Gnosis (GNO) continues uptrend after vCOW airdrop and renaming to CoW Protocol

Airdrops, the move to multi-chain, and multi-million dollar developer incentives are among a number of marketing and rebranding tactics that will also be employed by blockchain projects in 2021. This trend is likely to continue into 2022, and Gnosis (GNO) appears to be doing just that.

Data from TradingView shows that since hitting a low of $219 on Jan. 24, the price of GNO is up almost 60% to currently $356 as the GNO chain starts to generate its mark in the DeFi space.

4 hour frame GNO/USDT price chart | Source: TradingView

The three reasons behind GNO’s bullish trend reversal are the protocol’s renaming as CoW Protocol, the introduction of several interesting propositions including one that would burn up a large portion of GNO’s circulating supply, and several key integrations that helped increase liquidity and To increase accessibility of the GNO ecosystem.

Gnosis changed its name to CoW Protocol

The most significant development for GNO in 2022 is the renaming of the protocol to Coincidence of Wants Protocol, also known as CoW.

“We are pleased to announce our rebranding from GNO Protocol to CoW Protocol, paving the way for our independence.”

Driving the change is the growing popularity of CowSwap, a decentralized exchange (DEX) that was the first interface built on top of the GNO protocol.

As part of CowSwap’s rebrand and full launch, GNO holders will have the option to lock their tokens on the protocol for one year to receive an airdrop of COW tokens (vCOW), the native token on CowSwap.

The airdrop is also available for GNO Beacon Chain (GBC) validators and all participants are eligible for future airdrops such as the newly launched Gnosis Safe. Those using GNO can also opt into liquidity staking on GNO Chain once liquidity staking becomes available.

Recommended by GnosisDAO

The second element driving GNO is a series of proposals focused on bringing about major changes in the Gnosis ecosystem.

The latest proposal submitted by the Gnosis team aims to establish SafeDAO and launch a SAFE token that can be used to manage the Gnosis Safe ecosystem and infrastructure.

The proposal also aims to establish an independent Safe Foundation in Switzerland to protect off-chain strategic assets, issue “SAFE” tokens and support the growth of the Gnosis Safe ecosystem.

There’s one too offer polled the community about whether GnosisDAO should burn 68% of the circulating supply of GNO to improve the token economy and give holders more voting rights.

New merge and integration

The third reason for the price increase of GNO is that the expansion of the Gnosis ecosystem has increased access to the GNO token as well as activity on the network.

Notable recent partnerships include integrations with decentralized exchange aggregator 1Inch and private transaction protocol Tornado Cash, while the protocol’s merger with xDAI in early December helped establish Gnosis chain.

“The journey of Gnosis Chain (formerly xDai Chain) begins! The STAKE to GNO Swap App is now available on Ethereum and GC.”

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