#ATOM price booked triple-digit gains after the network built out its #DeFi ecosystem and works on cross-chain bridges for ETH and #BTC.
Momentum for the top layer-one protocols has been on the rise throughout August as the highly anticipated rollout of the London hard fork on the Ethereum (ETH) network has done little to address the network’s high transaction fees and delayed confirmations.
One of the biggest beneficiaries of the quest to find a more welcoming smart contract environment has been Cosmos (ATOM), a project focused on interoperability that has set out to become the “internet of blockchains” thanks to its Inter-Blockchain Communication (IBC) protocol.
Data from Cointelegraph Markets Pro and TradingView shows that the price of ATOM rallied 180% from a low of $8.87 on July 20 to a high of $24.77 on Aug. 22 as its 24-hour trading volume surged from an average of $250 million to $1.87 billion.
Three reasons for the strong showing from ATOM over the past month include the release of decentralized finance protocols on the network, the launch of a sidechain that enables the exchange of assets between Cosmos and Ethereum and the announcement of plans to bring Bitcoin (BTC) to the Cosmos ecosystem.
Expanding DeFi capabilities
Decentralized finance (DeFi) has been one of the biggest developments to emerge from the blockchain ecosystem over the past couple of years and is set to revolutionize the traditional financial sector.
The recent launch of the first functioning user interface for DeFi on Cosmos, known as Emeris, has been one of the biggest movers of ATOM price of late because the introduction of cross-chain exchange capabilities excited members of the Cosmos community and led to a spike in demand for the token. SOURCE Cosmos (ATOM) rallies after launching a cross-chain bridge and wrapped Bitcoin (cointelegraph.com)