The ATOM Coin rallies after the launch of a cross-chain bridge and a wrapped bitcoin as we are reading more in our latest altcoin news today.
The momentum for the top layer-one protocols is ont the rise as the highly anticipated rollout of the London hard fork on the Ethereum network did little to address the network’s high transaction fees and the delayed confirmations. One of the biggest beneficiaries of the goal to find a welcoming smart contract environment has been Cosmos which is focused on interoperability that set out to become the internet of blockchains because of its Inter Blockchain Communication protocol.
🚀 Bitcoin #BTC is coming to #Cosmos! @inter_btc is building an #IBC bridge to enable any IBC compatible chain to access trustless Bitcoin. This exciting step will help Cosmos grow the #DeFi sector & improve inter-blockchain collaboration.
🤩 Read more:https://t.co/wonb7l0q8W pic.twitter.com/REDoB2Pb4n
— Cosmos – Internet of Blockchains ⚛️ (@cosmos) August 23, 2021
The data from Tradingview shows that the ATOM coin rallies 180% from the low of $8.87 to a high of $24.77 as its 24-hour trading volume surged from the average of $250 million to $1.87 billion. Three reasons for the movement include the release of decentralized finance protocols on the network, the launch of the sidechain which enables the exchange of the assets between Cosmos and ETH along with the announcement of more plans to bring BTC to the Cosmos ecosystem.
🤝 The value that Sifchain brings to the cosmos ecosystem is undeniable, and we look forward to building an exciting interchain future together!$ATOM $ROWAN $IRIS $AKT $CRO $OSMO $ION $DVPN $XPRT $REGEN $IOV https://t.co/gP8Ek3buRE
— Cosmos – Internet of Blockchains ⚛️ (@cosmos) August 27, 2021
Decentralized finance has been one of the biggest developments to emerge from the ecosystem in the past few years and is set to make a revolution to the traditional financial sector. The recent launch of the functioning user interface for DeFi on Cosmos known as Emeris, has been one of the biggest movers of the ATOM price because the introduction of the cross-chain exchange capabilities excited members of the community and led to an increase in demand for the token. With the new interface, the users can access a huge number of cross-chain DeFi protocols on the Cosmos network and will trade assets on Blockchain like IRISNet, Akash Network, and Persistence.
Another reason for the ATOM rally is the integration of Sifchain with the IBC which made the project the first decentralized exchange to enable trades between the ecosystem and the Ethereum network. ETH hosts most of the top smart contract protocols for NFT and DeFi and the new integration allows users of both ecosystems to trade assets between these two networks. Another reason is the bullish momentum that came from the announcement that the interchain foundation as an organization that funds development grants in the Cosmos ecosystem granted funding to the interlay development fund for bringing BTC to the Cosmos network.
⚛️ ✨Emeris beta, the first interface for #GravityDEX, is NOW live 🚀
— Cosmos – Internet of Blockchains ⚛️ (@cosmos) August 18, 2021
Bitcoin is the leader of the market and it holds a huge majority of the accumulated wealth of the ecosystem so the ability to operate on Cosmos has the potential to bring new users to teh network. Interlay utilizes a vault technology that allows users to secure their BTC and mint interBTC that can be used in many Defi projects and the feature is now available as a Polkadot parachain.
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