The price of Vulcan Forged (PYR) has surged sharply. At the time of writing, it has risen 17.14% to $13.80. Over the past 24 hours the intraday high reached $14.30 while the intraday low was $11.84.
Current PYR trading volume stands at $90,542,432, with a market capitalization of $329,857,824. The circulating supply is 23,897,700 PYR tokens and the maximum supply is 50 million PYR.
In this article we explain the main reasons behind PYR’s recent price increase.
What is Vulcan Forged (PYR)?
Before examining the recent price movement, it’s important to clarify what Vulcan Forged is.
In short, Vulcan Forged is an NFT marketplace and game studio building a broader metaverse ecosystem called VulcanVerse. PYR is the platform’s native utility token.
Why is PYR’s price rising?
This week PYR has outperformed many other metaverse and NFT tokens, which are generally recovering after a recent bearish period.
Three main catalysts appear to be driving the current rally: the launch of the Elysium testnet, the listing of 100 land plots for sale within the VulcanVerse ecosystem, and the rollout of a PYR bridge connecting Polygon and Ethereum.
1. Elysium testnet launch
High gas fees on Ethereum have prompted many projects to develop alternative solutions that reduce the cost of launching metaverse and NFT initiatives. Vulcan Forged responded by launching Elysium, a blockchain it bills as a metaverse-focused chain.
It’s 20:05 GMT, 28th January, 2022, The Year of the Vulcanite.
And Elysium Testnet just went live.$PYR pic.twitter.com/qqevQeC0TB
— Vulcan Forged (@VulcanForged) January 28, 2022
Elysium is positioned as a carbon-neutral blockchain and will collaborate with Coorest, a decentralized carbon credit exchange based in the Netherlands. Coorest will manage CO2 offsetting for the Elysium chain using tokenized trees and fees tied to transaction gas.
This environmentally conscious approach has attracted interest from other protocols, with several metaverse projects showing curiosity about Elysium’s model.
2. Sale of 100 land plots in VulcanVerse
The recent availability of 100 land plots has driven token demand and price appreciation, since buyers need to accumulate PYR to purchase plots.
The limited supply of only 100 plots was a major factor behind last week’s bullish momentum.
12-24 hours left on the @VulcanVerse 100 plot sale.
Auction expiry dates cleverly designed for time zones.https://t.co/CjiW5HPVjY$PYR pic.twitter.com/tDRhQT5HjG
— Vulcan Forged (@VulcanForged) February 1, 2022
In addition to ownership benefits, landholders will receive 35 PYR per month for the next four years. Land can also generate income through rentals or be used as part of gameplay mechanics, increasing its utility and appeal.
3. PYR bridge between Polygon and Ethereum
The success of VulcanDEX, a decentralized exchange operating across Ethereum and Polygon, has also contributed to PYR’s upward movement.
As of January 29, the total value locked (TVL) in VulcanDEX exceeded $10 million. The protocol is integrating a cross-chain bridge between Polygon and Ethereum to enable seamless transfers of PYR tokens between the two networks.
That bridge will improve liquidity and usability for PYR holders, supporting broader adoption and trading flexibility across chains.