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.

Read this next

Metaverse Gaming NFT

DCentral Miami brings together all of Web3, NFT, DeFi, Metaverse

The world’s biggest Web3 meeting entitled DCENTRAL Miami is set to take place November 28-29, featuring a lineup of some of the biggest and most influential names in the blockchain space.

Digital Assets

Crypto ban expands across UK banks as Starling joins ‎crackdown

UK digital bank Starling has banned ‎all customer payments related to cryptocurrencies, another blow for the crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎

Interviews

Markets Direct at FIA EXPO 2022: Traders know what they want from brokers

The FIA Expo 2022, one of the most prestigious events within the global derivatives trading industry, took place in Chicago on 14 & 15 November.

Interviews

FIA Expo 2022: TNS addresses public cloud limitations with hybrid infrastructure

November is the month of the FIA Expo, one of the largest futures and options conferences in the world, bringing together regulators, exchanges, software vendors, and brokers in one place: the Sheraton Grand Chicago Riverwalk. 

Retail FX

Italy’s regulator blacks out Finance CapitalFX, MFCapitalFX

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

Suspected leader of Honk Kong ramp-and-dump scam appears in court

A leader of a sophisticated ramp-and-dump scheme made his first court appearance in a Hong Kong court today, charged with market manipulation and various criminal offences. The case stems from an earlier joint operation of Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), and the local police. 

Institutional FX

Cboe’s James Arrante discusses growing demand for fixed income, FX algo

We caught up with James Arrante, senior director of FX & US treasuries product and business management at Cboe Global Markets, to uncover emerging trends in the FX and fixed income markets and learn more about the bourse operator’s recent initiatives.

Retail FX

Eurotrader acquires UK broker Petra Asset Management

Eurotrader Group has formally entered into the UK market with the acquisition of FCA-regulated broker, previously named Petra Asset Management Ltd. The new entity operates under the brand name Eurotrade Capital Ltd.

Inside View, Retail FX

The Game of Chess Continues – OPEC, China and the Oil Market

Over the past decade, the US has been complaining about the amount of power which the BRIC group, and specifically China, has on the global economy. BRIC stands for Brazil, Russia, India and China; these were the world’s fastest growing economies. Only in the past 10 months, the US has turned their attention toward OPEC due to the prices of fuel. Nevertheless, China seems to have a strong influence even over the price of crude oil.

<