A new layer 1 blockchain project known as VARA Network is making headlines this week. With the industry heavyweights at its back, its price is expected to perform well. However, the market conditions don’t seem to be ideal for a new blockchain project as the Bitcoin price is showing weakness on Wednesday.
The Total 3, which is the market capitalization of all the altcoins, excluding Bitcoin and Ethereum, slid by 0.5% today. This was fueled by the negative price action of Bitcoin, which tumbled after yesterday’s FOMC decision. After an initial surge on its Coinbase listing, VARA crypto also plummeted 41% from its daily high.
What is VARA Crypto?
VARA Network is built on the smart contract engine known as Gear Protocol. The project aims to solve the major issues in the decentralized finance (DeFi) space. The project, which is being touted as the future of decentralized applications, is a substrate-based stand-alone blockchain network.
VARA crypto is the native asset of the whole VARA ecosystem with a wide utility. Apart from the protocol governance, the token can also be staked and used to pay for the transaction fees. While the project seems to be very ambitious, it is yet to be seen how much adoption it gets in the coming months.
Technical Analysis
Coinbase listing is a major milestone for any crypto project. Just after a few hours of its mainnet launch, VARA was listed on Coinbase, which is the biggest digital asset exchange in the US. At press time, the native asset of the new L1 was changing hands at $0.14.
VARA Network Tokenomics
As per the details, VARA token has a total supply of 10 billion coins. According to Coincarp, there are currently 2.55 billion coins in circulation, which puts its market cap at $378 million. Due to such a massive supply, VARA crypto price prediction is not looking very bullish unless the project gains a lot of adoption in the coming months.