The native altcoin of a decentralized education platform surged by over 117% this week amid news that a web3 firm has plans to purchase the token.
Open Campus’ governance and utility asset, EDU, is trading at $1.10 at time of writing, up from its seven-day low of $0.505.
The 252nd-ranked crypto asset is also up more than 12% in the past 24 hours.
Open Campus aims to foster an ecosystem that “connects learners, educators, content creators and educational institutions,” according to the project’s whitepaper. The EDU Chain bills itself as the “first layer-3 blockchain built for education.”
EDU’s price surge materialized as Animoca Brands, a web3 and blockchain gaming firm, announced a plan to acquire more EDU tokens on the open market.
Explains Animoca,
“Animoca Brands firmly supports the work of Open Campus and the EDU Foundation, including in particular the upcoming EDU Chain, the first layer-3 (L3) blockchain specifically designed to serve the global education industry, which is estimated to grow to $8 trillion in value by 2030.”
Open Campus also announced the upcoming sale of principal nodes for the EDU Chain. Principal node operators earn rewards by validating transactions on the EDU Chain.
The sales dates will be revealed next month, according to the project.
Despite its price gains this week, EDU remains more than 34% down from its all-time high of $1.67, which it hit in April 2023, according to CoinGecko.
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