Ankr Network

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Discover Ankr Network's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Ankr Network?

Ankr Network (ANKR) is a decentralized Web3 infrastructure provider that facilitates the connection between developers, dapps, stakers, and blockchains. It offers tools and services to deploy nodes, stake tokens, and access decentralized finance (DeFi) applications, simplifying the process of setting up and participating in Proof of Stake (PoS) blockchains. The native cryptocurrency, ANKR, is used as a payment method within the ecosystem.

How is Ankr Network used?

Ankr Network (ANKR) is a decentralized Web3 infrastructure provider that offers various utilities and services to facilitate the development and interaction with blockchain-based applications. Here are some key ways ANKR is used:

  1. Staking and Governance: ANKR is used for staking, which allows users to earn rewards by supporting the network. Additionally, it is used for voting on governance proposals, giving users a say in the direction of the network.

  2. Payment Method: ANKR serves as a payment method for accessing services on the network, such as deploying development nodes and building dApps.

  3. Decentralized Node Infrastructure Services: Ankr provides decentralized node infrastructure services, which support the development of DeFi platforms, NFT projects, blockchain games, and other dApps. This service ensures faster, scalable, and more affordable access to blockchains.

  1. Premium API and RPC Endpoints for Developers: Ankr offers instant API services and RPC access to developers, allowing them to interact with blockchains without setting up and running their own nodes. This improves transaction speeds and finality.

  2. Liquid Staking: Ankr's liquid staking solution allows users to stake their assets and receive liquid staking tokens, which can be used in DeFi applications while still earning staking rewards.

  3. Cross-Chain Staking: Ankr enables users to bridge liquid staking tokens to different blockchains, providing a cross-chain staking experience and maximizing earning opportunities.

Overall, ANKR is used to facilitate the development and interaction with blockchain-based applications, providing a range of services and utilities that support the growth of the Web3 ecosystem.

How do I store Ankr Network?

To store Ankr Network (ANKR) tokens, you can use various wallets that support Ethereum and ERC-20 tokens. Here are some options:

  1. Hardware Wallets (Cold Wallets):

    • Ledger Nano S, X, S Plus: These wallets are highly secure and can be connected to MetaMask for managing ANKR tokens.
  2. Software Wallets:

    • Atomic: A free and easy-to-use option available as a smartphone or desktop app. It can be custodial or non-custodial, providing a balance between convenience and security.
  3. Online Wallets (Hot Wallets):

  • MetaMask: A popular browser extension that supports ANKR tokens and can be connected to Ledger devices for added security.
  • Coinbase: A well-known online wallet that supports ANKR tokens, offering a convenient but less secure option compared to hardware wallets.
  1. Specialized Wallets:
    • Kriptomat: A secure online wallet that allows you to store and trade ANKR tokens with enterprise-grade security and user-friendly functionality.

When choosing a wallet, consider factors such as security, ease of use, and your level of experience with cryptocurrencies.

How to buy Ankr Network?

To buy Ankr Network (ANKR) tokens, follow these steps:

  1. Choose an Exchange: Select a reliable cryptocurrency exchange that supports ANKR, such as Uphold, Kraken, Paybis, or Coinbase.

  2. Create an Account: Sign up for an account on the chosen exchange. This typically involves verifying your email address and identity.

  3. Deposit Funds: Add funds to your account using a debit card, credit card, wire transfer, or Bitcoin. Ensure you have sufficient funds to cover the purchase and any associated fees.

  1. Search for ANKR: Find ANKR in the exchange's list of available assets. You can usually do this by searching for "Ankr" or "ANKR".

  2. Enter the Amount: Specify the amount of ANKR you want to buy. The exchange will automatically convert this to your local currency.

  3. Confirm Purchase: Review the details of your purchase, including the amount and any fees. If everything is correct, confirm the purchase.

  1. Store ANKR: Once the purchase is complete, store your ANKR tokens in a compatible wallet, such as one that supports ERC-20 and BEP-20 tokens.

Remember to always follow the specific instructions provided by the exchange you choose, as the exact process may vary slightly.

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History of Ankr Network

The Ankr Network, also known as ANKR, was founded in 2017 by Chandler Song, Ryan Fang, and Stanley Wu, all alumni of the University of California, Berkeley. The founders, who were early participants in the Blockchain at Berkeley program, aimed to build a decentralized and scalable Web3 infrastructure. Chandler Song, the CEO, was inspired by the idea of creating an easily accessible platform for Web3 development, which is also known as the decentralized internet.

