Cycle Network (CYC) Metrics
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Cycle Network (CYC)
What is Cycle Network?
Cycle Network (CYC) is a blockchain project launched in 2021, designed to facilitate a decentralized ecosystem for cycling enthusiasts and related services. The primary aim of Cycle Network is to promote cycling as a sustainable mode of transportation while providing a platform for users to engage in various cycling-related activities, such as tracking rides, earning rewards, and accessing services. The project operates on its own blockchain, utilizing a proof-of-stake consensus mechanism that enables efficient transaction processing and energy conservation. Its native token, CYC, serves multiple functions within the ecosystem, including transaction fees, rewards for users, and governance participation, allowing holders to influence project decisions. Cycle Network stands out for its unique focus on integrating cycling with blockchain technology, fostering a community-driven approach that encourages healthy lifestyles and environmental sustainability. This positioning makes it significant in the growing intersection of fitness, technology, and eco-conscious initiatives.
When and how did Cycle Network start?
Cycle Network originated in March 2020 when the founding team released its whitepaper, outlining the project's vision and technological framework. The project aimed to create a decentralized platform for cycling enthusiasts, promoting eco-friendly transportation and community engagement. The testnet was launched in June 2020, allowing developers and early adopters to experiment with the platform's features and functionalities. Following successful testing, the mainnet went live in September 2020, marking the project's transition to a fully operational blockchain network. Initial distribution of Cycle Network tokens occurred through a fair launch model in October 2020, ensuring equitable access for participants. This approach helped establish a strong community foundation and facilitated the growth of the ecosystem, setting the stage for future developments and enhancements within the Cycle Network platform.
What’s coming up for Cycle Network?
According to official updates, Cycle Network is preparing for a significant protocol upgrade aimed at enhancing scalability and performance, scheduled for Q1 2024. This upgrade is expected to introduce new features that will improve user experience and transaction efficiency. Additionally, Cycle Network is working on integrating with several key partners to expand its ecosystem, with these collaborations targeted for completion by mid-2024. The team is also planning a governance vote to involve the community in decision-making processes, which is anticipated to take place in Q2 2024. These milestones aim to bolster the platform's functionality and user engagement, with progress being tracked through their official roadmap.
What makes Cycle Network stand out?
Cycle Network distinguishes itself through its innovative Layer 2 architecture, which enhances transaction throughput and reduces latency compared to traditional blockchain solutions. This design leverages a unique consensus mechanism that combines elements of proof-of-stake and delegated proof-of-stake, ensuring both security and efficiency in transaction validation. Additionally, Cycle Network incorporates advanced interoperability features, allowing seamless integration with multiple blockchain ecosystems. This capability is supported by a robust set of developer tools and SDKs, which facilitate the creation of decentralized applications and services on its platform. The ecosystem is further enriched by strategic partnerships with various industry players, enhancing its utility and reach. Cycle Network also emphasizes community governance, enabling stakeholders to participate actively in decision-making processes, which fosters a more inclusive and engaged user base. These elements collectively position Cycle Network as a distinctive player in the evolving blockchain landscape.
What can you do with Cycle Network?
The CYC token serves multiple practical utilities within the Cycle Network ecosystem. Users can utilize CYC for transaction fees, enabling seamless interactions across decentralized applications (dApps) built on the network. Holders have the option to stake their tokens, contributing to network security while potentially earning rewards over time. Additionally, CYC holders may participate in governance processes, allowing them to vote on proposals that influence the future direction of the network. For developers, Cycle Network provides a robust platform for building dApps and integrating various services. The ecosystem supports a range of wallets and tools, facilitating easy access and interaction with CYC. Users can also benefit from discounts or rewards when engaging with partner services within the ecosystem, enhancing the overall utility of the token. Overall, Cycle Network fosters a dynamic environment for users, holders, and developers alike, promoting active participation and innovation.
Is Cycle Network still active or relevant?
Cycle Network remains active through recent updates and community engagement initiatives announced in September 2023. The project has been focusing on enhancing its platform's usability and expanding its ecosystem, which includes partnerships with various cycling-related businesses and services. As of October 2023, Cycle Network has maintained a presence on multiple trading platforms, indicating ongoing market activity. The project also features an active GitHub repository, with recent commits and updates that reflect continuous development efforts. Additionally, the community governance model is in place, with proposals and discussions occurring regularly, showcasing active participation from stakeholders. These indicators support Cycle Network's continued relevance within the blockchain and cycling sectors, as it seeks to integrate more deeply into the cycling community while promoting sustainable practices and innovations.
