What is Ankr protocol and its native ANKR crypto?

Highlights

 

Ankr claims to have support for multiple blockchains for easy deployment of nodes

 

ANKR token is native to Ankr, and its price has remained volatile over the past three months

 

Web3 is gaining traction, but how a decentralized internet becomes a success is yet to be seen

Prices of cryptocurrencies, no matter how high the market cap is, can fluctuate widely over a short span of time. In the past 24 hours, the sector has lost value, with BTC and ETH, largest and second largest asset respectively, both trading in red.

But since any crypto asset is linked to a specific project, it is important to know about the project and the solution it is claiming to provide. The project can be related to gaming like Axie Infinity (AXS), fan tokens like Socios.com (CHZ) or other categories. Web3, an idea that seeks to free the internet of central powerful tech entities, is also gaining traction.

One project, Ankr, is a participant in the Web3 category. Let’s learn a little more about this project.

What is Ankr blockchain project?

The protocol claims it can support deployment of nodes on multiple blockchains. Networks like BSC, Fantom, Solana, Ethereum, and Avalanche are listed on its website. By this measure, the project seems to be providing an infrastructure to developers to access a multi-chain network.

Also read: What is IOST blockchain and what is this Ethereum competitor's crypto?

Ankr is also into decentralized finance (DeFi), where users can stake tokens to undertake yield farming. This enables passive income from crypto holding, and the concept has become quite popular of late, but hacking of DeFi platforms remains a concern. The Ankr protocol claims it is a distributed network that has features like “chain neutral” and “interoperability”.

How Ankr helps developers of Web3 in deploying validator nodes to a preferred blockchain has yet to be seen. Separately, the project also claims to provide SDK for development of blockchain games.

ANKR crypto

Ankr protocol has ANKR as its native token. ANKR token serves as a medium of exchange within the network. By this measure, ANKR token has the same function as many other tokens like ETH and SOL. ANKR can have a maximum supply of 10 billion tokens.

Also read: VeThor (VTHO) price soars: Key points to know about VeChainThor’s token

ANKR crypto price

ANKR token had a market cap of over US$700 million as of writing, which ranked it among top 150 assets on the CoinMarketCap list. The price of ANKR token was nearly US$0.09.

ANKR crypto started the year 2022 at a price tag of nearly US$0.1 but fell to nearly US$0.05 by late-February. The price has remained volatile so far, and hence, ANKR crypto price prediction can be very speculative.

Image description: ANKR crypto price

Data provided by CoinMarketCap.com

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Bottom line

Ankr protocol claims to be a participant in the Web3 category, with multiple blockchain support service. ANKR token price has fluctuated over the three months of 2022, and how it behaves in the near-to-medium term is a wait and watch game. Besides, the Web3 concept has yet to demonstrate potential in a world dominated by tech giants, and the hacking of DeFi protocols remains a concern.

Also read: Dollarama (DOL), WN, FM and WPM: 4 TSX dividend stocks for April

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