Blog

At the latest Cosmoverse convention, Cosmos launched a white paper with a new issuance mannequin for ATOM which goals to revamp the Cosmos Hub.

While the Cosmos ATOM 2.0 white paper garnered a stupendous viewers was it merely a “Sell the News” occasion?

The Cosmos Hub 2.0 white paper charts an up to date function for the Cosmos Hub as the middle of interchain security whereas additionally proposing key modifications to ATOM’s utility and issuance schedule. 

Cosmos additionally plans to make alterations to its liquid staking protocol, the place solely a mounted quantity of ATOM can be issued per 30 days.

Additionally, governance may even endure key modifications, and a governing physique known as “Cosmos Assembly” can be created quickly sufficient. 

Social volumes spikes, improvement exercise slumps

The Cosmos ATOM 2.0 white paper whereas bringing basic modifications to the blockchain and the ecosystem has additionally garnered respectable social media consideration, particularly on crypto Twitter. 

Social volumes famous a wholesome uptick after the announcement, nevertheless, social and retail euphoria like that seen in July continues to be lacking. 

Furthermore, Cosmos’s improvement exercise appeared to decelerate as the Cosmoverse Conference anticipation got here to an finish. The sudden drop in improvement exercise might hinder the bigger worth progress as effectively, going ahead. 

ATOM dominating Layer 1 rivals

Amid the macro bear market, major Layer 1s are nonetheless being battered, however ATOM has, surprisingly, managed to remain afloat. When evaluating main L1s to their earlier ATHs in Nov. 2021, the majority of the tokens are deep in adverse territory. 

ATOM, too, is down 71.33% from its all-time excessive worth, oscillating round $12.76 at press time. Nonetheless, ATOM has gained greater than 95% in the final three months, outperforming most L1s like MATIC, AVAX, BNB, and even ETH. 

ATOM’s relative outperformance may be attributed, partly attributed to the announcement of Cosmos 2.0, in addition to the build-up to the annual Cosmos convention which befell on Sept. 27. 

Until Sept. 27, greater than 66% of all ATOM was staked or delegated to validators, which additional goals to maintain the Cosmos infrastructure robust. 

ATOM/USDT buying and selling pair nonetheless struggling 

The reveal of the new white paper was anticipated to convey some appreciable worth modifications in the optimistic path. However, seemingly the Cosmoverse convention couldn’t ramp up worth motion with ATOM dropping over 12% worth at press time on a each day chart. 

A major drop in ATOM’s each day RSI was indicative of upper sell-side stress as the social anticipation pale away. The altcoin would want some assist from bulls to determine above the $13 resistance stage. 

Price time worth motion offered bearishness for the token. Further sell-offs might pull ATOM’s worth again to the $12 zone.

Disclaimer

All the info contained on our web site is printed in good religion and for basic info functions solely. Any motion the reader takes upon the info discovered on our web site is strictly at their very own threat.