Nibiru Chain’s NIBI token skyrockets to $1.4 billion market cap after mainnet launch

Nibiru Chain, a new entrant in the Layer 1 blockchain space, launched on March 12 and saw its native token, NIBI, surge by 85% within just five hours of its launch, reaching a peak of $0.96 per token. At press time, the token’s value stands at $0.83, based on the latest data from CoinGecko. The blockchain currently has over 80 million tokens in circulation, bringing its fully diluted market valuation to more than $1.4 billion.

Overview of Nibiru Chain

Nibiru Chain introduces itself as a pioneering Layer 1 blockchain and smart contract platform designed to facilitate the development of high-performance decentralized applications (dApps). The project’s aim is to lead in creating an accessible smart contract ecosystem, thus contributing to the broader adoption of Web3 technologies by simplifying dApp development and enhancing infrastructure.

The NIBI token is expected to be listed on several exchanges, including Gate.io, Kucoin, Mexc, and Bybit, as outlined in the project’s roadmap.

Token utility and community engagement

Functioning as both a staking and utility token within the Nibiru Chain ecosystem, NIBI integrates features aimed at enhancing the platform’s utility and fostering community involvement. It is instrumental in the network’s Proof-of-Stake consensus mechanism, decentralized governance processes, and computation payment systems.

Staking or delegating NIBI tokens to validator operators offers participants rewards, encouraging active involvement in network security and consensus achievement. A considerable portion of the NIBI token supply is reserved for community-centric initiatives, including staking rewards, project development, liquidity support, and ecosystem grants, to promote engagement and long-term ecosystem stability.