At the latest Cosmoverse convention, Cosmos launched a white paper with a new issuance mannequin for ATOM which goals to revamp the Cosmos Hub.
While the Cosmos ATOM 2.0 white paper garnered a stupendous viewers was it merely a “Sell the News” occasion?
The Cosmos Hub 2.0 white paper charts an up to date position for the Cosmos Hub as the middle of interchain security whereas additionally proposing key adjustments to ATOM’s utility and issuance schedule.
Cosmos additionally plans to make alterations to its liquid staking protocol, the place solely a mounted quantity of ATOM could be issued monthly.
Additionally, governance may also bear key adjustments, and a governing physique referred to as “Cosmos Assembly” could be created quickly sufficient.
Social volumes spikes, growth exercise slumps
The Cosmos ATOM 2.0 white paper whereas bringing basic adjustments to the blockchain and the ecosystem has additionally garnered first rate social media consideration, particularly on crypto Twitter.
Social volumes famous a wholesome uptick after the announcement, nonetheless, social and retail euphoria like that seen in July remains to be lacking.
Furthermore, Cosmos’s growth exercise appeared to decelerate as the Cosmoverse Conference anticipation got here to an finish. The sudden drop in growth exercise might hinder the bigger value development as effectively, going ahead.
ATOM dominating Layer 1 rivals
Amid the macro bear market, major Layer 1s are nonetheless being battered, however ATOM has, surprisingly, managed to remain afloat. When evaluating main L1s to their earlier ATHs in Nov. 2021, the majority of the tokens are deep in unfavorable territory.
ATOM, too, is down 71.33% from its all-time excessive value, oscillating round $12.76 at press time. Nonetheless, ATOM has gained greater than 95% in the final three months, outperforming most L1s like MATIC, AVAX, BNB, and even ETH.
ATOM’s relative outperformance may be attributed, partly attributed to the announcement of Cosmos 2.0, in addition to the build-up to the annual Cosmos convention which occurred on Sept. 27.
Until Sept. 27, greater than 66% of all ATOM was staked or delegated to validators, which additional goals to maintain the Cosmos infrastructure sturdy.
ATOM/USDT buying and selling pair nonetheless struggling
The reveal of the new white paper was anticipated to carry some appreciable value adjustments in the optimistic course. However, seemingly the Cosmoverse convention couldn’t ramp up value motion with ATOM shedding over 12% value at press time on a every day chart.
A big drop in ATOM’s every day RSI was indicative of upper sell-side strain as the social anticipation pale away. The altcoin would wish some help from bulls to ascertain above the $13 resistance stage.
Price time value motion offered bearishness for the token. Further sell-offs might pull ATOM’s value again to the $12 zone.
Disclaimer
All the info contained on our web site is printed in good religion and for common info functions solely. Any motion the reader takes upon the info discovered on our web site is strictly at their very own threat.
