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Crypto and digital asset companies · China

Nervos Network

nervos.org ↗

Hong Kong layer-1 blockchain now repositioning as a Bitcoin L2 and BTCFi network.

Losing its protection
Assessed 26 July 2026 · Evidence as of 26 July 2026
The structural protection is eroding.
On the recordSince 26 July 2026 · Checkable from H2 2026 · Every call on the record Checkpoint: Fiber Network's move from protocol-complete testing to production payment volume
The call

Nervos still runs its own chain and tech stack, but bigger Bitcoin L2 rivals have pulled ahead in capital and liquidity while no new institutional money has arrived since 2021.

Nervos Network started as a general blockchain platform but shifted to focus on Bitcoin transactions and finance apps. The problem: bigger competitors like Merlin Chain and Stacks already grabbed most of the users and money, and there is nothing about Nervos's technology that makes it impossible to copy or replace. The one thing that could matter is if Nervos's new Fiber payment system actually moves real transaction volume that Lightning Network is not handling, but right now money is flowing to rivals instead.

Why
01
AI pressure: None apparent. No AI product or agent is displacing Nervos directly; its risk comes from other blockchains, not AI systems. Could AI do the core job? Only partly.
02
Bigger players: Merlin Chain, Stacks, and other Bitcoin L2s. Merlin holds about $1.7B TVL and Stacks $120-200M, both live and pulling BTCFi liquidity away from Nervos's RGB++ approach. Could a giant copy it? Yes, easily.
03
What protects it. A live mainnet since 2019, its own Cell Model and RGB++/Fiber tech, and an existing developer community keep it running, but nothing stops rivals from out-building it.
What would change this call
Whether Fiber Network moves from 'protocol-complete' to production with measurable payment volume in 2026. Shows if Nervos can capture real Lightning-interop traffic or stays unused.
Whether RGB++ TVL and dApp count grow toward closing the gap with Merlin Chain and Stacks. Shows if BTCFi liquidity is shifting toward or away from Nervos.
Whether CKB attracts any new institutional raise or strategic partnership after 5+ years without one. Shows if outside capital still sees a viable growth story here.
Key numbers
  • CKB token near $0.00086, market cap ~$43-44M (2026-07-25)
  • CKB about 98% below its 2021 all-time high (2026-07-01)
  • Merlin Chain TVL ~$1.7B versus Nervos's smaller BTCFi footprint (2026-07)
Named risks
  • No new institutional funding or strategic capital since May 2021. Severity: high
  • Token at all-time low with sustained bearish sentiment as of July 2026. Severity: high
  • BTCFi liquidity and developer mindshare concentrating with larger rivals like Merlin and Stacks. Severity: high
  • Legacy Force Bridge exploit ($3.9M stolen) creates reputational overhang for bridge security. Severity: medium
  • Inconsistent, possibly shrinking headcount across third-party data sources. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
Merlin Chainlosing toMerlin claims ~$1.7B TVL (mid-2025) vs Nervos's ~$43M market cap as of July 2026
Stackslosing toStacks reports $120-200M TVL (April 2026) vs Nervos micro-cap status same period
BOB (Build on Bitcoin)contestingOP Stack rollup competing for BTCFi liquidity as of 2026
Bitcoin Lightning NetworkcontestingNervos's Fiber Network parallels Lightning rather than displacing it, per January 2026 update
Questions people ask
Is Nervos Network profitable in 2026?
Nervos is a decentralized protocol, not a company with earnings. Its token CKB traded around $0.00086-$0.0009 with a market cap of roughly $43-44 million as of July 25, 2026, down about 98% from its 2021 peak, showing no sign of financial strength.
Who is Nervos Network's biggest competitor?
In Bitcoin L2/BTCFi, Nervos competes with Merlin Chain, which claims roughly $1.7 billion TVL, and Stacks, which reports $120-200 million TVL, both far larger than Nervos's ~$43 million market cap as of July 2026.
Could AI replace Nervos Network?
No. Nervos's core offering is decentralized, PoW-secured settlement via its Cell Model and Bitcoin interoperability tools like RGB++ and Fiber, which are trust and network-effect assets that a language model cannot replicate, though AI could commoditize its developer docs and tooling.
Who owns Nervos Network?
Nervos is governed by the non-profit Nervos Foundation rather than a single corporate owner. Early backers from a $28 million Series A in July 2018 included Polychain Capital, Sequoia Capital China, Wanxiang Blockchain, and Multicoin Capital, per a July 18, 2018 PR Newswire release.
Has Nervos Network raised new funding recently?
No new institutional equity or token round has been publicly reported since May 2021, when China's CMB International and the Nervos Foundation launched a $50 million blockchain fund, according to Nervos's own history as of July 2026.
Is Nervos Network's CKB token a safe investment right now?
CKB hit a new all-time low near $0.00085 on July 1, 2026, roughly 98% below its March 2021 peak of $0.0437, and was down 40-60% year-to-date as of July 24, 2026, indicating sustained bearish momentum.
Timeline
  • 2026-07-01CKB token hits new all-time low near $0.00085, about 98% below its 2021 peak
  • 2026-01-12Fiber Network described as protocol-complete and network-tested in community update
  • 2024-04RGB++ protocol activity drives about 400,000 new CKB addresses, up 181% month over month
  • 2022-05Nervos mainnet upgraded from Lina to Mirana
  • 2021-05CMB International and Nervos Foundation launch $50 million blockchain fund
  • 2021-03-31CKB reaches all-time high of $0.0437
  • 2019-11-16Nervos mainnet Lina launches
  • 2019-11Public token offering raises $72 million, per Wikipedia-cited Reuters reporting
  • 2018-07-18Nervos closes $28 million Series A led by Polychain and Sequoia Capital China
  • 2018Nervos Network founded by Jan Xie, Terry Tai, Kevin Wang, Daniel Lv and Cipher Wang
Revision history
26 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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