Nonfungible tokens (NFTs) and high-yielding decentralized finance (DeFi) platforms have been the focus of attention in the cryptocurrency sector for the past few months. This intense focus on NFTs, DeFi and Bitcoin’s (BTC) price action means that some investors have glossed over the fact that it was a series of positive developments in stablecoinsthat helped kick off the 2021 bull market.
One project that has quietly amassed significant gains this year is Reserve Rights, a dual-token stablecoin platform where all the tokens are backed by a basket of smart contract-managed cryptocurrencies.
Data from Cointelegraph Markets and TradingView shows that the platform’s Reserve Rights (RSR) token has increased more than 320% since Jan. 1, going from $0.0196 to a new all-time high of $0.829 on March 8 as the project prepares to expand its services to new regions.
