Altcoin
Cosmos’ new plan to incentivize validators can have this impact on ATOM
Cosmos announced a new plan to incentivize validators on its network and allow its team to test out its Interchain Security. Moreover, the number of stakers on the network has shown growth over the past 30 days.
Cosmos, which was in the news recently for its newly launched roadmap and vision, has now come up with a new way to involve its validators in a more valuable manner. With the launch of the new proposal, the Validators’ interest in Cosmos may continue to grow.
Here’s AMBCrypto’s Price Prediction for Cosmos for 2022-2023
On 27 October, Cosmos tweeted about their new initiative called the game of chains. This initiative would be allowing stakers to help Cosmos test out their Interchain Security (ICS) in exchange for ATOM.
At the time of press, the number of stakers on the Cosmos network had grown by 20% over the past 30 days. And, at press time the total number of stakers on the network was 176 thousand.
Source: Staking Rewards
Along with the growth in the number of stakers on the Cosmos network, there was also cheerfulness in its DeFi market.
From the image provided below, it can be observed that the TVL of Cosmos grew significantly over the past week.
At the time of press, the total value locked by Cosmos was $542 thousand and this value had grown by 7.43% in the last 24 hours.
Source: DefiLama
Along with the growth in the DeFi space, Cosmos also witnessed an uptick in its development activity indicating that the team at Cosmos was making massive contributions to its GitHub.
Growing parallelly with ATOM’s development activity was its volume. Over the past week, ATOM’s volume grew from 181 million all the way to 621 million. However, despite the growing volume, the sentiment around ATOM remained negative.
Over the past few days, ATOM’s weighted sentiment declined. Thus, indicating that the crypto community’s outlook on ATOM had become negative.
Source: Santiment
Although the sentiment was not favorable for ATOM, its prices continued to grow.
At press time, ATOM was trading at $13.19 and its price had appreciated by 11.83% over the last seven days. ATOM’s market cap grew by 1.5% during the past 24 hours as it captured 0.35% of the total crypto market, at the time of writing.
