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The Root Network, an emerging player in the open metaverse space, saw its ROOT token experience a significant rise in value following its listing on cryptocurrency exchanges. The token began trading at 07:00 UTC today on KuCoin, and will later begin trading at 21:00 UTC on other platforms, including Bybit, Bitget, and Gate.io.
The Root Network is designed to provide a secure experience for users within the Metaverse. It uses a modular development toolkit to ensure scalability and interconnection of various applications. By integrating with the XRP Ledger (XRPL) and providing virtual machine (EVM) compatibility, the network facilitates seamless transactions and interactions within the digital universe.
A particularly notable rally occurred on KuCoin where ROOT’s value soared 627% to $0.030288. This impressive performance highlights the market’s enthusiasm for new companies in the growing metaverse sector.
The integration of XRP as a gas token for transactions within the Root network is a strategic move that not only strengthens the utility of the cryptocurrency backed by Securities and Exchange Commission (SEC). Ripple Labs has always maintained that XRP functions as a utility token, and its role in The Root Network could help reinforce this assertion by demonstrating its practical use to facilitate transactions within the metaverse platform.
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