Bora has been on a steep uptrend since October. The cryptocurrency has been moving upwards in a sustainable manner and if the bullish momentum continues for the token, it is expected to break its all-time high of $0.50 established during the peak of the bull run. At the time of writing, the cryptocurrency stands at a price level of $0.29. The price has increased by 25% during the past twenty-four hours alone while the trading volume has surged by 33%. Bora token has had some major developments going on in the network which may be responsible for the surge in the cryptocurrency. Moreover, the bullish trend is also fueled by the positive outlook of the crypto market.
Mainnet migration completed
Bora is described as a decentralized entertainment platform which is designed for the distribution of digital content while incentivizing users through rewards to consume the distributed content. It is a layer 2 protocol which also has a dual-token system based on ERC-20. The platform was based on the blockchain of Ethereum; however, the team had been working on a native blockchain for the platform to offer increased performance.
On 1st November, the team announced that the migration towards the new blockchain has been successfully completed and the ERC-20 Bora tokens are being swapped for the new tokens. The mainnet of the network has migrated from Ethereum to Klaytn and the tokens have been swapped to Klaytn-based tokens. The team has automatically changed the wallet addresses of the users to the new Klaytn blockchain and the Ethereum-based tokens can no longer be transferred.
The network has been facing some setbacks due to the ongoing migration in the form of maintenance breaks etc.; however, the team has been more than cooperative to ensure a seamless migration. Now that the network has completely and successfully migrated, the Bora token can be expected to further benefit with increased bullish momentum as the network is back to its full functionality.
Future outlook
With a strong technical performance currently, the Bora token has a positive future outlook. The mainnet migration is expected to result in favorable conditions for the token. According to the estimates of Wallet Investor, the cryptocurrency is expected to operate at a price level of $0.43 in a year’ time while the five-year projection places it at $1.05. Digital Coin Price projects the price to touch $0.93 by the end of 2025.
