Thursday, March 28, 2024

Nervous Network (CKB) price posts double-digit gain after Godwoken layer 2 launch

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Optimistic value motion throughout bear markets are notoriously arduous to come back by as a result of continuous FUD of media and lackadaisical curiosity from crypto traders.

One crypto that managed to flash inexperienced on June 12 is the Nervos Community (CKB), an open blockchain protocol designed for universally accessible decentralized functions (DApps).

Information from Cointelegraph Markets Pro and TradingView exhibits that CKB placed on a 50% acquire in July after climbing from a low of $0.0033 on June 30 to a day by day excessive of $0.005 on July 12.

CKB/USDT 4-hour chart. Supply: TradingView

Three causes for the constructive beneficial properties for the Nervos Community embrace the launch of the community’s layer-2 (L2) solution Godwoken, the combination of the Celer c-Bridge throughout the Godwoken protocol and the launch of a brand new nonfungible token (NFT) marketplace on the Nervos mainnet.

Nervos launches a layer-2 answer

The latest value rally for CKB was ignited on June 29 when the protocol introduced that its L2 answer “Godwoken” had formally launched on the Nervos Community mainnet.

Based on the announcement, Godwoken is an Ethereum (ETH) Digital Machine (EVM)-compatible Optimistic rollup that permits initiatives constructing throughout the assorted sectors of the market to simply create and port their DApps to the Nervos Community.

The addition of EVM compatibility additionally makes it potential for any challenge launched on Godwoken to be immediately interoperable with different EVM chains, which will help improve their attain and develop their user-base.

Celer cBridge integrates with Godwoken

Previous to the spike in CKB value, the builders introduced that Godwoken had been built-in with the Celer cBridge to allow the bridging of sure belongings between Nervos and the Ethereum community.

Based on the announcement from Celer, the primary belongings accessible to bridge between Godwoken and Ethereum are Tether (USDT), USD Coin (USDC), Ether, Wrapped Bitcoin (WBTC), and Dai (DAI).

Godwoken’s principal promoting level is that its use “enables builders to make use of Ethereum contracts whereas maintaining transactions scalable, quick and low-cost.”

Associated: US trademark and copyright offices to study IP impact of NFTs

Nervos launches a brand new NFT market

One other growth that has introduced added consideration to the Nervos Community was the launch of the Oblivion nonfungible token (NFT) market on the protocol’s mainnet.

Regardless of a collapse within the costs of NFTs, nonfungible tokens stay a preferred buzzword and there may be nonetheless quite a bit curiosity in rising the adoption of blockchain and NFT know-how by conventional enterprise and finance.

Along with the launch of its first NFT market, Nervos and its L2 answer Godwoken have additionally welcomed a number of new decentralized finance platforms together with YokaiSwap, which deployed on Godwoken v1, and a cross-chain protocol known as JioSwap.

The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, you must conduct your individual analysis when making a call.