- ATOM’s ecosystem saw a massive uptick in terms of development activity
- ATOM registered some improvements in the DeFi space as well, even as the volume and market cap declined
According to a report by Santiment, projects in ATOM’s ecosystem revealed significant growth in terms of development activity over the past few months. In fact, the ecosystem managed to outperform other ecosystems such as Binance and Solana in this regard.
Read ATOM’s Price Prediction 2022-2023
Looking at the competition
As can be observed, the development activity across Cosmos’ ecosystem has been much higher than that of other cryptocurrencies.
A spike in development activity would suggest that developers working in the Cosmos ecosystem have been making massive contributions to their respective project’s GitHub. The development of the ecosystem, which consists of projects such as Osmosis and DVPN, could play an important role in the altcoin’s long-term growth.
Source: Santiment
The improvements being made in ATOM’s ecosystem could have had a positive effect on Cosmos’ TVL as well.
Consider this – Cosmos’ TVL recorded an uptick over the last few days. At the time of writing, the total value locked by Cosmos was $416K, with the same appreciating by 3.87% over the last 24 hours.
Osmosis also saw a slight uptick in its TVL over the last few days, according to data provided by DefILlama.
Source: DeFiLlama
Moreover, the number of stakers staking ATOM has also increased over the past few days. In fact, there has been a massive hike in the number of stakers staking $ATOM over the last 30 days.
At press time, the figures for the same were as high as 725,000.
Source: Staking Rewards
However, despite increasing interest from stakers and growing development across its ecosystem, ATOM’s volume continued to decline over the past week.
In fact, ATOM’s volume depreciated significantly over the course of the last 7 days. Its volume fell from 672 million to 125 million over the past week. Coupled with a declining volume, its market cap depreciated along with its volume as well.
Source: Santiment
Despite the declining volume, however, ATOM’s price action has remained positive.
At the time of writing, ATOM was trading at $10.15, with its price having depreciated by 2.48% in the last 24 hours.
