Nervos Network Announces Financial Results for the Three-Month Period Ended September 2024

Nervos Network, a layer 1 blockchain powering CKB cryptocurrency, today announced its financial result for the three-month period ended September.

Blockchain firm Nervos Network, the layer 1 blockchain powering CKB cryptocurrency, has announced its financial result for the three-month period ended September.

The company said its third quarterly performance of the 2024 financial year played a pivotal role in the firm’s growth. The firm’s trading volume aligned with new waves of enthusiasm within the digital asset market.

Third quarter 2024 financial highlights

The launch of its RGB++ Layer in Q3 2024 enabled the growth of DeFi platforms on its Nervos Network blockchain ecosystem, positioning its blockchain as an emerging platform for decentralized finance markets.

Since the establishment of the RGB++ Layer, CKB crypto experienced a significant increase in trading activity with the amount of RGB++ assets transacted on the platform rising by 487% QoQ.

Over 35 crypto projects, mainly from gaming, DeFi, and real-world asset tokenization sectors, integrated with its blockchain network for asset issuance and trading, reflecting increasing adoption and versatility within its blockchain ecosystem.

The company’s network activity grew as transactions and new addresses increased by 34% and 32% QoQ respectively, mainly driven by September’s Upbit exchange listing and other business partnerships.

Despite the wider market corrections during that period (from July to September), CKB defied the declining trend with its token’s price and market capitalization surging by 35% and 36% QoQ respectively, bolstered by the highest hashrate and mining difficulty levels witnessed during that time.

CKB’s price rise due to increased demand

The incredible increase in Bitcoin price now trading at $95,624.38 helped altcoins like Nervos Network to surge with the tide as users’ interest in the digital asset industry was renewed by the broader crypto market’s joyful mood since early this year.

Spot Bitcoin ETF’s approval in January and the fourth Bitcoin halving event in April set optimism in the market.

However, CKB’s impressive price movements can also be attributed to the blockchain’s commitment to interoperability and scalability, which appeals to many investors.

CKB’s price is currently at $0.01543, up 14.70% in the last seven days, outperforming the global crypto market which is up 1.10%. This impressive price uptrend is mainly fueled by increasing demand for innovative scaling solutions and cross-chain interoperability.