Golem Spreads Its Wings – Continues to Grow After Mainnet Launch

At the start of April, Golem Network Tokens (GNT) were trading for $0.18. A month later and their value had shot to $0.86.

That was at the beginning of May, and by three weeks later Golem’s value had almost halved again down to $0.45 per token.

Now, in the past week, Golem has been looking bullish again and has recorded a near 50% growth, going from $0.45 to $0.66 within seven days.

Golem has been around since 2016, and was part of the earliest generation of Ethereum apps. A strong ICO performance saw $8,000,000 worth of GNT tokens sell out in twenty minutes, but progress began to slow on the project, and Golem disappeared off the radar for a while.

The idea behind the project is one that many new start-ups are now trying to emulate – that of harnessing the world’s computing power into one decentralized pool, to be bought and used by anyone on the Golem network. Resource intensive tasks like CGI rendering and machine learning could benefit greatly from a collective network of computing power.

Binance and Bithumb Listings

Besides a renewed marketing push, one of the biggest reasons for Golem’s recent growth could well be GNT’s listing on Binance and Bithumb. The trading pair GNT/BTC went live on Binance on April 27th. On the day of the listing, Golem’s market cap jumped by 15%, before levelling out soon after.

It’s interesting to note that within a month of the exchange listing, GNT/BTC trading on Binance now accounts for 20% of Golem’s total trading volume.

Another high-profile listing for Golem came from Bithumb on May 3rd. Bithumb’s GNT/KRW trading pair currently makes up the bulk of GNT’s current trading volume at 26%.

Brass Beta

The ‘Brass’ stage of Golem’s roadmap was completed around mid-April, and their beta went live on the Ethereum mainnet to resounding success. GNT tokens doubled in value within 24 hours of the mainnet launch, rising from $0.26 to $0.54 on April 13th.

Basic functions of the Golem network are up and running and the team have already used it to carry out CGI rendering using the blockchain’s collective CPU power. The next step is to implement GPU renting capabilities on the network.

In reference to Golem’s delayed release since their 2016 coin offering, founder and CEO Julian Zawistowski said:

You always underestimate how difficult it is, and this was obviously the case with us. This is typical for software development in general, and blockchain in particular, we underestimate the complexity of what we want to do.”

Golem is riding the crest of a wave that was launched by its ability to provide a useful service which is attractive to investors. The recent exchange listings are no surprise given the success of Golem’s mainnet launch, and acts as a reminder that the best way to climb the market cap rankings is to come bearing a good product.

As Golem spokesperson, Eddy Azar announced upon Golem’s ICO in 2016:

“Golem will replace the huge data centers that currently power the internet, and become the decentralized computing power behind the entire internet and just about everything on it.”

Featured image courtesy of Shutterstock. 

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.