An altcoin from the decentralized finance (DeFi) sector has outperformed the broader crypto market by a wide margin over the past seven days as the project prepares for its next phase.
BarnBridge (BOND) is a cross-platform risk management protocol aimed at enabling users to minimize the risks associated with DeFi.
BOND, BarnBridge’s ERC-20 token used for governance and staking, soared this week from a low of $2.94 to a high of $24.11, marking an increase of over 720 % in just seven days.
The rally comes in anticipation of the latest project update. Barn Bridge Twitter Page said that the release of version two (V2) of the project is in sight.
“This is your reminder that BarnBridge v2 is coming. Audits are underway and a sustainable fixed yield is on the way.
Looking at BarnBridge’s Discord server, co-founder Tyler Ward says most of the frontend and backend code for the update will be done by August.
“The code is coming. We are at the phase where things seem to be happening faster than expected versus slower than expected, which is a sign that things are falling into place and timelines are becoming more realistic.
At this point, since we have an amazing audit firm that allows us to submit ongoing changes throughout the audit, we were able to update the frontend and backend in sync.
I expect we’ll be done with the frontend/backend of the codebase (with auditing changes) by August 9th. We still have groundwork to do. From there, we’ll probably have a week where we start pushing things through a soft launch.
As of this writing, BOND has retreated slightly from its weekly highs and is trading at $22.16.
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