Nervos Network (CKB) surged by a massive amount of 341% in a single month as its plans to introduce a Defi platform and to launch a new layer-2 offering that may prove to be beneficial.
The crypto-asset market is still struggling and in the phase of finding a credible solution for the constantly increasing fees of decentralized finance (DeFi) platforms. Some alternative solutions, however, are attracting a lot of attention from the investors.
What Does Nervos Network (CKB) offer?
A huge example of this is Nervos Network (CKB), which has gained a lot of attention from the investors after it has recorded a significant gain in the price of 341% in just a month. The Nervos Network (CKB) project has also got a stamp of approval from the Chinese government, which has increased its probability of trending and gaining value in the future.
Nervos Network (CKB) is a Chinese-based blockchain project which enables layer-2 scaling solutions.
Since its creation, the CKB platform has aimed to master the decentralized finance (DeFi) network and asset tokenization.
The Nervos Network (CKB) provides a virtual machine that is Turing-complete in order to process and support applications that are created by utilizing smart contracts, which uses a second layer that has a very high performance.
The Proof of Work (PoW) blockchain system engine of Nervos Network (CKB) can adjust the mining performance according to the conditions of the network. That is why, when the nodes are connected well, the throughput can be increased.
CKByte (CKB) is the native utility token of the base layer. It is used for miner incentivization and resource management. The participants can also receive some compensation for their holdings when they lock their tokens in the Nervos DAO.
Factors Backing the Current Growth of CKB
Nervos Network appeared in the headlines when it got listed on the Blockchain-based Service Network (BSN) of China and five other permissionless blockchains in 2020.
It also got listed on Binance on 26th Jan. Later. It launched a fund of $5 million to other projects building DeFi-style protocols, decentralized exchanges, and lending platforms. The platform is now in the category of companies with a market cap of over $1 billion.