Lambda (LAMB) Pumps 51% After Partnership With Former TRON CTO

The Ethereum-based Lambda (LAMB) surged 51% over the weekend, in line with a partnership being announced with the project lead by the former TRON CTO.

Lambda (LAMB) Has a Good Month

The decentralized file-storage project had a busy month, with listings on OKEx, Gate.io and the U.S-based Bittrex. The LAMB token is up over 2,000% since CoinMarketCap began tracking its data in January, and just entered the top-100 off the back of Sunday’s surge.

Throw in a free airdrop on OKEx and sentiment has been high on Lambda for most of June. This latest 51% surge coincides with the announcement of a partnership with Volume Network (VOL) – the project headed up by Lucien Chen, formerly of TRON (TRX).

Chen left the TRON project in May and his departure was acrimonious to say the least. He fired parting shots, stating that TRON was not fit for purpose, and that it had strayed from his and Justin Sun’s original vision.

The plot thickened when TRON CEO Justin Sun said Chen had actually been fired in January for theft, bribery and other crimes. Regardless, the entire flare up was good advertising for the launch of Chen’s own project, Volume Network.

Volume Network (VOL)

VOL is not yet listed on CoinMarketCap, but this Medium blog details its plans to deliver:

“…large-scale crypto commercial transactions for the sole purpose of increasing crypto adoption within the mainstream economy. VOL is a more environmentally friendly, energy saving, and highly secure cryptocurrency based on the concept of Proof-of-Time-and-Space (PoST).”

The project aims to deliver a cryptocurrency that can be mined on hard disks – even a USB device. The blog posits that with a few terabytes of free hard disk space, a laptop or PC owner could mine several VOL every day.

At this point we don’t know how much those VOL would be worth, since the token just wrapped up its IEO in May. According to ICODrops, the token offering sought just $30,000 from investors – all of which was delivered on the same day.

Lambda (LAMB)

Bittrex, OKEx and Gate.io all listed LAMB this past month, and the decentralized storage token could also soon be listed on the Binance DEX. At least, that’s if LAMB is selected for a listing based on its community activity. In the meantime, tens of millions of tokens have been sent to Binance Chain:

“…the technology connection with Binance DEX has been completed, and the number of Token based on Binance Chain is about tens of millions to 100 million.”

Apparently a testnet is already up and running with 120 PB of data stored on it (that’s a million gigabytes, or a thousand terabytes). From a recent PR release:

“Lambda successfully launched the testnet and over 120 PB worth of data storage, which was a pledge by storage miners (provide storage space renting service), prominent institutions, as well as individuals in crypto space.”

Lambda joins several other blockchain projects entering the decentralized storage space. Those include Golem (GNT), Storj (STORJ), Filecoin (FIL) and more.

LAMB Price

From Saturday morning’s low of $0.094625, the value of LAMB shot up to $0.143049 by Sunday evening, marking 51% growth.

LAMB is up 2,048% since launching at $0.006659 at the turn of the year. On Sunday it was primarily being traded on Huobi Global, where BTC and USDT trades accounted for over 50% of the token’s reported $24 million daily volume.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. Chart via CoinMarketCap.

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