Blockchain

Nervos Network Surge After Godwoken Layer 2 Launch

Nervos Network (CKB) gained over 35% after releasing the Godwoken L2 solution and the launch of a new NFT marketplace.

Nervos Network Surge After Godwoken Layer 2 Launch 4

Positive price movements during a bear market are notoriously unlikely due to the media’s relentless FUD and unwarranted interest from crypto investors.

One cryptocurrency that turned green on July 12 was the Nervos Network, an open blockchain protocol designed for globally accessible decentralized applications (dApps).

Data from CoinCu shows that CKB rallied 50% in July after rising from a low of $0.0033 on June 30 to a daily high of $0.005 on July 12.

CKB 4-hour chart. Source: CoinCu

Three reasons for the positive benefits of Nervos Network include the launch of the network’s Layer 2 (L2) Godwoken solution, the integration of Celer cBridge in the Godwoken protocol, and the launch of the non-fungible token (NFT) market on the Nervos mainnet.

CKB’s recent bull run was triggered on June 29 when the protocol announced that its L2 solution Godwoken had officially launched on the Nervos Network mainnet.

According to the announcement, Godwoken is an Ethereum Virtual Machine (EVM)-compatible Optimistic rollup that allows projects building across the various sectors of the market to easily create and port their dApps to the Nervos Network.

The addition of EVM compatibility also makes it possible for any project launched on Godwoken to instantly interoperate with other EVM chains, which can help increase reach and grow the user base.

Before the CKB price spike, the developers announced that Godwoken was integrated with Celer cBridge to allow the connection of certain assets between Nervos and the Ethereum network.

According to the announcement from Celer, the first assets available as a bridge between Godwoken and Ethereum are Tether (USDT), USD Coin (USDC), Ether, Wrapped Bitcoin (WBTC), and Dai (DAI).

Godwoken’s main selling point is that its use “allows developers to use Ethereum contracts while keeping transactions scalable, fast, and low-cost”.

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Another development that has drawn more attention to the Nervos Network is the launch of the Oblivion NFT market on the protocol’s mainnet.

Despite the drop in the price of NFTs, non-fungible tokens are still a popular buzzword and there is still a lot of interest in increasing the adoption of blockchain technology and NFTs in business and finance. traditional main.

In addition to the launch of the first NFT marketplace, Nervos and the Godwoken L2 solution also welcomed several new decentralized finance platforms including YokaiSwap, implemented on Godwoken v1, and a cross-chain protocol called JioSwap.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.