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Key Takeaways:
- Hera Finance is an AI-based multichain DEX aggregator.
- The platform’s native token, HERA, spiked 72% WTD on Sept. 22.
- Developers announcing new updates might be the reason.
NEW DELHI (CoinChapter.com) — Hera Finance, an AI-based crypto project, saw its native token HERA’s prices spike over 72% since Sept 15 to reach a daily high near $4.815 on Sept 22.
The rally began after Hera Finance developers shared an announcement to introduce interchain capability on the DEX aggregator. The developers explained that the platform’s existing ‘AI-powered pathfinder model‘ suffered from poor quote response time and sustainability.
Furthermore, the team did a chain analysis of the platform and found that the increase in the number of blockchains had resulted in liquidity vampirism.
A liquidity vampire attack in DeFi occurs when a malicious entity creates a protocol identical to an existing one but with a more profitable and attractive incentive mechanism. The new project thus attracts users from the existing project.
The interchain capability would introduce interchain communications, data transfers, cross-chain capabilities, etc.
Furthermore, the upgrade would allow traders to use liquidity from one chain while swapping tokens on another.
The AI-powered pathfinder model of Hera will be deployed according to the chain standards and integrated into all chains; this is the absolute start of this process. And it will enable these protocols on different chains to communicate with each other.
Hera Finance developers said
However, developers stated that much work remains before interchain operability can go live.
HERA Price Rally Pushes Token Near ATH Levels
Meanwhile, the Hera Finance token’s price rally has pushed its price to form a new all-time high near $4.82 after spiking over 22% on Sept 22.
The spike in price carried on the token’s seven-day-long bull run. However, it seems likely that bears would move in to book profits from the token’s recent rally. As such, the Hera Finance Token might see some corrections before the rally continues.
Additionally, per the project’s roadmap, developers might introduce a new fee model in Sept. 2023, which could help the token rally further. Moreover, the protocol might announce new integrations by the end of Q3 2023.
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