summary
- The Kraken listing will be added to Xyo’s existing CEX portfolio, including Coinbase, Kucoin, Mexc, Bithumb, and gate.io.
- The list comes after Xyo reported $8.8 million in revenue in 2024.
- Xyo is a Depin project that recently launched its own Layer-1 blockchain, the Xyo Layer One.
According to a press release shared with Crypto.News, XYO (XYO), the token of the pioneering DePIN project, will be participating in the existing lineup of major central exchanges, including Coinbase, Kucoin, MEXC, Bithumb, and Gate.io.
Ranked among the top 20 exchanges in Coinmarketcap’s spot trading volume, Kraken’s list is expected to significantly improve Xyo’s liquidity and trading activity, which could give a big boost to Xyo Crypto’s prices. Previous list of tokens on Bithumb in April increased prices by 50%.
Kraken’s decision to list Xyo Crypto follows a 2024 $8.8 million revenue report, as disclosed in the SEC filing.
XYO co-founder Markus Levin commented on the development and highlighted how it reflects the wider change into revenue-driven projects in the industry.
“In the final cycle, during the ICO boom, tokens were launched at a furious rate based on white papers and hype, and listed based on hype. Metrics such as social media followers and Total Value Lock (TVL) have been much more upset during that period. Exchanges are in line with this shift. You can see that many of these businesses will flourish.”
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What is Xyo Crypto?
Founded in 2018, Xyo is one of the first and largest Depin projects operating over 10 million nodes worldwide. Networks collect and validate real-world data through location proof and proof of origin technology, supporting asset tracking, depin solutions, and interactive gaming applications.
Xyo operates through two entities: a non-profit foundation and for-profit company XL Labs, which secures the provision of Regulation A and SEC approval of tokenized stocks traded on Tzero. Xyo Crypto serves as governance and staking functions within the ecosystem.
The latest milestone in the project is the launch of Xyo Layer One, a proprietary Layer-1 blockchain designed for high-throughput, low-latency real-world data processing. In the dual token model, existing XYO Crypto tokens serve governance and staking features, while the new XL1 token manages transaction fees, smart contract execution, network rewards, and separates governance from operational utilities.
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