GXChain (GXC) Jumps Over 90% as Luffa Partners with REI Network

Decentralized social platform Luffa has forged a new partnership with REI Network to establish “the future of decentralized communication.” Following the collaboration announcement, the REI Network-linked cryptocurrency, GXC, surged over 90% from its value over the past 24 hours. This price change indicates investors’ excitement over the latest development.

What is Luffa?

Touting itself as the most secure social app globally, Luffa is a decentralized instant messaging platform prioritizing security. It is available on Android, iOS, and desktop devices. The protocol’s whitepaper reveals that the social platform was created in the United Kingdom. Luffa’s team members are based in various countries globally.

The social platform facilitates account creation in a fashion similar to that of Web3 wallets. The system provides the user with 12 randomly generated words while they create their account. These mnemonic phrases must be protected to ensure continued access to the account across devices. This way, the user does not divulge personal data to the system.

Unlike traditional social media platforms like X (formerly Twitter), Telegram, and Reddit, which rely on a centralized unit to oversee their activities and store information, Luffa leans on decentralized infrastructure to facilitate its operation and data storage. This way, users do not need to worry that their personal information can be leaked to unauthorized sources.

Like Telegram, Luffa allows users to create and join channels and groups to interact with like-minded individuals. Users can seamlessly send or receive cryptocurrencies across these groups and even receive airdrops.

Transcending its flagship social media product, Luffa offers a non-custodial wallet that allows users to buy, sell, trade, and hold digital assets like cryptocurrencies and non-fungible tokens (NFTs) across various blockchains. Users can also interact with decentralized applications (dApps) launched on supported blockchain networks.

Why Choose REI Network?

Luffa’s decision to join the REI Network reflects its commitment to bringing the most utility to its community. The social protocol’s announcement described REI Network as “a lightweight, high-performance blockchain, ensuring privacy and seamless interaction with no fees.”

REI Network’s origin dates back to 2017 when the mainnet of the blockchain network GXChain launched. The native token for the GXChain ecosystem is GXC. In late 2021, the development team launched GXChain 2.0 and renamed it REI Network. According to its website, REI stands for Rapid, Economical, and Innovative.

Unlike its predecessor, REI Network allows users and developers to interact with the Ethereum network and other Ethereum Virtual Machine (EVM)-compatible blockchains. The blockchain’s selling points include its near-zero gas fees, speedy transactions, and on-chain governance powered by the native crypto, REI. The public blockchain network also enables staking and delegated proof-of-stake (DPoS).

With the latest partnership between Luffa and REI Network, users on the social platform can launch airdrops and transfer cryptocurrencies across EVM-supported blockchain networks.

It is worth noting that the latest announcement had more of an effect on GXChain’s native crypto asset than REI Network’s REI. While REI saw a mild 3.1% increase to a trading price of $0.01918, GXC experienced a whopping 90% surge. However, its price has now rebalanced at $0.5667, representing a 66.45% uptrend in the past 24 hours.

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