Bitcoin
BTC$22 939.67

-3.65%

Ethereum
ETH$1 680.06

-5.25%

Tether
USDT$1.000237

0.01%

USD Coin
USDC$0.999848

0%

Binance Coin
BNB$319.45

-1.52%

Binance USD
BUSD$1.000292

0%

Cosmos sees 1 million transfers in a month across the ecosystem


06 Oct 2021

#Cosmos

The Inter Blockchain Communication protocol that powers Cosmos has been growing steadily over the past 6 months. The Cosmos cross-chain network has been growing steadily along with the projects that run on top of it and it’s just reached a milestone in terms of activity. The Inter Blockchain Communication protocol (IBC), which is the backbone of the Cosmos ecosystem, has seen a surge in activity over the past month with more thanone million transfers logged.

Cosmos launched the IBC in March to enable cross-chain decentralized finance and interoperable nonfungible token transfers. Over the past six months, it has grown substantially, onboarding new projects and blockchains into the ecosystem. Other notable projects operating on the protocol include Terra, Band, Kava, and THORchain’s Chaosnet.

The Mapofzones Cosmos ecosystem explorer shows that there have been 1,071,132 transfers over the past 30 days and 45,738 transfers on IBC over the past 24 hours. The Osmosis automated market maker is responsible for the lion’s share of those IBC protocol transfers with 44% of the total, with the Cosmos chains recording 307,855 transfers, or 29% of the IBC total, over the past 30 days.

The IBC standard provides a secure method of exchanging data between independent blockchains while scaling through sharding and sidechains for various applications. Cosmos is just one network of many operating on the IBC protocol. The digital asset payments and wallet provider Crypto.com also runs on the Cosmos network. In late September it launched its own NFT platform and marketplace which has driven further momentum. In June, the Kava DeFi platform launched on Cosmos enabling Binance Coin deposits to collateralized loans in its USDX stablecoin.

Cosmos is also working on rollup scaling technology to allow developers to build Cosmos-based blockchains as rollups which can be deployed as clusters within the IBC zones. In a tweet on Oct. 6, it explained that the scaling tech called Optimint would be a “drop-in replacement” for the current Tendermint framework that it is built on.

Cosmos has its own native token called ATOM which has fallen 5.1% over the past 24 hours to trade at $35.39 according to CoinGecko. The token has made a solid 37% gain over the past month, however, and is just 19% down from its Sept. 20 all-time high of $44.42.


Related

Cosmos (ATOM) rallies after launching a cross-chain bridge and wrapped Bitcoin
Cosmos (ATOM) rallies after launching a cross-chain bridge and wrapped Bitcoin

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 78.4% 35 $22 939.67 -3.65% -0.43% $438 548 196 646 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.8% 68 $1 680.06 -5.25% 2.68% $204 805 525 877 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $1.000237 0.01% 0.01% $66 533 700 340 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $0.999848 0% -0.03% $54 011 865 153 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 71.2% 62 $319.45 -1.52% 10.96% $51 538 467 752 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 95.2% 1 $1.000292 0% 0.01% $17 756 480 503 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 77.6% 36 $0.362409 -3.72% -2.15% $17 519 965 274 XRP 7 days price change
8 Cardano (ADA) ADA Cardano predictions 72% 50 $0.510338 -4.17% 0.93% $17 218 297 210 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 73.6% 44 $39.52 -6.65% 2.24% $13 768 809 765 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 93.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 68.8% 62 $8.65 -4.95% 7.88% $9 563 739 618 DOT 7 days price change
12 HEX (HEX) HEX HEX predictions 64.8% 70 $0.054819 1.28% 19.27% $9 506 188 307 HEX 7 days price change
13 Dogecoin (DOGE) DOGE Dogecoin predictions 81.6% 28 $0.068036 -7.62% 1.11% $9 026 356 228 DOGE 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 70.4% 55 $27.33 -3.28% 16.23% $7 788 396 850 AVAX 7 days price change
15 Dai (DAI) DAI Dai predictions 92% 1 $0.999960 0.02% -0.02% $7 525 786 587 DAI 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.