It is difficult to say that the crypt market is not currently on the bull market, but this run shows different characteristics and catalysts than the bull market in 2017.
In 2017, investors were enthusiastic about the high returns on initial coin offers (ICOs), which promised a lot but delivered very little in the form of a truly functioning “product”.
Fast forward to 2020 and the current altcoin season was primarily focused on lending, liquidity and profitable agriculture. The growing interest in decentralized finance (DeFi) was triggered by four-digit APYs obtained from asset deposits, in addition to decentralized access to older assets through synthetic tokens. In addition, pure speculation about the purchase and deposit of non-functional tokens pushes the overall capitalization of the cryptocurrency to new highs.
Some blockchains offer delegated stakeout, and while node stakeout and authentication provide lucrative rewards to operators, deploying a node is not something that might seem challenging to average users. Even for more experienced users, setting up development nodes can take some time.
The Ankr protocol allows easy access to several blockchains, including Ethereum, Polkadot and Binance Smart Chain. With a cloud solution offering, users can deploy delineation nodes and developer nodes in minutes instead of purchasing, setting up, and then maintaining expensive setups themselves.
In February, ANKR had a market capitalization of $ 170 million and traded in a relatively flat range. The latest 137% rally nevertheless started when the project became a validator of Binance Smart Chain.
As the token reached an all-time high of $ 0.06 on March 12, its market capitalization exceeded $ 400 million.
Ankr’s one-click solution also offers nodes for Eth2, Avalanche, Bitcoin, Celo, Cosmos, Decred, Matic, Qtum, Tezos and many other blockchain networks. In addition, Ankr can handle betting on Eth2 for as little as 0.5 ether, and the project provides immediate liquidity by issuing a synthetic asset called aETH.
ANKR is a native token for managing Ankr Staking platforms and also serves as a payment method for services such as node deployment and application usage.
aETH gains traction
Use cases for aETH are expanding after several successful collaborations with SushiSwap, Curve Finance and Yearn Finance. These partnerships increase token liquidity and revenue optimization. Anker’s synthetic assets are also used in OnX Finance’s agriculture and lending offerings.
Recent developments include listing on the HitBTC stock exchange on March 7, and on March 11, the protocol came first as a validator of the Binance Smart Chain.
On March 12, Binance Chain JulSwap DEX also announced a partnership with Ankr.
Ankr’s new partnerships and track record in delivering the promised products are very favorable for the project, but the chain activity of the ERC-20 token has not increased much. On average, less than 250 addresses were active daily.
On the other hand, the use of ANKR tokens has increased in the Binance Smart Chain network. This shows that the project has gained importance as both a validator and a synthetic token, and the ETH continues to see increased use within its DEX ecosystem.
As can be seen from the chart above, the VORTECS skóre score began to turn green on March 5 and reached a high of 75 on March 6, about twelve hours before the ANKR started the two-day 20% rally at $ 0.04.
The competition is fierce, but Ankr has the lead
Although Ankr has a promising outlook, there are several competitors, such as Stakin, Stake.Fish, Stake Capital and Staking Facilities, operating in the same sector. However, achieving number one position as a validator of the Binance Smart Chain gives Ankr some credibility and leverage.
Investors would do well to watch carefully as the synthetic asset of aETH grows in size and integration into its betting, DEX and yield farming solutions. Overall, Ankr seems to be in an excellent position to conquer this fast-growing market.
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