In bear markets, the media spreads fear and suspicion. However, crypto investors seem to be quite uninterested in the market. However, an altcoin project made 2 important updates. The updates caused the price of the altcoin to take big gains. The rise came at a time when the overall market was on the decline. Here are the details…
This altcoin price surged 50% in July
Nervos Network (CKB), an open-source Blockchain protocol designed for dApps, has been on the rise in the bear market. It was an NFT market announcement that caused the altcoin project to rise. Accordingly, Nervos Network has launched a new NFT marketplace for its users. However, the network also announced that it has released a layer-2 solution it calls Godwoken. The CKB price of the announcements managed to make an impressive 35% gain. According to the data, the cryptocurrency was changing hands at $0.0033 on June 30. By July 5, the selling price had reached $0.005. Accordingly, CKB managed to gain 50% in July alone, despite the low market.
Nervos launches a layer-2 solution
The final price hike for CKB was fired on June 29, when the protocol’s L2 solution “Godwoken” was officially launched on the Nervos Network mainnet. According to the announcement, Godwoken will allow projects built in various sectors of the market to easily create their dApps. It will also work as an Ethereum Virtual Machine (EVM) compatible Optimistic Rollup, allowing it to migrate these dApps to the Nervos Network. The addition of EVM compatibility makes it possible for any project started on Godwoken to run on other EVM chains. So this can help developers increase the reach of their dApps and grow their user base.
Prior to the altcoin price increase, the developers also revealed that Godwoken is integrated with Celer cBridge to allow certain assets to be bridged between Nervos and the Ethereum network. According to the statement from Celer, there are some cryptocurrencies that will bridge the gap between Godwoken and Ethereum. These; Tether, USD Coin, Ethereum, Wrapped Bitcoin (WBTC) and Dai (DAI). All this aligns quite well with Godwoken’s main selling point. The Tier-2 solution allows developers to connect to Ethereum while performing fast and low-cost transactions.
Altcoin launches a new NFT market
Another development that attracted more attention in the altcoin project took place. The team launched the NFT marketplace called Oblivion on the protocol’s mainnet. As we reported on cryptokoin.com, the domain remains popular despite the decline in NFT prices. Also, interest in increasing the adoption of Blockchain and NFT technology in traditional finance is still very high. Nervos Network has also welcomed several new DeFi platforms. These platforms include YokaiSwap deployed in Godwoken v1 and JioSwap, a cross-chain protocol.
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