Just after the network expanded out its DeFi environment and began working on cross-chain bridges for ETH and BTC, the ATOM value soared into the triple figures.
The widely expected distribution of the London hard fork just on the Ethereum network has accomplished almost nothing to solve the network’s excessive processing fees and late validation.
Therefore, momentum for the leading layer protocols is now on the upswing since August.
The COSMOS ATOM
Cosmos ATOM, a program centered on interoperability has started out to establish the internet of blockchains courtesy. It establishes its Inter-Blockchain Communication protocol. It has become one of the major benefactors of the search for a more inviting smart agreement ecosystem.
Indeed, the value of ATOM rose 180 percent from a minimum of $8.87 on July 20 to a maximum of $24.77 on August 22. This is according to data from Cointelegraph Markets Pro and Trading View. Its 24-hour volume of dealing increased from $250 million to $1.87 billion.
The introduction of decentralized financial algorithms on the network, the creation of a side-chain that facilitates property exchange amongst Cosmos and Ethereum, and the news of plans to integrate Bitcoin into the Cosmos ecosystem are three explanations for ATOM’s outstanding performance over the past month.
Decentralized finance has become one of the most significant advances in the blockchain environment in recent years. It is poised to transform the conventional finance system.
Ever since the advent of cross-chain trading abilities, delighted participants of the Cosmos ecosystem contributed to a surge in interest for the token.
Furthermore, the current unveiling of the first operational user interface for DeFi on Cosmos, known as Emeris, has become one of the greatest drivers of ATOM price recently.
The Interchain Foundation
People can also download a variety of cross-chain DeFi guidelines on the Cosmos platform through the new interface. As well as trade commodities on blockchains such as IRISnet or IRIS, Persistence or XPRT, as well as the Akash Network or AKT.
The connection of Sifchain with the IBC enabled the venture to the first decentralized Trade. This is to permit trading between both the Cosmos ecosystem and the Ethereum network. It is a secondary cause for the ATOM surge.
Many of the leading smart-contract algorithms for DeFi and NFTs are hosted on Ethereum. This integration enables consumers of both communities to effortlessly transfer assets amongst them.
The Interchain Foundation, or IFC, a body that finances innovation projects in the Cosmos ecosystem, said on Aug. 23 that this had awarded financing to the Interlay investment program for adding Bitcoin to the Cosmos network. Moreover, this is a third cause for the present positive trend.
Because Bitcoin is the obvious champion of the crypto market and controls the great bulk of the ecosystem’s riches. The capability to function on Cosmos has the opportunity to encourage new customers.
Also, interlay’s clamp and vault mechanism allow users to protect their Bitcoin and mint fully collateralized interBTC. It can be in a variety of DeFi applications.
This feature is finally ready as a Polkadot parachain.
This integration will permit BTC to be in the Cosmos DeFi ecosystem, providing the network with increased liquidity and functionality.
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