The crypto market is showing signs of improvement, and it seems that Cosmos is pulled in the same direction with a 12% rise in the last 24 hours.
Cosmos (ATOM), 27th The largest cryptocurrency, has a total market cap of $3.2 billion. ATOM, the token fueling the Cosmos blockchain network, is gaining a lot of traction with an overnight increase of over 12.7%.
Currently, ATOM is trading at a price point of $11.45.
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ATOM remains in bear territory
ATOM is still bearish, even though the charts are looking bullish, with a 74% drop from its all-time high of $44.70 in September 2021.
There has been a significant increase in the trading volume of ATOM which is evident across multiple exchanges. The total trading volume in the last 24 hours is approximately $327 million, which is up 11% from the previous day.
What is the universe?
Cosmos refers to a decentralized network of blockchains that harness the power of the Byzantine Fault Tolerance (BFT) algorithm.
Furthermore, Cosmos enables developers to create and innovate their own blockchains as well as allow the blockchains running on Cosmos to interact or engage with each other freely.
Some of the major blockchains operating in Cosmos are Terra, Kadena, and Thorchain.
Developer incentives after Terra’s death
Injection, a decentralized blockchain focused on the development of decentralized finance (DeFi) applications, has drawn up a proposal to create incentives for developers who were negatively affected by the collapse of Terra.
Injective is also responsible for optimizing Ethereum compatibility and bringing it to the Cosmos IBC ecosystem, which has helped Terra developers build applications faster with familiar tools.
ATOM total market cap at $3.16 billion on the weekend chart | Source: TradingView.com
The injection proposal was made on 12 May following the collapse of Terra, at which point developers began looking for opportunities to build projects elsewhere. The resolution was passed in a matter of four days with 99% agreement with the initiative.
The entire injection community was together when they decided to redirect the incentives to ensure that the Terra DAP would have sufficient resources to facilitate a smooth transition into joining the injection.
In addition, CosmWasm, Injective’s up-and-coming smart contract layer is seen to power Terra projects to enable quick onboarding without the need to rewrite code that can happen if They decide to move to other blockchains.
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Cosmos Network is performing well
There are approximately 50 tokens and 28 Interblockchain Communication (IBC)-enabled blockchains operating in Cosmos.
In addition, there are approximately 265 services and apps that power the Cosmos ecosystem which includes Wallet, Blockchain and Explorer.
Kadena TVL was up 18%, or $7.2 million, in just 24 hours. Cronos’ TVL rose 2.16%, or $2.32 billion, over the past 24 hours.
The coin is performing extremely well in the Cosmos Plus DeFi activity.
Meanwhile, the king of crypto has improved in-market performance. Bitcoin is up 4% in 24 hours and is now trading at $30,187.
Ethereum is also up 4.4% overnight with a current TVL of $2,026.
Featured image from Zipmex, chart from TradingView.com