Keep Network price is up over 45% today, making it the biggest gainer on Crypto.com. With a market cap of $570 million and a 24 hour trading volume of $898 million, it’s clear that the crypto market is excited about KEEP. Let’s take a closer look at Keep Network and its token KEEP and see what all the hype is about.
What Is Keep Network?
Founded in 2017, Keep Network is a privacy layer for the public blockchain. In other words, Keep allows private data to be used on public protocols without sacrificing privacy or confidentiality.
The Keep Network features “Keeps,” which are off-chain containers that allow smart contracts to use private data without exposing it to the public.
What Is KEEP token?
KEEP is the network’s native token which is used for securing the network, earning fees for providing work, and a host of other functions.
The biggest selling point of KEEP is the high APY that users can receive in return for staking their tokens. At the time of writing, users can earn up to 21,792% APY.
Another selling point for KEEP is its tBTC Ethereum Bridge. tBTC is an ERC-20 token that’s pegged to the value of BTC. tBTC allows users to access the DeFi ecosystem and earn staking rewards with their existing BTC.
Why Is Keep Price Rising?
The reason for KEEP’s recent pump is a recent Medium announcement about an upcoming merger with Nu Cypher – another project offering a privacy layer on the Ethereum blockchain.
Nu Cypher has its own token, NU, which also increased in price over 25% amid the announcement.
The recent announcement outlines a two month timeline that the community and team behind the two projects will take, in order to complete the merger.
There’s no doubt that the merger announcement was a big factor in the recent pump for both KEEP and NU. With a market cap of $500 million, there’s plenty of room for KEEP to continue its bullish trajectory.
This is not trading or investment advice. Always do your own research when buying any cryptocurrency.
Follow us on twitter @themerklehash to stay up to date with the latest cryptocurrency news!