2 years ago
ATOM, the token of blockchain Cosmos, roseate arsenic overmuch arsenic 8% successful the past 24 hours arsenic investors stake connected further upside for the high-speed blockchain, making the token among the fewer gainers connected Monday morning.
ATOM roseate to $35.22 during aboriginal Asian hours from Sunday’s lows of $28. The prices saw absorption astatine those levels and tumbled to $32 astatine the clip of writing. ATOM prices reached an all-time precocious of $45 past week but person since fallen 25% alongside a driblet successful the broader crypto market.
ATOM surged 8% successful the past 24 hours but saw absorption connected Monday morning. (TradingView)
Strong fundamentals factors supporting the terms surge are the upcoming airdrops to Cosmos stakers and a bridge implementation betwixt Cosmos and Polkadot. Bridges are tools that link and transportation information betwixt 2 blockchains.
Tokens of protocols built connected Cosmos that were antecedently airdropped to stakers, were among the biggest gainers connected Monday greeting adjacent arsenic the broader crypto marketplace saw nominal losses. Tokens of Juno Network (JUNO), Stargaze (STAR), and Comdex (CMDX) – DeFi-centric tokens built connected Cosmos – roseate arsenic overmuch arsenic 6% successful the past 24 hours, according to information from CoinGecko.
DeFi, abbreviated for decentralized finance, refers to fiscal services specified arsenic trading, lending, and borrowing that trust connected astute contracts alternatively of 3rd parties.
The airdrops are portion of a planned process for Cosmos stakers. Cosmos, arsenic a proof-of-stake blockchain, relies connected validators that supply computing sources by locking up ATOM successful nodes to support the web and process transactions, successful instrumentality for token rewards.
Projects built connected Cosmos supply further yields to users. Native projects automatically airdrop tokens to Cosmos stakers based connected their the full magnitude staked, resulting successful further worth accrual for ATOM holders.
Meanwhile, immoderate analysts accidental the upcoming motorboat of EVMOS has accrued involvement for Cosmos among investors. “Cosmos has been the speech of the municipality lately with the impending EVMOS motorboat this period besides driving attention. EVMOS (previously Ethermint) volition let EVM-compatible applications to integrate into the Cosmos ecosystem,” analysts from crypto probe steadfast Delphi Digital wrote successful a enactment past week.
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Shaurya is an analyst/editor for CoinDesk's markets squad successful Asia.
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