On May 29, 2024, Shentu Chain’s CTK token experienced a remarkable 100% surge within just an hour, soaring from $0.70 to $1.53. This price marks the highest point for the token in the past year.
The price spike occurred ahead of a significant update, Shentu v2.10.0, scheduled to take place at block 18,737,000. Major exchanges, including Binance and Bithumb, have announced their support for this update, likely fueling community excitement.
Formerly known as Certik Protocol, Shentu Chain is the blockchain of security and auditing firm Certik. Its goal is to quantify the safety of transactions, enabling applications to make precise decisions on whether to proceed with transactions.
🗳️Proposal 40 for Shentu v2.10.0 Upgrade has PASSED with 100%+ voting in favor!
🔛This upgrade will deploy the new v2.10.0 binary on the Shentu mainnet, happening at block 18,737,000, count down with us:https://t.co/ZeT9yBImbk
🔗Learn more about the release and instructions… pic.twitter.com/f9TARqWz0H
— Shentu Chain (@ShentuChain) May 27, 2024
As a utility token of the protocol, CTK is used for several purposes:
- Transaction Fees: CTK is used to pay for deploying smart contracts on Shentu Chain.
- Staking: To become a validator, users must stake CTK to operate a node.
- Voting: CTK holders can vote on network proposals and changes.
- Payments: CTK is utilized to pay for auditing services on the Security Oracle.
- Collateral: ShentuShield accepts CTK as collateral.
The token’s ability to surge is partly due to nearly 100% of its total supply being unlocked. This makes it less susceptible to significant price discovery phases, as the low supply and high fully diluted valuation limit large-scale fluctuations.
By 2023, all tokens allocated to venture capital funds, angel investors, and private sales had been fully unlocked.
