NKN
About NKN
The price of NKN (NKN) is $0.06397619 today, as of Sep 16 08:17 p.m., with a 24-hour trading volume of $10.48M. Over the last 24 hours, the price has decreased by -8.36%. NKN currently has a circulating supply of 778.35M and a market cap of $49.80M.
NKN is the native cryptocurrency of the New Kind of Network (NKN), an open-source, peer-to-peer network that allows internet users to share a network connection and bandwidth in exchange for rewards paid in NKN.
The NKN token is an ERC-20 utility token that serves as an incentive and payment system for services on the network. The token was released in an initial coin offering in April 2018, with an initial supply of 1 billion NKN. Thirty-five percent of NKN tokens were made available during the launch, with ICO participants able to purchase 4,150 NKN for 1 ETH. Additionally, 17% of the token supply was reserved for the NKN Foundation in order to make strategic investments in building the NKN ecosystem. Eighteen percent of the token supply was distributed to the founding team and community developers.
The remaining 30% of the tokens were reserved for mining rewards. NKN token miners are rewarded for duties called “traffic relay” and “block maintenance.” In the first year after NKN was released, NKN produced 18 million NKN tokens in mining rewards. The mining rewards system follows a deflationary pattern, decreasing rewards by 500,000 annually for 25 years.
NKN reached its all-time high of $1.48 in April 2021 following the project’s announcement that NKN would be listed on the Binance exchange. In addition to offering support for NKN, Binance offered a 30% annual percentage yield (APY) for staking NKN tokens on the platform. Daily transactions on the network hit 729 after the listing, up from a daily average of 20 to 30 before.
The token hit its all-time low of $0.006411 in March 2020, coinciding with a massive drop in the crypto market that saw bitcoin lose 50% of its value in two days.