If you constantly keep tabs on the crypto market, you may have noticed that a cryptocurrency called Quant just made it into the top 50 list this week. It is also holding the crown for the biggest gainer in terms of price action this week.

Quant’s ticker symbol is QNT and it is currently trading at $179.96 after an impressive 17.78% rally in the last 24 hours. However, even more impressive is that its price has surged more than 90% in the last 7 days, which means it would have been the best investment for anyone looking to make the optimal gains in the crypto market in the last two weeks.

Although QNT is currently trading at a healthy level, it has slightly dipped from its all-time high of $191.7 which it achieved just two days ago. A strong performance considering that it traded as low as $11 on January 1, 2021. To fully understand its performance, the price rallied by more than 1,600% from the start of this year to its recent all-time high. A good understanding of the cryptocurrency and its use cases will give a rough idea of whether Quant’s ongoing rally will continue.

What is Quant?

Quant project is a crypto project developed to provide a blockchain operating system that can facilitate interoperability with any blockchain. Interestingly, it does not have a native blockchain and its network is not open-source. However, these approaches are part of why its approach is not only unique but also heavily promising. For example, it facilitates the creation of multi-chain applications which enable the interaction of smart contracts between multiple blockchains. Quant’s Overledger OS also supports multiple cryptocurrencies.

QNT is an ERC20 token that is native to Quant and its Overledger OS. The latter charges annual licensing fees to develop and host applications on its network and those fees are paid through QNT. The cryptocurrency is also used to facilitate payments in Quant’s Overledger marketplace. Quant currently has a market cap of $2.14 billion, a circulating supply of just over 12 million QNT, and a maximum supply of 14.6 million QNT. Its circulating supply is notably lower than that of Bitcoin, which means that its scarcity is one of the reasons for its impressive price performance.

What triggered Quant’s massive rally this week?

A series of tweets suggesting that Quant is one of the crypto projects that will help facilitate the launch of tokenized currencies or CBDCs. A recent tweet by the Quant Network via their official Twitter handle noted that the project has teamed up with another crypto project called LACChain to roll out the financial infrastructure that will facilitate tokenized currencies in an interoperable sandbox.

Quant’s founder Gilbert Verdian also noted in a tweet that the central bank will soon reveal what its partnership with his company entails. Other reports suggest that Quant has collaborated with LCX to facilitate the implementation of CBDC settlements. These developments are big news for anyone aspiring to hold QNT because its involvement in CBDCs is a major catalyst.

Quant’s involvement with CBDCs will likely create more use cases, potentially fueling its growth in the future. QNT might likely be worth thousands of dollars in the near future, and this might explain the frenzy of heavy buying pressure in the last few days.