After its inception, the team grew into a global network of professionals working towards decentralizing the web. In 2019, the Ankr mainnet was released, followed by the launch of a staking protocol called Stkr. This protocol allowed users to stake Ethereum (ETH) in exchange for aETH, which represents the future gains on the deposited staking balance. This mechanism rewards network participants for staking through the Stkr protocol.

Ankr has since expanded its services, offering a comprehensive suite of tools for organizations to construct decentralized applications (dApps) and integrate them with high-performance connections to over 45 blockchains. Notable clients, including Microsoft, Tencent Cloud, Optimism, Polygon, Binance, and Messari, rely on Ankr's global node infrastructure for fast and reliable connections to major Web3 networks.

In 2023, Ankr partnered with Microsoft to provide a novel node hosting service on the Microsoft Azure Marketplace, integrating Ankr’s blockchain infrastructure with Microsoft’s cloud technology. Additionally, Ankr has been used and trusted by businesses like Stellar, Nansen, Avalanche, Wormhole, Bitfinex, 1inch, Tencent, SushiSwap, Polygon, Chiliz, and more.

In 2024, Ankr announced a significant expansion of its network through strategic collaborations with leading Ultra Sound Infrastructure providers, enhancing performance and decentralization by increasing node availability, access to high-performance archive nodes, and extended geographic coverage.

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How Ankr Network works

Ankr Network (ANKR) is a decentralized Web3 infrastructure provider that offers a suite of tools and services to facilitate the development and interaction with blockchain-based applications. Here's an overview of how it works:

Node Infrastructure Services

Ankr provides decentralized node infrastructure services, which support the development of DeFi platforms, NFT projects, blockchain games, and dApps. These services ensure faster, scalable, and more affordable access to blockchains. Instead of setting up and running their own nodes, developers and projects can use Ankr's network of decentralized node providers. This allows for optimal performance, as numerous high-performing nodes across the world serve requests simultaneously.

Instant API and RPC Access

Ankr offers instant API services and RPC (Remote Procedure Call) access to developers. This allows developers to interact with blockchains without having to set up and run their own full nodes. This service helps developers deploy smart contracts and dApps by providing uninterrupted access to blockchain data, improving transaction speeds and finality.

Staking Solutions

Ankr provides liquid staking solutions, enabling users to earn staking rewards without locking up tokens for long periods. This is achieved through the issuance of liquid staking tokens, which are equivalent to the staked assets plus the accumulated staking rewards. These tokens can be used in DeFi applications, providing more liquidity and trading opportunities.

Ankr Scan

Ankr Scan is a blockchain explorer that tracks real-time blockchain transactions across multiple chains, including popular networks like Polygon and Avalanche. This tool helps on-chain analysts monitor blockchain activity more comprehensively.

Liquid Staking Ecosystem

Ankr's liquid staking ecosystem includes staking contracts, bridge contracts, and a bug bounty program. This ecosystem ensures a secure and transparent staking experience, allowing users to stake from any chain and enjoy more liquidity and trading opportunities.

Cross-Chain Staking

Ankr Bridge enables users to bridge liquid staking tokens to different blockchains, providing a cross-chain staking experience. This allows users to stake from any chain, enjoy more liquidity, and find more trading opportunities.

DeFi Opportunities

Ankr's liquid staking tokens can be used in various DeFi applications, such as providing liquidity, lending or borrowing, and depositing in vaults to compound yields. This expands the earning opportunities for users.

Enterprise Solutions

Ankr offers customized solutions for enterprises, including infrastructure and engineering services tailored to their specific needs. This includes node hosting, staking pools, analytics, and automated notifications.

ANKR Coin

ANKR is Ankr's native cryptocurrency, used as a payment method within the ecosystem. Node operators pay a monthly fee to Ankr for the services provided.

Founders and History

Ankr was founded in 2017 by Chandler Song, Ryan Fang, and Stanley Wu. The platform was initially launched as a Distributed Cloud Computing Network and later evolved into a comprehensive Web3 infrastructure provider.

In summary, Ankr Network provides a decentralized infrastructure that supports the development and interaction with blockchain-based applications. It offers node infrastructure services, instant API and RPC access, liquid staking solutions, and a range of tools and services to facilitate the growth of Web3.

