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Cosmos jumped 25% Monday evening because the protocol’s ATOM token approaches its all-time excessive set earlier this 12 months in Could.
Cosmos Goals for the Stars
Cosmos is the newest layer 1 blockchain to rally.
The challenge’s ATOM token rose over 25% Monday evening, persevering with its upward trajectory from a July reversal. ATOM is at the moment buying and selling at $25.72 and is rapidly approaching its all-time excessive of $31.70 achieved in Could.
Cosmos is aiming to create an interoperable community of blockchains that may talk with one another in a decentralized manner. It’s considered one of many initiatives which is hoping to resolve the blockchain trilemma, attaining decentralization, scalability, and safety with out compromising any of the three elements.
Cosmos isn’t the one layer 1 to rally from July lows. Solana has made a giant transfer this week, breaking past its earlier all-time excessive of $56.20 in mid-August. Since then, Solana has continued to rally and is at the moment buying and selling at $118.50.
A number of different layer 1s equivalent to Avalanche, Cardano, and Fantom have additionally put in sustained beneficial properties following bullish catalysts in what some have dubbed “Layer 1 season.”
Excessive gasoline charges on Ethereum have pressured many customers to hunt out alternate options for in style actions equivalent to yield farming and NFT minting. Cosmos gives low transaction charges and near-instant affirmation, making it a gorgeous community for numerous DeFi purposes.
Disclaimer: On the time of scripting this characteristic, the writer owned BTC, ETH, and a number of other different cryptocurrencies.
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