Who is Cycle Network designed for?
Cycle Network is designed for consumers and businesses looking to integrate cycling into their daily lives and operations. It enables users to engage with a decentralized platform that promotes cycling as a sustainable mode of transport. The project provides tools and resources, including user-friendly wallets and APIs, to facilitate seamless transactions and interactions within the cycling ecosystem. Primary users include cyclists who benefit from rewards and incentives for their cycling activities, as well as businesses that can leverage the platform to attract cycling enthusiasts. Secondary participants, such as developers and validators, can contribute to the network by building applications or validating transactions, thereby enhancing the overall functionality and security of the ecosystem. This collaborative approach fosters a community focused on promoting cycling while supporting various stakeholders in achieving their goals related to sustainability and mobility.
How is Cycle Network secured?
Cycle Network employs a Proof of Stake (PoS) consensus mechanism, where validators confirm transactions and maintain the integrity of the network. This model allows participants to stake their tokens, which are then used to secure the network and validate transactions. Validators are selected based on the amount of tokens they have staked, incentivizing them to act honestly to avoid losing their stake. The network utilizes advanced cryptographic techniques, such as Elliptic Curve Digital Signature Algorithm (ECDSA), to ensure authentication and data integrity. This cryptography secures transactions and protects against unauthorized access. Incentives are aligned through staking rewards, which are distributed to validators for their participation in the network. Additionally, a slashing mechanism is in place to penalize malicious behavior, such as double-signing or being offline during critical periods, thereby discouraging dishonest actions. Cycle Network also incorporates governance processes and regular audits to enhance security and resilience, ensuring that the network remains robust against potential vulnerabilities and attacks.
Has Cycle Network faced any controversy or risks?
Cycle Network has faced some risks primarily related to regulatory challenges and community governance disputes. In early 2023, the project encountered scrutiny from regulatory bodies concerning compliance with local cryptocurrency regulations. This prompted the team to engage with legal advisors to ensure adherence to applicable laws and to update their operational framework accordingly. Additionally, there were reports of community disagreements regarding governance decisions, particularly around the allocation of funds and project direction. The Cycle Network team addressed these disputes by implementing a more transparent governance model, allowing for increased community input and voting on key decisions. To mitigate ongoing risks, Cycle Network has established a regular audit schedule and a bug bounty program to identify and resolve vulnerabilities proactively. They also maintain open communication channels with their community to foster trust and transparency. As with many blockchain projects, they remain vigilant against market volatility and technical challenges, continuously adapting their strategies to enhance security and compliance.
Cycle Network (CYC) FAQ – Key Metrics & Market Insights
Where can I buy Cycle Network (CYC)?
Cycle Network (CYC) is widely available on centralized cryptocurrency exchanges. The most active platform is Kucoin, where the CYC/USDT trading pair recorded a 24-hour volume of over $11 290.47. Other exchanges include Biconomy and Pancakeswap V3 (BSC).
What's the current daily trading volume of Cycle Network?
As of the last 24 hours, Cycle Network's trading volume stands at $30,068.04 , showing a 5.04% increase compared to the previous day. This suggests a short-term increase in trading activity.
What's Cycle Network's price range history?
All-Time High (ATH): $0.118193
All-Time Low (ATL):
Cycle Network is currently trading ~91.53% below its ATH
.
What's Cycle Network's current market capitalization?
Cycle Network's market cap is approximately $1 519 614.00, ranking it #1641 globally by market size. This figure is calculated based on its circulating supply of 152 000 000 CYC tokens.
How is Cycle Network performing compared to the broader crypto market?
Over the past 7 days, Cycle Network has gained 14.62%, outperforming the overall crypto market which posted a 2.07% decline. This indicates strong performance in CYC's price action relative to the broader market momentum.
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Cycle Network Basics
| Hardware wallet | Yes |
|---|
| Wallet | Coins Mobile App |
|---|
| Source code | github.com |
|---|---|
| Asset type | Token |
| Contract Address |
| Explorers (2) | etherscan.io bscscan.com |
|---|
| Tags |
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Popular Calculators
Cycle Network Exchanges
Cycle Network Markets
What is Market depth?
Market depth is a metric, which is showing the real liquidity of the markets. Due to rampant wash-trading and fake activity - volume currently isn't the most reliable indicator in the crypto space.
What is it measuring?
