borrowing and lending platform where users can take out loans denominated in Liquity’s U.S. dollar stablecoin, LUSD, after staking ether (ETH) as collateral.

LQTY was trading at $0.75 a month ago and is now around $1.35. Compared to the larger crypto assets, bitcoin has seen a 2% increase over the same time period. Ethereum lost 3% and Solana’s SOL gained 20%.

The LQTY token has a market capitalization of about $120 million. And in a sign of just how volatile these smaller cryptocurrencies can be, the price was down 12% on Friday on no notable news.

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According to the company, the protocol has seen increased activity over the past month, which could be contributing to the price movement.

Users who staked in the protocol were paid a collective of around $625,000 over the past month. Users can use the LQTY staking pool to stake LQTY tokens and earn protocol fees, which are paid out in LUSD and ETH.

A spokesperson for Liquity said that Bluechip, an independent stablecoin agency, recently gave it an A rating, another factor that might have contributed to the price surge.