While the crypto market has been stagnating for the past couple of days, ATOM – Cosmos Network’s native token – reached new all-time highs overnight.
ATOM Blowing Up
The ATOM/USDT pair had a 10 percent increase over the weekend and crossed the US$40 mark, making it one of the top-performing coins in the market – US$10 up in a single week and a 180 percent increase from a low of $8 on July 20. The token was trading $34 per coin at the time of writing.
Bulls are now in control of the Cosmos market, and some of the hype comes after numerous DeFi project integrations and other novelties, such as the launch of Sifchain, a decentralised exchange (DEX) that allows users to exchange assets between Cosmos and Ethereum.
Another boost for the ATOM token came after the recent launch of Emeris, Cosmos’s first functioning user interface for DeFi, introducing cross-chain exchange capabilities.
What is Cosmos Network?
Cosmos is usually called “the internet of blockchain” as it allows different blockchains to interact, share data, and transact tokens with each other. Every blockchain freely interacts and operates in the network through the Inter-Blockchain Communication (IBC) protocol. This mechanism allows information to flow through the network and reach its destined blockchain.
At its core, IBC is a method of securely exchanging data between two independent [sovereign] blockchains. This means that any two blockchains that support IBC can send communication back and forth in a permissionless manner. Previously, ATOM was relegated to the Cosmos Hub with regard to its utility as a governance token. It is now transferable and interoperable with all blockchains that support IBC.
Zarko Milosevic, chief scientist, Informal Systems
Since its debut, Cosmos has set itself apart from its competitors for its innovative approach to interoperability and blockchain customisation. Cosmos Hub is the first blockchain launched on the Cosmos Network, designed to act as a bridge and facilitate communication between different blockchains, called zones, by keeping track of their states.
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