Cosmos Token ATOM Surges 8% Amid Polkadot Bridge Announcement

The Cosmos Token ATOM surges 8% amid the latest announcement for a Polkadot bridge and implementation between these two blockchains as we can see further in our latest Cosmos news.

The Cosmos Token ATOM surges 8% in the past day as investors bet on another upside for the blockchain and made the token among the biggest gainers on Monday morning. ATOM reached $35,22 during the Asian hours from the Sunday lows of $28 and the prices were met with a small resistance at these levels which led them below $32 at the time of writing. ATOM’s prices reached a new high of $45 last week but then dropped 25% alongside the drop in the broader market. The strong fundamentals supporting the price surge include the upcoming token airdrops for Cosmos stakers and a bridge implementation between Polkadot and Cosmos that will connect and transfer data between these two blockchains.

The tokens of protocols built on Cosmos that were previously airdropped to stakers were among the biggest gainers today as the rest of the market saw nominal losses. The tokens of the Juno Network, Comdex, and Stargaze built on Cosmos, increased 6% in the past 24 hours as per the data from Coingecko. DEFI refers to decentralized financial services like trading, lending, and borrowing which rely on smart contracts rather than third parties. The airdrops are a part of a planned process for the stakers and Cosmos is a proof of stake blockchain that relies on the validators which provide computing sources by locking up nodes to maintain the process transaction in return for tokens rewards.

Projects built on Cosmos provide even more yield to users. The native projects automatically airdrop tokens to Cosmos stakers based on their amount staked which results in further value gain for the holders. In the meantime, some analysts say the upcoming launch of EVMOS increased the interest for Cosmos among investors and the analysts from Delphi Digital even wrote:

 “Cosmos has been the talk of the town lately with the impending EVMOS launch this month also driving attention. EVMOS (previously Ethermint) will allow EVM-compatible applications to integrate into the Cosmos ecosystem.”

As recently reported, The Cosmos privacy startup Nym onboarded network validators and gets one step closer to launching its fully functional mainnet. The privacy-focused Nym Technologies developed the first block for its Nym mainnet started onboarding validators before the mainnet launch.