Assessing the role of Osmosis in ATOM’s near-term price journey
- Osmosis boosts Cosmos’ performance and ATOM’s value.
- ATOM saw its volume go down but the development activity increased.
Osmosis, a DEX on the Cosmos Hub protocol observed improvements over the last few days.
It outperformed other players such as Avalanche and Optimism in terms of daily activity, reaching around 50,300 daily users according to the token terminal’s data.
This growing activity on Osmosis could have a significant impact on the Cosmos protocol.
Read ATOM’s Price Prediction 2023-2024
The increased daily activity on Osmosis suggested a growing interest in the platform.
At press time, the daily active users on the Cosmos network increased. Over the last month, the number of users grew by 23.6%. This surge was a positive sign for the Cosmos protocol and showed that the platform was attracting new users.
The increase in user count is also likely to drive more transactions to the network, which would further level up the revenue generated by Cosmos Hub.
Despite the growth of the Cosmos ecosystem, the number of ATOM staked on the network declined. According to Staking Rewards, the percentage of ATOM staked went down in the last month.
At press time, the number of stakers on the Cosmos protocol was 744,444. The decline in ATOM staked could suggest that some users may be losing confidence in the network.
Looking into ATOM
Well, the growth of the Cosmos protocol also had a positive impact on ATOM’s price action. However, its declining volume could suggest a bearish outlook for the future.
The volume for ATOM decreased from 347 million to 208 million in the past month according to Santiment.
Despite the decline in volume, ATOM’s development activity surged. This suggested that the developers at Cosmos Hub were making increasing contributions to its GitHub.
The price surge of the token also impacted its market cap dominance, which increased by 23% over the last month, according to Messari. However, as time went on, volatility increased making ATOM a risky buy.
How much are 1,10,100 ATOMs worth today?
The increase in market cap dominance was a positive sign for the token as it suggested that ATOM was becoming more popular among investors.