- Cosmos Hub’s ecosystem shows improvements as new Oracle protocols perform well.
- Stakers continue to show support, however volume and development activity decline.
In a recent report from Messari, it was stated that a protocol on Cosmos Hub known as Band Protocol performed really well compared to other protocols in its category.
Read Atom’s Price Prediction 2023-2024
Band Protocol, which is an Oracle service on the Cosmos network, witnessed a spike of 165% in terms of market cap. The protocol outperformed its competitors in the space and even outcompeted Chainlink, a major oracle service provider, in this area.
Chainlink’s market cap in this space decreased by 9.36% over the last seven days
At the time of writing the overall market cap for Band Protocol was $235 million.
Other dApps on the Cosmos network such as the Akash Network also showed signs of development. The Akash Network is a decentralized cloud platform that hosts and manages deployments.
In the coming months, the Akash Network will add GPU capabilities to its technology which would enable the network to do more advanced computations on the network.
These developments may be one of the reasons why stakers on the Cosmos Hub network have continued to grow. The number of stakers on the Cosmos network grew significantly over the past 90 days. At press time, it was 725k according to data provided by Staking Rewards.
Source: Staking Rewards
All things on chain
However, ATOM was unable to perform well in terms of on-chain metrics.
For instance, ATOM’s volume declined materially over the past month. Its volume went from 227 million to 133 million in the span of 30 days.
Along with that, ATOM’s development activity decreased in the past two weeks. This indicated that the number of contributions being made by the development team at Cosmos Hub to its GitHub had decreased.
Source: Santiment
Furthermore, ATOM’s volatility declined by 62% over the past month. This made ATOM relatively less risky for interested investors.
Source: Messari
Alas, in terms of market cap dominance, ATOM did not fare well. According to Messari’s data, ATOM’s market cap dominance fell by 8.84% in the last 30 days.
It captured 0.32% of the overall crypto market and it was trading at $9.56, at the time of writing.
