Positive price motion throughout bear markets are notoriously onerous to return by because of the continuous FUD of media and lackadaisical curiosity from crypto traders.
One crypto that managed to flash inexperienced on June 12 is the Nervos Network (CKB), an open blockchain protocol designed for universally accessible decentralized purposes (DApps).
Data from Cointelegraph Markets Pro and TradingView reveals that CKB placed on a 50% gain in July after climbing from a low of $0.0033 on June 30 to a every day excessive of $0.005 on July 12.
CKB/USDT 4-hour chart. Source: TradingView
Three causes for the constructive positive factors for the Nervos Network embody 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 current price rally for CKB was ignited on June 29 when the protocol introduced that its L2 resolution “Godwoken” had formally launched on the Nervos Network mainnet.
According to the announcement, Godwoken is an Ethereum (ETH) Virtual Machine (EVM)-compatible Optimistic rollup that permits initiatives constructing throughout the varied sectors of the market to simply create and port their DApps to the Nervos Network.
The addition of EVM compatibility additionally makes it attainable for any venture launched on Godwoken to be immediately interoperable with different EVM chains, which can assist improve their attain and develop their user-base.
Celer cBridge integrates with Godwoken
Prior to the spike in CKB price, 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.
Excited to announce that we have accomplished integrations and now help bridging on @NervosNetwork’s #Godwoken!
⛓️⛓️You are actually in a position to bridge $USDT, $USDC, $ETH, $WBTC, and $DAI between @ethereum and #Godwoken in a quick, safe, and low-cost vogue!https://t.co/swiAJ2WZLa
— CelerNetwork (@CelerNetwork) July 12, 2022
According to 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 essential promoting level is that its use “enables developers to employ Ethereum contracts while keeping transactions scalable, fast and low-cost.”
Related: US trademark and copyright workplaces to check IP influence of NFTs
Nervos launches a brand new NFT market
Another growth that has introduced added consideration to the Nervos Network was the launch of the Oblivion nonfungible token (NFT) market on the protocol’s mainnet.
annnd we’re dwell! Using @NervosNetwork mainnet? head over to https://t.co/U5gBEd5a3Q.
Note: there are a couple of “test” NFTs. No must buy these, they provide no utility, and had been merely created to reveal/check performance.
— Oblivion NFT Marketplace by Dead Games, Inc (@OblivionNft) July 9, 2022
Despite a collapse within the costs of NFTs, nonfungible tokens stay a preferred buzzword and there’s nonetheless loads curiosity in rising the adoption of blockchain and NFT expertise by conventional enterprise and finance.
In addition to 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 known as JioSwap.
The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Every funding and buying and selling transfer includes threat, it is best to conduct your individual analysis when making a call.