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Tag: Cosmos

  • How Cosmos Could Outgrow Ethereum, Making The Case

    How Cosmos Could Outgrow Ethereum, Making The Case

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    In a couple of months, Ethereum should fully deploy its Proof-of-Stake (PoS) capabilities with “The Merge”. The network continues to dominate the decentralized finance (DeFi) and non-fungible token (NFT) sector, some of the most important innovative trends in the crypto industry.

    Related Reading | The Last Time This Bitcoin Indicator Turned Bullish It Saw a 65% Hike, Will It Happen Again?

    At the time of writing, Ethereum trades at $3,200 with a 6% loss in the last 24-hours.

    Ethereum ETH ETHUSD
    ETH with moderate losses on the 4-hour chart. Source: ETHUSD Tradingview

    ETH’s spot as the blockchain holding popular sector continues to be put into questioning as the “Ethereum Killers” gain market share. Cosmos and its ecosystem have been attracting attention as Terra and Osmosis become more popular.

    Recent data posted by monitor Token Terminal suggest Ethereum’s daily protocol revenue has been migrating towards Terra (LUNA) and Avalanche (AVAX). As seen below, this metric saw an increment back in October 2021.

    ETH’s daily protocol revenue peaked in November that year and began a downside trend from around $80 million to below $20 million. Token Terminal noted the following on this trend and the impact of the upcoming “Merge” on stopping it:

    And the past 90 days the rate of change in revenues is also slowing. AVAX, Luna and some other protocols are taking market share! The merger may flip this trend.

    Ethereum ETH ETHUSD Cosmos
    Source: Token Terminal via Twitter

    In that sense, Token Terminal wonders if Cosmos could become the fastest growing blockchain and outperform Ethereum on these terms. In favor of this thesis, the monitor pointed out the explosion in the Cosmos ecosystem and the time it has taken for it to reach its current adoption levels. Token Terminal said:

    (…) what are the odds of Cosmos eventually outgrowing Ethereum? Just consider how long it has taken for L2s to go live versus the pace at which new IBC-enabled chains are going live.

    Ethereum To Keep Its Spot As King Of DeFi?

    Unlike Ethereum, the protocols build with Cosmos infrastructure (CosmosSDK) seem more flexible and with potentially fewer tradeoffs than if they were built on layer 1. By using this development kit, the project can create “a blockchain that’s dedicated to the asset exchange use case”.

    Token Terminal claims this provides the project with more optimization and with tools to improve upon Ethereum’s limitations. As seen below, the Cosmos ecosystem records important growth since 2020.

    Cosmos Ethereum ETH ETHUSD
    Source: Token Terminal via Twitter

    As NewsBTC reported, two experts believe the opposite. Former BitMEX CEO Arthur Hayes and Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone are bullish on Ethereum going into “The Merge”.

    Hayes believes that this will set ETH to a 5-digit price and re-take the market share it has lost from the “ETH Killers”. Hayes argues that Ethereum is still the most active blockchain in terms of development and this event will only accelerate this innovation process.

    Related Reading | TA: Ethereum Turns Red Below $3.4K, Why Upsides Might Be Capped

    McGlone agrees and predicted ETH’s price could reach similar levels around $10,000. The Bloomberg Intelligence expert believes Ethereum is becoming internet collateral with strong support for future appreciation of its DeFi and NFT dominance.

     



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  • Fetch.ai (FET) gains 43% after $150M development fund and Cosmos IBC announcement

    Fetch.ai (FET) gains 43% after $150M development fund and Cosmos IBC announcement

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    Development across the cryptocurrency ecosystem continues to move forward despite the day-to-day whipsaw price movements and this progress is furthering the public’s awareness of Web3 and the value of blockchain technology. 

    One project that has been climbing the charts amid a marketing push to develop better brand recognition is Fetch.ai, a protocol focused on building a token-based decentralized machine learning network capable of supporting the smart infrastructure being built around the digital economy.

    Data from Cointelegraph Markets Pro and TradingView shows that the price of FET has climbed 43.13% over the past two days, rallying from a low of $0.322 on March 21 to an intraday high at $0.46 on March 23 as its 24-hour trading volume underwent a five-fold increase.

    FET/USDT 4-hour chart. Source: TradingView

    Three reasons for the building interest in Fetch.ai are the launch of a $150 million development fund, plans to further integrate the project into the Cosmos ecosystem and the recent launch of a large-scale marketing campaign.

    Fetch.ai launches a $150 million development fund

    The biggest news to come out of the Fetch ecosystem was the March 22 launch of a $150 million ecosystem development fund, in conjunction with MEXC Global, Huobi and Bybit, that is aimed at attracting developers and established projects to the Fetch.ai ecosystem.

    Ecosystem development funds have become a popular theme across the cryptocurrency community as projects have found them to be a useful way of attracting new projects and users to their protocols in a field that is becoming increasingly crowded and difficult in which to gain traction.

    Deeper integration with Cosmos

    A second major development bridging increased attention to Fetch.ai has been its ongoing integration with the Cosmos ecosystem and Interblockchain Communication Protocol.

    Fetch officially joined the list of projects that were launching within the interoperability-focused Cosmos ecosystem in February and it is currently in the process of upgrading the Fetch.ai chain to allow IBC transfers between supported networks.

    Cosmos has been one of the most active and growing ecosystems over the past six months despite the weakness in the wider cryptocurrency market, which has the potential to benefit Fetch by bringing increased token liquidity and access to a greater pool of investors.

    Related: Fetch.ai launches NFT platform for AI-generated art

    A renewed marketing push

    The third factor helping to increase the awareness of Fetch has been an increased focus on marketing the project to the wider public, including a partnership with Formula 1 driver Alex Albon.

    On top of this Formula 1 sponsorship, marketing for Fetch has also begun to appear in highly visible areas, including digital billboards in Times Square, New York, and subway and bus terminal advertisements.

    Fetch.ai has also begun to recruit crypto influencers to help increase awareness and it has benefited from being listed on the Voyager app on March 18.

    VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for FET on March 21, prior to the recent price rise.

    The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

    VORTECS™ Score (green) vs. FET price. Source: Cointelegraph Markets Pro

    As seen in the chart above, the VORTECS™ Score for FET hit a high of 80 on March 21, around one hour before the price increased 42.56% over the next two days.

    The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.