Nervos Network Price (CKB) is up over 30%, currently trading at $0.026 after hitting a high of $0.029 earlier today. Let’s take a closer look at Nervos Network and its native token CKByte and see what all the hype is about.
What Is the Nervos Network?
The Nervous Network is a platform for developers to build universal apps that work seamlessly across chains.
The Nervos Network team sees current crypto applications similar to early internet applications that lived on segregated networks. For example, in order to interact with different exchanges and trade different tokens users have to utilize a variety of different services (decentralized exchanges, wallets, etc.)
Nervos Network aims to solve this problem by creating a platform for developers to build universal applications. According to their official website:
“The Nervos Network [offers] a suite of integrated solutions that allow the developer to build Universal Apps.“
What Is The CKByte (CKB) Token?
CKB is the native token to the Nervos Network. It can be used to store value – similar to bitcoin – and can also be used to rent space on the Nervos Blockchain. According to their website:
“The CKByte is the token that fuels the Nervos Network. It is not Bitcoin, and it is not ETH — it is more than that.”
Why Is Nervos Network Price Rising?
One potential reason for CKB’s recent price surge is due to yesterday’s announcement regarding Godwoken:
Godwoken, our EVM compatible Layer 2 blockchain, is now live on mainnet beta 🎉
More info👉 https://t.co/kW1t2vai4R
— Nervos (@NervosNetwork) November 4, 2021
The team announced that Godworken – their EVM compatible layer – is now live! This means that Ethereum developers can now use the EVM and port their existing code bases to CKB.
If developers want to take their app to the next level and become part of the next generation DeFi ecosystem, Godwoken is the perfect solution. As a developer, you can currently apply to get whitelisted on the platform. Once you apply to the whitelisting you will be sent instructions to the private support channel.
Where can you buy CKB?
Most major exchanges like Binance, KuCoin, Huobi, Crypto.com and much more support CKB.
The token has been around since 2019 and the fact that it managed to maintain relevancy and such a high market cap ($750m+), speaks to the strength of the Nervos Network team.
While CKB has had it’s fair share of ups and down, it’s clear the project is garnering some serious bullish momentum. CKB has been on an upwards trajectory since July of this year when it hit a low of $0.008.
The recent announcement and price gains will only draw more attention to this project. Personally, I wouldn’t be surprised if we see CKB break $1b in market cap by the end of the month.
Follow us on twitter @thevrsoldier to stay up to date with the latest cryptocurrency news!