Arweave’s Altcoin Soars Over 100% with New Network Launch

Arweave’s AR token has surged over 104% this week, following the launch of a new testnet for the project’s network.

New Testnet Fuels Growth

The testnet, called AO, is a hyperparallel computer that aims to enhance scalability and combine the benefits of smart contracts with traditional computing environments. According to AO’s website, it provides a unified computing environment where parallel processes can coordinate through message passing.

Transaction Surge

Since the AO launch, Arweave has recorded its highest number of transactions ever, exceeding 600 transactions per second. This surge in activity has contributed to the altcoin’s recent gains.

Still Below Peak

Despite this week’s surge, AR remains about 69% below its all-time high of $89.24, set in November 2021. However, the project’s recent developments and growing transaction volume suggest potential for further growth.