What is Ankr?
- Author
- CRYPTO PORT Editorial
- Published
- Updated
- Reading time
- 5 min
In short
Ankr provides RPC endpoints, managed node operation and staking services for blockchains. Applications need a running node to read from and write to a chain, and operating one is a significant burden, so Ankr exists to take that on. The ANKR token is used to pay for these services and for governance.
Key points
- Supplies RPC endpoints across many chains for applications to connect through
- Offers managed services that build and operate nodes on customers' behalf
- Provides liquid staking, keeping deposited assets tradable while staked
- In 2022, a key-management failure led to an unauthorised mint of one of its staking tokens
Definition
Web3 infrastructure that bundles blockchain connectivity, node operation and staking services.
Ankr fills the operational gap between applications and chains. Wallets and DeFi apps connect to nodes to read balances and broadcast transactions, and supporting several chains means running and syncing a node for each one.
So Ankr operates nodes for many chains itself and with partners, exposing them as API endpoints. Spreading requests across providers is presented as avoiding reliance on a single operator. There are free and metered tiers, plus dedicated nodes for enterprise customers.
Its other line of business is staking. Alongside running validators on customers' behalf, it offers liquid staking: depositing assets mints a receipt token usable in other protocols, so the position remains tradable while staked.
In December 2022, a developer's private key was compromised and one of its staking tokens was minted without authorisation in large quantity. The minted tokens were sold on the market, affecting related liquidity pools. Ankr subsequently said it had revised its key management and permission design.
Watch out for
- · The 2022 incident came from internal key management, not an external contract exploit — a provider's operational controls bear directly on asset safety
- · A liquid staking receipt token does not always trade at parity with the underlying asset
- · Public RPC endpoints see your connection data, which is a privacy consideration
Frequently asked questions
Does changing which RPC endpoint my wallet uses affect safety?
Your private key stays with you, so switching endpoints alone does not let anyone take funds. But an endpoint can see your balances and transactions, and a malicious one can show false data or steer you toward harmful actions.