The price of LTC isn’t doing much these days.
Trading around $45, the cryptocurrency has lost 25% of value in the past month. The digital asset remains 88% down from its ATH of $375.
LTC is also sliding down the ranks, currently at 9th spot with a market cap of $2.9 billion. Litecoin has been trumped by the likes of Polkadot, BNB, Cryptocom Chain, and Chainlink.
Unlike the price, the number of daily transactions on the blockchain has jumped to over 139k from the 39k base Litecoin has been keeping for the past couple of months. The last time Litecoin blockchain recorded this level of transactions was at the peak of the last bull run.
225.8k number of transactions in a day hit on Jan. 4th, 2018, is the highest record set by the network, as per Bitinfocharts.
The latest upswing is because of LiteBringer, a decentralized fantasy game launched last week.
“Transactions are exploding on the Litecoin blockchain!! This is due to the [LiteBringer Game], but the best part about it is everyone playing [the] game has to learn about LTC and [its] use as a currency. You can not play unless you have some lites,” tweeted a Litecoin team member.
LiteBringer currently ranks at seventh spot, as per Dapp Radar.
Since the launch of the RPG game on Sept. 15, this blockchain game has seen a spike of over 1,300% in its user base, while transactions recorded a jump of 2,226%.
Developed by CipSoft, known for its browser game Tibia Online, LiteBringer has been in the works since 2018. This latest project is a fantasy role-playing game where players assign tasks to their fantasy adventurers to finish.
This €1 worth of LTC per month subscription-based game also allows the items in the game to be traded on the in-game market for LTC so that players can turn them into real money.
As for the decision to go with Litecoin blockchain to build the game on, low transactions cost and lack of fee spikes convinced the company. As such, Bitcoin and Ethereum were out of the picture.
Additionally, every move by a player, game operation, is a transaction and needs to be stored in the blockchain.
Before the game went live, Litecoin had been recording 35k to 50k transactions daily. As such, David Schwartz, the project director at Litecoin Foundation, argued that instead of “spamming,” this could actually benefit the network.
“Litebringer from @CipSoft has brought additional attention and usage of LTC, through micro trx’s via legitimate gaming,” said Schwartz.
He added: “Ultimately @litebringergame has provided evidence of a desire for gaming on the blockchain where every move is recorded through trx’s made in LTC. This in itself, shows value beyond the $’s & proves the flexibility, cheap fees & speed of Litecoin. This makes us all winners.”
