Ankr(ANKR)

Founded in 2017 by UC Berkeley graduates Chandler Song and Ryan Fang, Ankr Network is a decentralized Web 3.0 infrastructure provider for an array of blockchains. Ankr aims to streamline interaction with blockchain for builders, DApps and retail users. 

The Ankr network’s mainnet was launched in 2019 as a decentralized cloud computing platform. With more than $18 million raised back in the ICO era, Ankr was building a decentralized version of centralized cloud services like AWS or Azure.

Ankr later pivoted its business model in response to the rising popularity of PoS blockchains and cross-chain solutions. The project reinvented itself as a SaaS multi-chain infrastructure provider for B2B and B2C markets. 

Ankr’s suite of tools for Web 3.0 developers features node infrastructure and custom enterprise services. Ankr also offers APIs and RPCs on a subscription basis to simplify DApp creation for Web 3.0 companies. For DeFi users, Ankr built a liquid staking platform similar to that of LidoDAO for Ethereum 2.0 and other proof-of-stake (PoS) blockchains. 

ANKR price

According to our ANKR USD live price chart, ANKR price was range-bound between $3 to just over $6 in between April 2019 and March 2021. The price of ANKR saw a major rally in February 2021 when it surged from $0.0108 on February 1 to a local high of $0.0811 on March 13. 

ANKR price then saw another sharp price increase, climbing to a new all-time high of $0.216 by March 28. The token gained more than 100% from its previous peak just two weeks earlier before paring some of the gains.

The price of ANKR rallied again in November 2021, touching the $0.21 level, just under the previous ATH, but failed to sustain the upward momentum.

Since then, however, ANKR has been in a downtrend, along with the broader crypto market, and traded under $0.03 in Q2 2022.

How ANKR works

ANKR is the utility token of the Ankr Network, issued on the Ethereum platform. Ankr Network is not a blockchain, and its ANKR token is different from native coins of blockchain networks such as Ethereum or Solana. ANKR token facilitates activity on the network and serves as payment method for the broad product suite of the Ankr Web3 software company. 

While the primary role of the ANKR is a medium for exchange, it is also used for governance of the Ankr staking system. However, the governance rights are limited to staking, so token holders can’t propose or vote for changes of the network itself. 

Ankr offers products across three verticals, including node infrastructure services, API and RPC endpoints, and a liquid staking solution. 

Deploying a node on a Proof-of-Stake blockchain is one of the popular ways to earn passive income in the crypto market. Yet, setting up and running a node is usually complicated, in terms of technical knowledge and skills alongside requirements for hardware. Ankr simplifies node setup work with its marketplace, where users can choose the blockchain and start running a node in a few clicks in return for a monthly fee paid in ANKR. With Ankr’s decentralized node infrastructure users can deploy nodes on 27 Proof-of-Stake (PoS) blockchains, including Bitcoin, NEAR and Tezos. 

Ankr also makes it easier for developers to access data from different blockchains. Using Ankr’s APIs and RPCs DApp developers can query data from major blockchains like Ethereum, Binance Chain and Polygon without the need to run their own nodes and study documentation of each specific network. Ankr switched to the pay-as-you-go model in June 2022, now offering more flexibility to its community of developers. 

Ankr’s solution for stakers is akin to LidoDAO’s liquid staking platform for Ethereum and other PoS chains. With Ankr’s Staking infrastructure individuals and businesses can stake their tokens with no lockup period and with no minimum staking requirements (for example, one would need 32 ETH to become a validator for Ethereum 2.0 vs 0.5 ETH with Ankr’s StakeFi solution). 

As such, Ethereum stakers receive aETHc - a synthetic token issued by Ankr which represents the value of their staked ETH. It also acts as a reward incentive token that reflects the value of future staking rewards and appreciates over time. 

Since users pay fees for Ankr’s services with ANKR, the price of ANKR appears to be tied to the demand for its tools. The token supply is capped at 10 billion ANKR coins, with an initial token supply of 4 billion coins, and another 6 billion to be distributed between August 2019 and August 2022. 

ANKR news, updates and highlights

The Ankr Network started as a decentralized computing platform looking to monetize idle computing resources at data centers and individual devices. This niche turned out to be a crowded one with several platforms such as Golem Network, IExec and Akash Network offering similar solutions, and besides saw limited user adoption. 

Since then, Ankr successfully pivoted to target PoS solutions and evolved from a platform with one major use case to a multi-chain Infrastructure-as-a-Service provider. The team is constantly improving the service suite, adding more blockchains into each vertical and launching new products, with Ankr Scan, a multi-chain block explorer, being one of the recent add-ons to the platform.  

Ankr announced partnerships with TRON and IoTeX, and in March 2022, Ankr also launched a gaming SDK to help developers bring games on blockchain seamlessly. 

More recently, Ankr launched an ambassador program in June 2022, looking to increase awareness and improve community engagement. 

Frequently asked questions about ANKR

• Can you mine or stake ANKR cryptocurrency?

While ANKR tokens can’t be mined, they can be staked. Users can stake their ANKR holdings to secure the network and earn rewards, a model similar to that of PoS blockchains.

• What are some of the best ANKR wallets?

You can store and manage your ANKR tokens in wallets such as Freewallet and Lumi Wallet. 

• What can you do with ANKR?

ANKR is a multi-functional token of the Ankr Network. It facilitates activity on the network and is used to pay fees to access Ankr’s infrastructure services. It can also be staked to help secure the network and receive rewards. ANKR tokens can be also used in the network governance to propose and vote for changes to the Ankr staking system. 

• How can you buy ANKR?

You can buy ANKR by exchanging your BTC or USDT holdings on an exchange such as Binance, Kucoin and MEXC. You may also use fiat currency to buy ANKR on established crypto exchanges.