One of the telltale signs of the rising altcoin season is that dubious and lesser-known companies are starting to see sales rise as traders rally to jump in price.
The New Kind of Network (NKN) has been one of the surprise winners over the past month, climbing 1400% from a low of $ 0.052 on March 8 to a new permanent high of $ 0.779 on April 6.
4-hour chart of NKN / USDT. Source: TradingView
NKN is a peer-to-peer protocol and ecosystem that uses financial incentives to “incentivize Internet users to share network connections and use unused bandwidth.”
Since launching in January 2018, the project has steadily grown its active community to quietly become “the largest blockchain network in the world in terms of full interoperability nodes”, according to the project website, with 67,266 nodes currently running on the network. , and to support millions of nodes with full compatibility.
Binance Staking Helps Spark NKN Reward
NKN’s price action began to recover after Binance announced on March 11 that NKN holders could earn 20% per annum on their holdings if they deposit them into their Binance savings account.
The momentum for the project continued to gain traction over the next few weeks as changes in the token’s price began to generate more interest.
The solutions offered by the network have also helped grow the user base, with products such as nMobile messenger, which offers a private messaging service that rivals WhatsApp, and nConnect, a unique remote access solution with a focus on security and privacy.
According to NKN co-founder and CEO Bruce Lee, NKN’s performance over the past month has been largely due to the overall recovery in the broader crypto market and the recent focus on Web 3.0 infrastructure projects such as Filecoin (FIL) and Storge.
Lee also highlighted the impact of miners on the market and pointed to NKN’s strong miner community and its focus on Web 3.0 as a driving force behind the protocol’s recent growth.
He told me:
NKN is a Web 3.0 infrastructure (network and data transfer) and has a strong mining community. 30% of NKN tokens are returned or refunded. ”
For those who prefer to see a corporate investment in a project to prove its authenticity, Lee highlighted the fact that Coinbase Custody offers NKN support, which indicates “a certain level of project quality.”
As the foundation for Web 3.0 continues and decentralized projects enter the mainstream, NKN is quietly positioning itself to look further as blockchain technology becomes more integrated with technical and economic infrastructure.