Nervous Network (CKB) Price Posts Double-digit Gain After Godwoken Layer 2 Launch

Positive price movement during bear markets are notoriously hard to come by due to the non-stop FUD of media and lackadaisical interest from crypto investors.

One crypto that managed to flash green on June 12 is Nervos Network (CKB), an open blockchain protocol designed for universally accessible decentralized applications (dApps).

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

CKB/USDT 4-hour chart. Source: TradingView

Three reasons for the positive gains for Nervos Network include the launch of the network’s layer-two (L2) solution Godwoken, the integration of the Celer c-bridge within the Godwoken protocol and the launch of a new nonfungible token (NFT) marketplace on the Nervos mainnet.

Nervos launches a layer-2 solution

The recent price rally for CKB 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 (ETH) 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 be instantly interoperable with other EVM chains, which can help increase their reach and grow their user-base.

Celer cBridge integrates with Godwoken

Prior to the spike in CKB price, the developers announced that Godwoken had been integrated with the Celer cBridge to enable the bridging of certain assets between Nervos and the Ethereum network.

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

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

The main selling point for the use of Godwoken is that it “enables developers to employ Ethereum contracts while keeping transactions scalable, fast and low-cost.”