Oracle platform on Cosmos sees a 166% increase in market cap

  • The Cosmos Hub ecosystem is showing improvement as Oracle’s new protocols are performing well.
  • Speculators continue to show support, but volume and development activity are decreasing.

at recent days a report From my path it was stated that the protocol is on Cosmos The main center Known as Band Protocol, it performed well compared to other protocols in its class.

Read Atom price prediction 2023-2024

Band Protocol, Oracle’s service on the Cosmos Network, saw a 165% rise in terms of Market value. The protocol has outpaced its competitors in the space and even outperformed Chainlink, a major oracle service provider, in this space.

Chainlink’s market capitalization in this area decreased by 9.36% in the past seven days

At the time of writing, Band Protocol has a total market cap of $235 million.

Other dApps on the Cosmos Network such as the Akash Network have also shown signs of development. Akash Network is a decentralized cloud platform that hosts and manages deployments.

In the coming months, Akash Network will add GPU capabilities to its technology that will enable the network to perform more advanced computational operations on the network.

This development may be one of the reasons for the strike Cosmos Hub The network continued to grow. The number of players on the Cosmos Network has increased significantly over the past 90 days. At the time of publication, it was 725k according to data from Staking Rewards.

Source: Staking Rewards

All things in the series

However, ATOM was unable to perform well in terms of on-chain metrics.

For example, the volume of ATOM has decreased significantly over the past month. Its volume increased from 227 million to 133 million in 30 days.

Besides, ATOM development activity has decreased over the past two weeks. This indicates that the number of contributions made by the development team in Cosmos Hub to his GitHub.

Source: feeling

In addition, ATOM’s volatility has decreased by 62% over the past month. This made ATOM relatively less risky for interested investors.

Source: Messari

Unfortunately, things did not go well for ATOM in terms of market capitalization dominance. According to Messari data, ATOM’s market capitalization dominance has decreased by 8.84% over the past 30 days.

It captured 0.32% of the total cryptocurrency market and was trading at $9.56 at the time of writing.

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