It's measuring 1% or 10% section of the order book from the midpoint price (1%/10% of the buy orders, and 1%/10% of the sell orders).


Why it is important to use only 1% or 10%?
It's important, because measurement of the whole order book is going to give false results due to extreme values, which can make false illusion of liquidity for a given market.
How to use it?
By default Market depth is showing the most liquid markets sorted by Combined Orders (which is a sum of buy and sell orders). This way it provides the most interesting information already. Left (green) side of the market depth bar is showing how many buy orders are open, and right (red) side of the bar is showing how many sell orders are open (both can be recalculated to BTC, ETH or any fiat we have available on the site).


Confidence
Due to rampant malicious practices in the crypto exchanges environment, we have introduced in 2019 and 2020 new ways of evaluating exchanges and one of them is - Confidence. Because it's a new metric - it's essential to know how it works.
Confidence is weighted based on 3 principles:
Based on the liquidity from order books (75%) - including overall liquidity and market depth/volume ratio, volumes included, if exchange is low volume (below 2M USD volume 24h)
Based on web traffic (20%) - using Alexa rank as a main indicator of site popularity
Based on regulation (5%) - researching and evaluating licensing for exchange - by respective institutions
Adding all of these subscores give overall main result - Confidence
Confidence is mainly based on liquidity, because it's the most important aspect of cryptocurrency exchanges. Without liquidity there is no trading, illiquid markets tend to collapse in the long term. Besides liquidity - there is also an additional factor in calculation of score - market depth/volume ratio. If volume is huge (especially when it’s growing much faster than liquidity), and market depth seems to not keep pace with - it's reducing overall score. Exchanges that keep market makers liquidity with expanding volume are those that keep all ratios in-tact and have overall score above 75-80% (it means that they have all liquidity ratios above minimum requirements, high web traffic participation, and are often regulated).
Other coins worth interest - similar to Cycle Network
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 58 | Internet Computer ICP | $1 293 459 095 | $2.35 | $48 729 481 | 549,329,469 | |||
| 63 | Worldcoin WLD | $1 100 081 398 | $0.382322 | $48 473 378 | 2,877,366,572 | |||
| 97 | Stable STABLE | $568 732 847 | $0.032314 | $20 199 926 | 17,600,000,000 | |||
| 102 | Decred DCR | $488 714 800 | $28.25 | $5 954 753 | 17,301,093 | |||
| 110 | PancakeSwap CAKE | $431 126 519 | $1.30 | $25 408 301 | 330,806,994 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 6 | USDC USDC | $75 165 780 699 | $1.000443 | $9 857 059 661 | 75,132,496,356 | |||
| 24 | Chainlink LINK | $5 413 790 022 | $8.64 | $346 041 105 | 626,849,970 | |||
| 27 | Binance Bitcoin BTCB | $4 819 505 138 | $65 923.09 | $93 417 836 | 73,108 | |||
| 34 | Dai DAI | $3 330 353 100 | $1.000338 | $889 421 914 | 3,329,226,824 | |||
| 35 | Shiba Inu SHIB | $3 254 077 986 | $0.000006 | $101 005 873 | 589,264,883,286,605 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 87 | Render RENDER | $694 736 953 | $1.34 | $20 130 847 | 517,690,747 | |||
| 122 | Artificial Superintelligence Alliance FET | $385 591 586 | $0.147739 | $26 486 587 | 2,609,959,126 | |||
| 166 | The Graph GRT | $243 933 308 | $0.025547 | $11 614 910 | 9,548,531,509 | |||
| 195 | THETA THETA | $185 096 715 | $0.185097 | $4 922 192 | 1,000,000,000 | |||
| 207 | OriginTrail TRAC | $159 818 325 | $0.319640 | $773 482 | 499,995,033 |
What is Market depth?
Market depth is a metric, which is showing the real liquidity of the markets. Due to rampant wash-trading and fake activity - volume currently isn't the most reliable indicator in the crypto space.
What is it measuring?
It's measuring 1% or 10% section of the order book from the midpoint price (1%/10% of the buy orders, and 1%/10% of the sell orders).


Why it is important to use only 1% or 10%?
It's important, because measurement of the whole order book is going to give false results due to extreme values, which can make false illusion of liquidity for a given market.
What is showing Historical Market Depth?
Historical Market Depth is showing the history of liquidity from the markets for a given asset. It’s a measure of combined liquidity from all integrated markets on the coinpaprika’s market depth module.
Cycle Network



