Cosmos And Tezos Surge As The Wider Crypto Market Slows Down

Cosmos and Tezos surge in price due to their recent upgrades that propelled them while the rest of the crypto market slows down so let’s find out more in our latest Tezos news today.

Cosmos and Tezos avoided the market downturn from today to post significant gains in the past 24 hours. Tezos surged an impressive 16.7% from a day ago to hit $5.95 as per the crypto data aggregator Nomics. Tezos is an open-source Pos blockchain that allows developers to build apps and financial services using smart contracts. Since launching in 2018, the entire Tezos network underwent a few major upgrades with the most recent one being the “Granada” a the start of the month. Granada reduced block times from 60 seconds to 30 seconds and reduced gas consumption for smart contracts as well. Tezos started rallying earlier this week with the news that the blockchain attracted institutional interest. The Incore Swiss bank started a new collab with the Swiss IT consultant company Inacta and digital asset managers Crypto Finance AG to work on the Tezos token standard for European banks to mint their own digital assets. As per the announcement, Tezos was chosen because of its on-chain governance that allows upgrades without having to split the network.

Tezos 7th Upgrade 'Granada' Is Now Live!

👊🏾Emmy* consensus, cutting block times by 50%

🔥Gas improvements, massively reducing gas consumption in smart contracts

✅Liquidity baking, leveraging governance mechanism and incentives to provide for public goods#Tezos #Granada pic.twitter.com/IL4zJBe9oU

— Tezos (@tezos) August 6, 2021

Cosmos cryptocurrency also surged today as the ATOM token grew by 9.29% to reach a new price of $21.93 or about $10 more than it was a month ago. Cosmos’ price surge coincided with the launch of DeFi Interface called Emeris and before the launch, ATOM was worth around $15 but it did cross the threshold of $20 the next day. Cosmos even opened a new bridge with the Ethereum network. The integration of Sifchain as a decentralized exchange built on Cosmos with the inter-blockchain communication protocol enables trades between the Ethereum and Cosmos network for teh first time. This is considered a slow day for the markets but the success of the two outlier projects shows that there’s some good news in the crypto space every day.

As recently reported, 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.