Nervos Network (CKB) price posts double-digit gain after Godwoken layer 2 launch

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Positive price movement during bear markets is known to be difficult to obtain due to constant media manipulation and lack of investor interest in cryptocurrencies.

One of the cryptocurrencies that managed to go green on June 12 is Nervos Network (CKB), an open blockchain protocol designed for globally accessible decentralized applications (DApps).

Data from Cointelegraph Markets Pro and TradingView shows that CKB gained 50% in July after rising from a low of $0.0033 on June 30 to a daily high of $0.005 on July 12.

4-hour chart of CKB/USDT. Source: TradingView
Three reasons for the positive gains for Nervos include the launch of the Godwoken Network 2 (L2) solution, the integration of the Celer c-Bridge into the Godwoken protocol and the launch of a new non-perishable token (NFT) market on the Nervos mainnet.

Nervos launches Layer 2 solution
CKB’s recent price hike was ignited 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-compliant (ETH) Virtual Machine (EVM)-compliant update rollup that allows project builders across various market segments to build their own DApps and seamlessly port them to the Nervos network.

Adding EVM compatibility also makes it possible for any project launched on Godwoken to run instantly with other EVM threads, which can help increase their reach and grow their user base.

Celer cBridge integrates with Godwoken
Ahead of the CKB price hike, the developers announced that Godwoken had been integrated with Celer cBridge to enable some assets to be linked between Nervos and the Ethereum network.

According to the announcement by Celer, the first assets available for the 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 “enables developers to use Ethereum contracts while maintaining scalability, fast and low-cost transactions.”

Related Topics: US Trademark and Copyright Offices to Study the IP Impact of NFTs

Nervos launches new marketplace for NFT
Another development that brought more attention to the Nervos network was the launch of the Oblivion Non-Fungible Token (NFT) marketplace on the protocol mainnet.

Despite the collapse in the price of NFTs, non-fungible tokens remain a popular buzzword and there is still great interest in increasing the adoption of blockchain technology and NFTs through traditional business and finance.

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

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