One of the biggest debates taking place on a global scale relates to energy production and the integration of renewable free energy sources into an electrical grid dominated by carbon-based fuels and nuclear power.

Energy Web Token (EWT) is one project that is growing in popularity as it aims to integrate blockchain technology into the energy sector. The project likewise plans to help with application evolution and it is creating a decentralized energy exchange.

Data from Cointelegraph Markets and TradingView shows that the price of EWT increased 65% from a low of $11.38 on Feb. 28 to a new all-time high of $18.78 on March iii with a record $eight.66 million in 24-hr trading book.

EWT/USDT four-hour chart. Source: TradingView

The main development helping bulldoze the price of EWT higher was its March 1 listing on Kraken substitution. Kraken is currently the fourth-largest cryptocurrency exchange past book and has provided EWT with its largest trading market to date.

Trading book for EWT increased by 265% following its listing on Kraken and today the cost continues to move college equally customs members speculate on which commutation will list EWT side by side.

EWT announces staking and utility nodes

Another source of optimism for EWT came from the Feb. 25 declaration that staking would soon exist enabled for token holders in the form of escrow-based decentralized service-level agreements (SLA), which will exist used to create utility nodes that volition offer services on the network with the pale interim as an incentive to provide quality services.

According to Energy Spider web'due south Main Commercial Officer Jesse Morris, the staking mechanism created for EWT is a "new kind of crypto model."

Morris said:

"Information technology'southward central to unlocking tens of thousands of utility nodes (run by the ecosystem) offering cheap, reliable Information technology services to grid operators. No more vendor lock-in or RFPs required to standup an enterprise app."

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for EWT on Feb. 27, prior to the contempo toll rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and electric current market conditions derived from a combination of data points including market sentiment, trading volume, contempo price movements and Twitter activity.

VORTECS™ Score (light-green) vs. EWT price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ score for EWT reached a loftier of 67 on Feb. 27, roughly 60 hours before the price began to suspension out from $12.91 to its electric current price of $17.91. At the time of writing EWT's VORTECS™ score stands at 80.

The argue surrounding renewable energy and its integration into the global economy is likely just getting started, and Energy Spider web Chain could accept the first-mover advantage in the decentralization of the energy manufacture.

Increasing incentives for token holders, forth with new exchange listings has EWT well-positioned to become a leader in the blockchain-based free energy marketplace and this is bound to depict in new investors.

The views and opinions expressed hither are solely those of the writer and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, y'all should conduct your own research when making a conclusion.