Amid a highly volatile crypto market, the massive surge in the price and volume of NuCypher (NU) crypto has caught investors’ attention worldwide. At 2 AM EST, the NU crypto was up by 113.3% in the last 24 hours and trading at US$ 0.3656 per token.
Meanwhile, the one-day volume of NuCypher crypto skyrocketed over 20,000% to US$ 688.6 million, and the market cap surged to US$ 257.03 million.
After showing signs of recovery in the last two days, the global crypto market dipped again on Wednesday. The prices of Bitcoin and Ethereum were down by 0.1% and 2.4% at the time of writing.
What is NuCypher?
NuCypher is a public blockchain encryption service that provides decentralised storage solutions on public blockchains.
The NuCypher network uses proxy re-encryption (PRE) technology and enables users to send confidential data among several participants. According to NuCypher, this decryption method makes it safer and more protected than its competitors.
The NU crypto is the NuCypher network’s native utility token, and it can be used to reward network members for completing critical management activities.
The NuCypher network claims it is secured against malicious staking, and any suspicious user’s pay-outs get automatically reduced. The NU crypto is also utilised on the network for NuCypher Decentralized Autonomous Organization (DAO) participation.
The NuCypher DAO is the network’s mechanism for controlling network settings and smart contract updates. Users with NU stakes can also help validate DAO proposals.
The total and maximum supply of the NuCypher crypto is around 1.4 billion and 3.9 billion, respectively. Meanwhile, the circulating supply of the NU crypto is 703 million tokens, as per CoinMarketCap.
On Tuesday, the Threshold Network tweeted it has been confirmed that on Wednesday, May 18th, a snapshot vote was held on the DAO proposal to extend the deadline to June 1st and increase the incentive to three per cent. The NuCypher network reshared this information, and it is probably gaining traction due to this reason.
The NuCypher Network and the KEEP Network recently united to become the Threshold Network. The Threshold Network oversees user sovereignty on the public blockchain. It offers a decentralised network of nodes as a service that performs threshold cryptography procedures, giving you complete control over digital assets.