Key Cosmos Takeaways:
- Cosmos blockchain collaborates with Sifchain, the first DEX to connect Cosmos and Ethereum.
- The internet of blockchains launches Emeris user interface.
- The protocol indroduced wrapped Bitcoin.
- ATOM went bullish again after a short setback.
YEREVAN (CoinChaptercom) – Cosmos, the ‘Internet of Blockchains’, has enjoyed green candles on the charts for the past five days. The layer-one protocol’s native token ATOM rallied 35 percent since August 27, as the rest of the altcoin market mostly consolidated. The latest rally came in the wake of a new collaboration with Sifchain decentralized exchange (DEX) and other developments.
Sifchain DEX
The Sifchain exchange enabled trade between Cosmos protocol and the Ethereum ecosystem, making it the first DEX. Furthermore, by partnering with the internet of blockchains, the DEX gained access to IBC solutions (Inter Blockchain Communications).
Cosmos will also gain broader recognition and adoption from this collaboration, as the company announced on August 27.
Sifchain asserted that not all the planned connections would launch simultaneously, as the DEX found it challenging. However, the objective is to “flip the switch.” In doing so, it can get the rest of the assets onboard quicker.
While we are confident in our testing and due diligence of these connections, we are still mindful that a more controlled launch is easier to manage.
read the announcement.
The first connections to launch will be Cosmos (ATOM), Akash (AKT), and Sentinel (DVPN).
Also read: Can Cosmos’s ATOM rally up to the $21-23 price range? This technical setup says yes.
Other positive developments
The Sifchain launch is not the only good news on the Cosmos blockchain. On August 18, the internet of blockchains rolled out Emeris, the first functioning user interfaces for DeFi on the platform. In addition, Emeris claims to have “substantially lower fees” for swapping coins, at $0.08 on average.
Through the new interface, all the Cosmos users can access several cross-chain DeFi protocols on the network. In addition, they can also trade digital assets on blockchains like Persistence (XPRT), IRISnet (IRIS), and the Akash Network (AKT).
The significant DeFi user base on Ethereum will be able to experience Cosmos DeFi applications following the implementation of a secure trustless bridge on the Cosmos Hub, allowing tokens to flow freely between Cosmos chains and Ethereum.
announced the company.
More recently, on August 23, the internet of blockchains brought Bitcoin onto the platform. In addition, Interchain Foundation, the company that funds development grants on Cosmos, has approved an interlay development fund to do so. As a result, Bitcoin could attract more users to the layer-1 protocol and increase its utility.
The expanding adoption of the layer-1 platform brought ATOM significant gains throughout the month.
Also read: Ethereum (ETH) looks poised to blast towards $4K; three reasons why
ATOM daily chart
When the rally first sparked on July 21, it was mostly due to the Bitcoin-led ubiquitous recovery. However, when the rest of the altcoin market cooled off, ATOM ascended an additional 35 percent in the past five days. The strong bullish incentive continued, as the digital asset reached a three-month high of $25.8 in the early European session Tuesday.
ATOM broke through the resistance at $24.9 and continued the confident uptrend. Should the rally subside, the digital asset could retest the said line as support. If not, ATOM will be primed to reach its all-time high of $32.3.
Given the rapid development of the Cosmos ecosystem and the growing need for layer-1 solutions across the DeFi sector, the ‘internet of blockchains’ could continue the uptrend back to its pre-May-crash levels.
Also read: Stablecoin reserves on centralized exchanges cross the $19B mark.
