Blockchain network interoperability is shaping up to be one of the main themes for the cryptocurrency ecosystem in 2022. New users are standing to onboard into the growing world of crypto while both new and established projects search for the uniting that will weightier serve the needs of their protocol and community.
One project that has 2022 off to a bullish start thanks to its focus on facilitating the liaison between separate networks is Cosmos (ATOM). This project bills itself as “the internet of blockchains” and seeks to facilitate the minutiae of an interconnected decentralized economy.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $25.06 on Dec. 30, the price of ATOM has rallied 75% to hit a daily upper at $43.98 on Jan. 4 as its 24-hour trading volume spiked to $2.54 billion.
Three reasons for the surging price of ATOM include the launch of a cross-chain underpass which makes the protocol Ethereum Virtual Machine (EVM) uniform and an upcoming Theta upgrade which will rapidly expand the ecosystem of unfluctuating villenage and applications.
Cosmos nears EVM compatibility
The most significant minutiae that has provided a uplift to ATOM is the rollout of Evmos, an EVM-compatible protocol that will allows resources and projects that operate on the Ethereum (ETH) network to migrate over to the Cosmos ecosystem.
@EvmosOrg is an application-agnostic @cosmos uniting ⚛️@EvmosOrg will be interoperable with @Ethereum, EVM-compatible environments, and other villenage via IBC, making it easy to move value wideness villenage ⛓
— Figment (@Figment_io) December 7, 2021
Up to this point, there had not been a way for Ethereum-based projects to interact with the Cosmos ecosystem. This significantly limited the number of projects and tokens that could interact with DeFi and NFT projects in the Cosmos ecosystem.
Gravity Bridge, which launched on Dec. 15, is flipside project secure to facilitating the bridging of resources between Ethereum and Cosmos and currently it operates as a standalone chain. Plans to migrate to the Cosmos Hub in early 2022 are currently underway.
Preparing for the Theta upgrade
A second minutiae that has put wind in the sails of Cosmos is the protocol’s upcoming Theta upgrade which is scheduled for March 31.
Some of the new features included in the upgrade include the wing of meta-transactions, where transactions can be submitted by separate finance that receive tips and the introduction of inter-chain finance which indulge users to manage finance wideness multiple blockchains. Flipside full-length is liquid staking, a system where users utilize the value of staked resources in other parts of the Cosmos ecosystem.
The Theta upgrade moreover includes NFT modules, which enable the simple management of NFT identifiers, their owners and associated data.
Expanding ecosystems are typically bullish
A third reason for the bullish momentum of ATOM is ecosystem’s expansion to 28 live, interconnected villenage that total increasingly than $68 billion in total value.
— Cosmos – Internet of Blockchains ⚛️ (@cosmos) December 30, 2021
Some of the increasingly established villenage that have joined the Cosmos ecosystem include the Binance Smart Chain, Terra (LUNA) and Crypto.com (CRO), while the biggest projects using Cosmos’ software minutiae kit (SDK) include Osmosis (OSMO), Secret (SCRT), Oasis Network (ROSE) and Kava (KAVA).
As the underpass protocols linking Cosmos with other EVM-compatible networks are established, the number of villenage unfluctuating to the Cosmos Hub is likely to increase. This will bring an increase in the total value of the ecosystem withal with it.
VORTECS™ data from Cointelegraph Markets Pro began to snift a bullish outlook for ATOM on Dec. 29, prior to the recent price rise.
The VORTECS™ Score, sectional to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the orchestration above, the VORTECS™ Score for ATOM began to pick up on Dec. 28 and climbed to a upper of 81 just as the price began to increase 67% over the next six days.
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