Hourglass Coin Surges after Platform Launches New Marketplace

Pathik Bhattacharya
Pathik Bhattacharya
Published on May 19, 2023 12:24 PM

Hourglass's native token WAIT soared more than 16% after multiple cross-chain integrations on the platform increased development activity.

Hourglass Coin Surges after New Marketplace
Source: Unsplash

Hourglass, a DeFi platform providing Web3 services has just revealed its groundbreaking marketplace launch for trading Time-bounded tokens (TBTs). Just after the announcement, the Native token of Hourglass $WAIT surged more than 16% in 24 hours and topped the gainer's list. 

The proposal proposes to tokenize a user's locked assets within a DeFi protocol based on the length of their lock-up time.

The marketplace's principal goal is to allow users to swap their queue position for their locked assets, basically transferring ownership of items that have been locked within a protocol to another interested buyer. Hourglass founder Charlie Pyle emphasised the process's simplicity, saying, "You can essentially acquire a time-bound token and easily transfer ownership of it."

The recent partnerships and web3 project development raised a lot of attention and hence investors are constantly putting funds into Hourglass. Let's see how the collaboration affects the WAIT price in future.

Hourglass's Growing Partnerships Boosting the Ecosystem

Hourglass picked a good time to debut its marketplace, coinciding with the release of Lido's Version 2 this week. The startup's novel technique entails tokenizing Lido's withdrawal queue, a significant participant in the liquid staking industry.

By doing so, Hourglass hopes to alleviate the possible issue of a jammed withdrawal channel, which might obstruct users' access to the staked ether for weeks or even months. Users will be able to trade their position in the queue, providing them with temporary liquidity while they wait for their withdrawal.

Notably, Lido is the biggest liquid staking platform in the DeFi environment, with a total value locked (TVL) of more than $12 billion throughout the Ethereum ecosystem, according to DefiLlama.

LIDO TVL chart

Source: Defillama

The inclusion of Lido's withdrawal queue into the Hourglass marketplace strengthens the platform's position as a leader in DeFi innovation and the Native token $WAIT.

The Hourglass Foundation Incubator just announced the incorporation of the $WAIT token into Alpha District, a new Web3 video game world and RPG environment. The hourglass $WAIT will be the Alpha District universe's exclusive in-game token. This led the Hourglass prices to go straight out of the horizon to $0.34 on Thursday.

Hourglass (WAIT) Price Analysis

Hourglass (WAIT) is now trading at $0.325391 with a 24-hour trading volume of $126,622. This indicates a -4.06% decrease in the previous 24 hours and a 15.60% gain in the last seven days. Hourglass has a market valuation of $31,903,140 with a circulating supply of 98 million WAIT.

On the daily chart, the Hourglass price action has already made a breakout from the declining channel pattern which had thrust the further bull run. The support at the $0.30 mark is crucial and has been tested several times. Breaking out of this could lead to a bearish dominance and a sell-off could trigger a major downfall. 

However, the positive integration and development attracted investors to this whole new web3 platform. The 14-day RSI is at 54 which indicates that the market is neutral but may soon approach the overbought zone. MACD was a bit bearish on Thursday but on Friday, it started making green histograms confirming the entry of Bulls.

WAIT price chart

Source: TradingView

About Hourglass

Hourglass is a tax-free token with renounced ownership that is driven by the community. 100% is in circulation. Hourglass' objective is to enhance Web 3.0 by incubating initiatives that connect the crypto sector with mainstream entertainment, popular applications, significant retail brands, and large-scale real-world events.

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