A relatively unknown altcoin has seen a substantial increase in value over the past day thanks to new partnerships and the addition of perpetual contracts on a major exchange.

Recent data shows that REI Network (REI), a digital asset focused on data exchange aiming to become a feeless Web3 protocol, is currently trading at $0.280, reflecting a 103% rise in value over the last 24 hours.

The surge in the cryptocurrency's price follows its announcement of partnerships with various crypto and technology companies, including OpenTaskAI, a global marketplace specializing in artificial intelligence (AI) that connects businesses with freelancers.

According to a statement by REI Network, the collaboration with OpenTaskAI aims to combine AI expertise with Web3 technology to shape the future of AI and Web3.

In addition to this partnership, REI Network is also joining forces with the OpenName Project, an omnichain naming service that will streamline the registration and management of Web3 domain names on the REI platform.

Furthermore, Gate.io, the seventh-ranked cryptocurrency exchange in terms of 24-hour trading volume, has revealed that it now offers REI/USDT perpetual contracts as part of its product offerings.