Livepeer (LPT) Surges after Grayscale Listing

by in DeFi News

Livepeer rallies

On March 7 leading asset manager Grayscale announced launching five altcoin trusts. Livepeer (LPT) was among them.

Related: ChainLink holds below $30 amid shrinking altcoin balance

After this, the price of the token gained 500% and reached a new all-time high of $32 on March 20. Now the token trades at around $23.88. Grayscale's Livepeer trust now holds $7.1 M assets under management. On March 20 this indicator was 3.1 million.

The Livepeer protocol is a decentralized live video infrastructure powered by Ethereum. It has a native token LPT over which all the payments are done. Besides, holders can stake the token to receive rewards or take part in the protocol's governance.

Livepeer went live on May 1, 2018, on Ethereum’s Mainnet.

As video streaming is very common nowadays, the amount of content shared on the network is increasing. Recently, the Chief Technology Officer of the network Eric Tang informed via Twitter that more than 1,600,000 minutes of original content were produced and streamed on the platform in the prior 30 days.