After launching a cross-chain bridge and wrapped Bitcoin-Cosmos (Atom) rallies, the Cosmos team has started the user onboarding process. The final release of the mainnet is expected to come with the completion of the roll-out of the Cosmos Hub.
In the crypto world, cross-chain bridges have been around for a long time. One of the first ones was launched by Wanchain in April 2017. Since then, some other projects have launched their own cross-chain bridges as well. On February 12, 2018, Cosmos launched a cross-chain bridge on Ethereum for Cosmos Hub, which utilizes the new Cosmos Hub on the Cosmos mainnet to build a bridge between Ethereum and Cosmos.
“I am a developer and a passionate supporter of a more decentralized internet. I believe that a more open and equally distributed Internet is a key enabler of a better society. I have been a supporter of Cosmos.Network since the beginning. In my opinion, Cosmos.Network is a powerful tool for building a brighter future for everyone. In this article I will share my opinion on the recent Cosmos.Network Token Sale and the events that have been taking place throughout it.”
News on the Blockchain
ATOM, the Cosmos interoperability blockchain’s initial coin, has been on a roller coaster over the last 24 hours. According to Cointelegraph Markets Pro statistics, ATOM’s price increased by 180 percent from $8.87 on July 20 to $24.77 on August 22. In comparison, its 24-hour volumes increased from $250 million to $1.87 billion on average.
Traders’ interest in decentralized unicorn financing has grown as the ATOM/USD exchange rate has risen. Cosmos has a history of successful DeFi efforts, including the Band Protocol, Kava, Terra, and THORChain.
However, the latest ATOM pricing increase has less to do with Cosmos and more to do with a blockchain project. Instead, the excitement that has surrounded the DeFi industry over the last three months has continued. So yet, no event seems to have driven the ATOM price higher in the last 48 hours.
Speculators Have Power
This put the token under the sway of speculators, particularly because other big tokens, like as Bitcoin, suffered substantial intraday losses on Sunday. As a result, it seems that renowned traders have decided to hedge their positions in ATOM, causing a short-term upward rise.
Cosmos is more likely to get attention due to Ethereum’s burgeoning DeFi industry. Despite their similarities, Cosmos projects have a smaller market value than Ethereum initiatives. As a result, traders may underestimate the value of these projects’ tokens.
Three factors contributed to ATOM’s excellent success in the previous month:
- Decentralized Financial Protocols are being released onto the network.
- The beginnings of a side chain that will enable Cosmos and Ethereum to trade assets.
- The strategy for bringing Bitcoin (BTC) to the Cosmos environment.
BTC will be able to be used in the Cosmos DeFi ecosystem as a result of this integration, giving the network more liquidity and utility.
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