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Ankr Network's strengths

Ankr Network (ANKR) has several strengths that contribute to its success and appeal:

  1. Liquid Staking Solutions: Ankr offers liquid staking tokens that allow users to stake their assets and receive rewards while maintaining liquidity. This innovative approach enables users to utilize their staked assets in DeFi applications, boosting their yields and providing greater flexibility.

  2. Cross-Chain Staking: Ankr's infrastructure supports staking across multiple blockchains, including Ethereum, Polkadot, and Binance Smart Chain, among others. This allows users to stake assets from various chains, increasing earning opportunities and promoting a seamless cross-chain experience.

  3. Cost-Effective: Ankr aims to provide lower costs compared to traditional cloud providers. Node operators save on hardware, setup, and operating costs, making it more accessible and cost-efficient for businesses and developers.

  1. High Uptime and Reliability: Ankr leverages idle computing resources across distributed data centers to ensure high uptime and connectivity. This is crucial for node operators, as maintaining connectivity is essential for earning rewards and avoiding penalties.

  2. Decentralized Infrastructure: Ankr's decentralized nature helps reduce centralization in the blockchain sector. By providing access to multiple blockchains and promoting the development of decentralized applications (dApps), Ankr supports a more decentralized and secure Web3 ecosystem.

  3. Global Reach and Partnerships: Ankr has established partnerships with prominent blockchain projects like Polygon, providing premium node hosting, liquid staking solutions, and other services. This expands its reach and reinforces its position as a key player in the Web3 infrastructure space.

  1. Strong Community and Support: Ankr has a dedicated community and provides extensive support through various channels, including Twitter, Telegram, Discord, and Medium. This ensures that users and developers have access to resources and assistance when needed.

  2. Multi-Utility Token: The ANKR token has multiple uses, including staking, governance, payments, and access to applications deployed on the network. This versatility enhances the token's value and utility within the Ankr ecosystem.

Overall, Ankr's strengths lie in its innovative staking solutions, cost-effective infrastructure, high uptime, decentralized nature, global partnerships, strong community support, and the multi-utility of its native token.

Ankr Network's risks

Ankr Network (ANKR) faces several risks, including:

  1. Security Risks: The most significant risk associated with Ankr is security. When assets are staked, they are typically locked away in a smart contract or other secure environment, where they cannot be easily stolen or misused. However, there is a risk that the smart contracts holding the original unstaked assets will have bugs, making them susceptible to hacking or other forms of cyber attacks.

  2. Low Liquidity & De-Pegging: Another risk is low liquidity risk. If the Total Value Locked (TVL) in the liquidity pools runs dry, the token can lose its peg, causing high slippage when trying to swap between assets. This could result in investors being unable to sell their staked assets when they need to, potentially leading to significant losses.

  3. Hacks: There is a risk that the smart contract holding the assets as collateral could get hacked, and the assets could be stolen. For example, if you mint liquid staked ETH from a protocol and the protocol gets hacked, your original ETH could be stolen.

  1. Validator Slashing & Counterparty Risk: Liquid staking providers are responsible for maintaining the infrastructure and technology that supports the staking process. If there are any operational issues, such as system downtime, network outages, or other technical problems, the staked assets could be at risk. Additionally, if the protocol chooses untrustworthy validators, the staked assets could get slashed.

  2. Slashing Penalties: Ankr mitigates the risk of slashing by using automated validator selection to choose the best-performing and most reliable validators. However, users need to understand that slashing can still occur, and it's a risk inherent in the staking process.

  3. Counterparty Risk: When liquid staking, assets are in the hands of a third party, which always adds a level of counterparty risk.

These risks highlight the importance of choosing a reputable staking platform and following best practices for security to minimize the risks and ensure the safety of staked assets.

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Did Ankr Network raise funds?

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Ankr Network’s team

  • Chandler Song: Co-founder and CEO of Ankr, who founded the company in 2017 with the vision of creating a decentralized internet through blockchain technology.
  • A. R. S.: VP of Marketing at Ankr.
  • L. L. G.: Head of People and Chief of Staff at Ankr.
  • M. S.: Head of Partnership Strategy at Ankr.

These team members are part of the global network of professionals working on creating a functional Web3 infrastructure for Ankr.

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