Alejandro Arrieche
The price of the Nervos Network native token – CKB – has gained nearly 15% so far this month following the successful launch of its layer-two solution Godwoken on the blockchain’s mainnet and other positive developments.
Godwoken was officially deployed on 29 June and investors were excited by the release as multiple decentralized apps (dApps) will now be able to migrate to the protocol by taking advantage of its 100% compatibility with the Ethereum Virtual Machine (EVM).
Nervos aims to solve one of the most relevant issues preventing corporations from adopting blockchain technology to power their systems – interoperability.
Also read: How to Earn Interest on Ethereum in 2022?
The project plans to achieve this by creating a “universal passport” blockchain that supports the creation of dApps that can communicate with each other regardless of which protocol and language were used to build them.
The launch Godwoken is a positive step in this direction as now Ethereum-powered protocols can use the layer-two solution to interact with dApps built on other chains within the ecosystem.
Nervos Keeps Moving Forward with Road Map
In addition to this important event, Nervos recently announced that it completed an integration with the Celer cBridge to enable asset transfers between Nervos and the Ethereum network.
As a result, a total of five tokens can now be used to settle transactions within the Nervos Network. These are USDT, USDC, ETH, WBTC, and DAI. The developing team plans to incorporate more tokens in the future to further promote interoperability.
Excited to announce that we've completed integrations and now support bridging on @NervosNetwork’s #Godwoken!
⛓️⛓️You are now able to bridge $USDT, $USDC, $ETH, $WBTC, and $DAI between @ethereum and #Godwoken in a fast, secure, and low-cost fashion!https://t.co/swiAJ2WZLa— CelerNetwork (@CelerNetwork) July 12, 2022
For what remains of the year, Nervos is planning to perform a hard fork and incorporate further bridges and cross-chain solutions so it can eventually launch its smart contract capable layer – Axon.
The project’s goal is to progressively attract developers who would like to build applications including decentralized exchanges, DeFi protocols, and marketplaces that can easily interact with other projects powered by Ethereum-based chains.
At a point when macroeconomic headwinds are threatening to keep disrupting the performance of cryptocurrencies, Nervos’s CKB token could emerge as a winner as the developing team continues to advance toward completing the next milestones in its roadmap.
Nervos Network Price Prediction (2022)
Despite this latest uptick, the performance of CKB this year has been quite disappointing as the token accumulates an 82% loss since 2022 started as the whole crypto ecosystem has been battered by significant FUD and challenging macroeconomic conditions.
Projects like the Nervos Network are still flying relatively under the radar and beginners in the space are probably unaware of their existence.
However, the developing team has advanced at a fast pace in completing its ambitious milestones and has proven its ability to execute thus far.
CKB is the Nervos ecosystem’s native token. It is primarily a utility token used to pay the network’s fees and its demand will largely depend on the developing team’s ability to raise awareness about the blockchain’s efficiency among developers.
A large number of exchanges including Binance, LBank, Crypto.com, and KuCoin currently allow users to buy and swap CKB. The network is powered by a proof-of-work (PoW) protocol meaning that users cannot stake their tokens to earn rewards. In addition, there is no maximum supply defined for CKB.
From a technical perspective, not much has changed for CKB except for the fact that momentum is picking up as indicated by the Relative Strength Index (RSI) and the MACD. However, the price action has not made any higher highs lately and, unless the price moves above $0.005 per token, the short-term outlook for the token remains neutral.
That said, predictions from Wallet Investor indicate that the outlook for CKB is bullish in the near term with this provider’s baseline Nervos Network price prediction standing at $0.00411 for the next 14 days. This results in a 5.2% upside potential if that target is hit.
As for Gov.Capital, another third-party forecasting service, the short-term outlook remains neutral as the token is expected to end the same 14-day period at around $0.0037 per token shortly after spiking to $0.0041.
Other projects like the Nervos Network are also proving to be recession-resistant as is the case of Battle Infinity (IBAT) – a play-to-earn (p2e) decentralized game that could turn into the next Axie Infinity. Find out more about it by joining its official Telegram group.
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This article was written for Business 2 Community by Alejandro Arrieche.
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