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CertiK Fundamental Analysis
CertiK (CTK) is the native utility token on the CertiK Platform, which provides security services to crypto projects. The majority of those services is comprised of various kinds of audits, including audits of the ICOs, wallets, dApps, smart contracts, or blockchain protocols themselves. Another service is CertiK Shield – a community resource pool for users who lose their funds in attacks, a kind of insurance. CertiK was founded in 2017 and went to market in 2020.
This past decade saw a rapid expansion of the crypto space with a growing number of projects exploring novel use cases for blockchain technology. However, not all of the founders and developers care about their projects’ security enough, and even if they do, blockchain networks are often inherently vulnerable to hackers due to being open-source, decentralized, and immutable. Obviously, these conditions make auditing crypto projects a necessity, but traditional audits don’t work very well in this space since they rely on central authority while not being dynamic enough. CertiK solves this problem by employing Security Oracles, which allow users to retrieve audit information in real-time. This data is verified by Oracle Operators using delegated Proof-of-Stake protocol. CertiK Shield provides additional help in protecting users’ funds. Shield pools are made of CertiK tokens. It’s also used as fuel in user interactions with Oracles, as well as for staking in the Oracle network.
CertiK Live Price Chart
CertiK debuted on the market in late 2020, almost immediately jumping to ~$1.9, although soon after that it descended to ~$1 and hung around this mark for a while. By January 2021, as CertiK built up its base of relatively high-profile clients, its price started going up noticeably, reaching ~$2.5 on several occasions. In the spring of 2021, it entered a kind of a positive feedback loop with other players in crypto tech: as the market grew, more people – users, investors, founders – became interested in security assurances. This also made CertiK token price less vulnerable to volatility, as demand for the CertiK services, once ramped up, isn’t as elastic as for many others in the space. That’s probably why, after hitting an all-time high of $3.97 at the peak of the bull market in early April, CertiK price didn’t fluctuate as wildly as some other prices out there, not going lower than ~$0.79 even at its lowest. Except for this short dip, CertiK’s price has settled around $1, where it’s been hovering since May 2021, which makes it one of the most stable cryptocurrencies during this time.