Over the past week, the Cosmos ecosystem has seen a notable rise in the total value locked (TVL) in its decentralized finance protocols.
The decentralized projects within Cosmos that grew the most this week were Stargaze and Sifchain, which experienced an increase in their respective TVL of more than 100%.
This bullish momentum is motivated by the interesting developments these projects have announced.
Stargaze developers reported significant growth in the volume of operations that the marketplace has been handling in the last month. The trading volume exceeded $1,2 million dollars in December, which represents a growth of more than 3 times of the volume of the NFT market platform, compared to other months.
Source: DeFillama
According to data consulted on the DeFi analysis platform Llama, the overall growth in Cosmos' Total Value Locked or TVL was 32,7% in the last seven days.
What is Cosmos?
Cosmos is a decentralized network of interoperable blockchains that uses the interchain communication protocol called Inter Blockchain Communication (IBC), through which it facilitates the exchange of value and data between different chains.
Within this blockchain network there are currently a wide range of innovative projects, which have been developed with the aim of creating an ecosystem of scalable, sovereign and secure blockchains that can interact with each other.
In the last week, in addition to experiencing notable growth in terms of TVL, in its DeFi ecosystem, several projects based on this blockchain network saw the price of their tokens grow significantly.
The most notable projects in Cosmos this week
Of the cryptoassets that are part of the Cosmos ecosystem, those that grew the most in the last seven days were CDMX, BTSG, MNTL and REGEN, according to data from CoinMarketCap.
The price of these cryptoassets grew between 36% and 81% this week, driven by the launch of new features, strategic partnerships and general improvements.
Source: CoinMarketcap
Akash Network (AKT), the Cosmos-based decentralized cloud computing services platform, is also among the most prominent projects in this blockchain ecosystem this week. Akash Network allows users to rent or provision computing resources on the blockchain, using the AKT token to pay for or receive computing services and to participate in network governance.
Earlier this month, the project developers released their first update, focused on increasing the approval rate of the community fund, from which improvement and development proposals for the project are financed. In 2023, Akash Network added support for Nvidia and AMD graphics cards.
Osmosis (OSMO), another of the projects that are part of Cosmos, has also experienced notable growth in recent days. According to CoinMarketCap, the OSMO token price has risen by 8% in the last week. Part of this push is related to the announcement of a second version of the staking protocol, which will be multi-chain and will allow different Cosmos blockchains to be connected to the platform.
Finally, Injective (INJ), which is also one of the Cosmos cryptocurrencies, has grown noticeably in recent days, reaching a price of $38, currently.
Boosted by the growth it experienced this week, Injective's cryptocurrency also established a new all-time high of $45 dollars, the January 9.
The developers of this network are preparing for the new Volan update, which was approved by the 99,9% of the votes of the community and will bring important improvements to the project. One of them is the Real World Assets (RWA) module, which will allow assets to be tokenized, integrating customizable functions.
Interoperability, future of the blockchain industry
The growth and development of all these projects demonstrate the potential of Cosmos as a network that fosters innovation and collaboration in the blockchain industry.
Cosmos offers solutions to several of the main challenges of the crypto sector, such as interoperability, scalability and usability, which is why it has attracted a large community of users, developers and validators who contribute every day to the innovation of the entire industry.
Continue reading: Nomic seeks to bring Bitcoin to the entire Cosmos ecosystem
