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Buying ANKR is just like buying any other kind of crypto. You have to find a crypto exchange (or a trading platform associated with an exchange) that sells it.
What ANKR is
The ANKR coin works behind the scenes of the Ankr protocol, which, at the moment, has two divisions: there’s Ankr Build, which helps developers build apps across blockchain networks, and Ankr Earn, which makes it far easier for blockchain users to help secure their favorite blockchains. Ankr has also been developing Ankr Game, which (among other things) helps video games utilize blockchain technology to do things like build NFT avatars.
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ANKR serves two purposes for the Ankr protocol: it’s a medium of exchange, so people spend it to do things like pay the fees charged to develop their app on Ankr Build. It’s also a governance token, which means that holders can propose changes to the Ankr protocol and vote on network decisions.
Like many coins, ANKR can also be used to speculate. Also like many coins, ANKR has extreme volatility, so you should be cautious.
What the ANKS protocol makes possible
Beyond enabling developers to build apps across blockchains with Ankr Build, Ankr Earn offers a novel way of helping people participate in a crucial part of blockchain technology: staking.
Staking is a way of securing a blockchain. Users offer up (or “stake”) their coins as collateral and, for doing so, they typically earn rewards. The problem with staking is that it isn’t accessible to many investors. It can be really expensive (sometimes requiring people to put up tens of thousands of dollars’ worth of crypto to take part), and it typically requires you to “lock” your assets — meaning you can’t trade them — while they’re being used.
Ankr Earn lets people stake with far fewer assets. The protocol also gives users the equivalent value of their staked coins in special staking tokens called Liquid Staking tokens that can be used elsewhere — effectively unlocking the value that users wouldn’t have access to during the staking process. As a result, people who stake ANKR can actually stake the same money in multiple places at the same time, multiplying potential rewards.
The value of ANKR
For ANKR, the key is that there is a set number of ANKR tokens that will not change over time, which means that its value is particularly susceptible to demand. Since developers and customers need ANKR tokens in order to use Ankr’s suite of tools, if the popularity of Ankr increases, so should the value of ANKR.
Frequently Asked Questions
You can buy ANKR crypto at several different crypto exchanges or trading platforms — as well as through peer-to-peer transactions, though those can be risky. If you’re looking for a trustworthy platform to buy ANKR, we recommend Wealthsimple, which offers the first crypto platform to be regulated in Canada (and which uses a crypto custodian to hold your coins and Coincover to keep them safe from theft).
Nobody can tell you that! The crypto market is well known for being volatile, and its prices often change based on things no one could have predicted. If you are comfortable with extreme risk, buying ANKR is one route you can take.
ANKR coin does two things within the Ankr protocol. First, it serves as a medium of exchange. Developers spend ANKR to, for instance, pay the necessary fees required to build an app on the Ankr protocol. ANKR also serves as a governance token for the Ankr network. People who hold a certain amount of ANKR can propose ways to improve the protocol; you’ll also need ANKR to vote on those proposals. Beyond the Ankr protocol, ANKR can also be used for speculating.
ANKR mining does not exist. But you can stake a blockchain — as in, provide collateral to help secure it — through Ankr Earn, to earn rewards. The upside of ANKR staking is that, unlike other staking in which you cannot sell or access your staked holdings throughout the process, Ankr Earn gives you the equivalent of the amount you staked back in the form of its Liquid Staking tokens, which you can then use to effectively stake the same amount elsewhere at the same time.
There are 10,000,000,000 ANKR coins, though according to CoinMarketCap, as of April 2022, only 8.16 billion are currently in circulation.
Cheap is a matter of perspective. The ANKR price — like the prices of all cryptocurrencies and crypto tokens — can be very difficult to predict. The crypto market is notoriously volatile and the reasons for price swings can be confusing, as they can be incited by a wide variety of causes. For that reason, ANKR projections can only be trusted so much.
Last Updated August 30, 2023
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