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 laborious to return by as a result of continuous FUD of media and lackadaisical curiosity from crypto buyers.

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

Information from Cointelegraph Markets Professional and TradingView reveals 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) resolution Godwoken, the combination of the Celer c-Bridge inside the Godwoken protocol and the launch of a brand new nonfungible token (NFT) market on the Nervos mainnet.

Nervos launches a layer-2 resolution

The latest value rally for CKB was ignited on June 29 when the protocol introduced that its L2 resolution “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 tasks 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 venture launched on Godwoken to be immediately interoperable with different EVM chains, which might 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 property between Nervos and the Ethereum community.

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

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

Associated: US trademark and copyright workplaces to review IP affect of NFTs

Nervos launches a brand new NFT market

One other improvement 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 well-liked buzzword and there’s nonetheless lots 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 resolution Godwoken have additionally welcomed a number of new decentralized finance platforms together with YokaiSwap, which deployed on Godwoken v1, and a cross-chain protocol referred to as JioSwap.

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

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