Nervos Network’s native token, CKB, has witnessed a remarkable surge of over 55% in value shortly after developers unveiled RGB++, an extension protocol aimed at bolstering compatibility with Bitcoin.
Data from CoinMarketCap indicates that the CKB token experienced an astounding surge of over 55% following the release of RGB++, a protocol extension designed to enhance compatibility with Bitcoin. Within just 24 hours, the trading volume of CKB skyrocketed by over 1,800%, reaching a staggering $116.4 million.
This surge has propelled the token to levels not seen since 2022. Although the precise cause behind the surge remains uncertain, it coincides with the introduction of RGB++, an extension protocol that builds upon RGB (Really Good Bitcoin) and utilizes the Lightning Network sidechain to address scalability issues.
As per a forum post, RGB++ resolves previous issues while introducing new features like improved transaction verification methods and streamlined token airdrop processes.
The RGB++ idea which makes use of a Bitcoin L2 as a RGB client is really intriguing. RGB derives from @peterktodd's "Single-Use Seal", uses Bitcoin UTXO as seals and Bitcoin blockchain as a decentralized publication medium. What if we use L2 extended UTXOs (e.g. CKB cells) as… https://t.co/EtwlzrF7hE
— Jan PoW↾⇃ (@busyforking) February 13, 2024
CELL Studio, a blockchain software development firm specializing in Bitcoin and Nervos Network ecosystems, lauded this development as a significant stride towards mass adoption and sustainability within the Bitcoin community.
Established in 2018 by Jan Xie, Kevin Wang, Terry Tai, Daniel Lv, and other industry veterans, Nervos Network is dedicated to addressing scalability and interoperability challenges in the blockchain space. The project relies on the CKB token, which serves various purposes such as transaction and storage fees, governance, and incentive programs.
