This Web3 infrastructure provider is on the verge of a radical upgrade

FinanceFeeds Editorial Team

The crypto industry fueled the anticipation of the arrival of web3 with the introduction of Decentralized Finance, Metaverse, and more. And today, that web3 is finding support from various developers looking to build and develop the space to extract the most benefits out of it.

Supporting such developments is Ankr, who is not only providing web3 infrastructure but also its DeFi protocol which is set to bring much more utility to the ANKR token.

From platform to a protocol

Being the world’s leading web3 infrastructure provider, Ankr has become a pioneer in its field, handling over 8 billion RPC requests a day. Thus on launching the ANKR token, the platform surely must have had its plans, but initially, ANKR was only used as a payment method for services on the platform. 

However, with the expansion of crypto and Ankr, the native token has found significantly higher utility, with over 50 blockchains trusting Ankr as an infrastructure partner. Given the rapid development of web3, NFTs, Decentralized Finance (DeFi), virtual worlds, and more, Ankr being an infrastructure partner, will also grow as these platforms do.

However, the Ankr platform itself is looking to fast-track this growth by introducing the Ankr Protocol, which brings new and exciting utilities to the ANKR token. 

At the moment, ANKR is used as a means of payment for Premium Plans on the Ankr Protocol, and node providers that serve traffic are also rewarded in ANKR. Additionally, individual token holders can stake their ANKR with node providers to help secure the protocol and share in the rewards for serving requests. 

Furthermore, with the rollout of Ankr DAO, the ANKR token will also serve an integral role in the governance of the Ankr Protocol.

With the token gaining significant attention thanks to the platform, ANKR has evolved from a token used only as a payment method to empowering the development and growth of Web3 as a whole. Thus in the coming weeks as the protocol launches, each and anyone out there can own a piece of the future of Web3 by owning and staking it on the Ankr Protocol.

But how is the “Token of the Future” faring in the present?

Impacted by the hit of the bears during the market crash of May 9, ANKR is currently trading at $0.33, falling by almost 45% just this week. 

After marking the all-time high of $219 back in April 2021, ANKR declined, only to recover again around October – November 2021. However, even since then, ANKR has plunged by over 84.47%.

Although, from here on, the token is set only to rise and not fall further as the Relative Strength Index (RSI) indicates very clearly that the asset is currently oversold, but it also shows that ANKR is ready for recovery from here on.

The last time ANKR noticed such an instance was around the end of January this year when ANKR slipped by 50.28% and became oversold. However, ANKR only noted green candles on the charts for the next two weeks, rising by 56.74%.

Now whether or not the token will be noting a similar rally this time around can’t be said, but a recovery nonetheless is on its way. 

This is because ANKR offers more to the crypto space than what meets the eyes. From its increased demand and utility in the Ankr ecosystem to the growth noticed over the span of a year as well as the role it plays in the expansion of the web3 ecosystem, all fingers point toward a good future for ANKR. All investors have to do is sit tight.

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