The price of $ATOM, the native token of the Cosmos blockchain, has increased by about 12% to $7.64† since the big announcement by crypto derivatives exchange, dydx, to build its V4 blockchain on the Cosmos platform, there seems to be a lot of enthusiasm for $ATOM.

ATOM is now poised to break through a $8.4 resistance level and possibly confirm a bullish trend.

The price of dydx is also up 2% to $1.42. Volume is also up 66% in the last 24 hours.

Will Cosmos become the hub of innovation?

Greg Osuri, the founder of Akash Network and $AKT, believes starting with Ethereum and scaling up to Cosmos is becoming a trend† He saw sovereignty as the ultimate scaling strategy.

In their announcement dydx also praised Cosmos† They announced that full decentralization is the main feature of the V4 protocol. V4 protocol includes offchain, full decentralization, order book and matching engine. According to dydx, the Cosmos platform allows them to scale to a much higher number of orders/cancellations per second.

Cosmos, also known as the Internet of Blockchains, specializes in allowing companies to build their own independent blockchain. Each blockchain has autonomy over its decisions and is powered by Tendermint consensus.

$ATOM to break resistance?

Besides dydx, many other Web3 platforms work with Cosmos. Sei Network, Kado Money, Mars Protocol, Kujira and Osmosis are some other innovations that have recently taken place on the protocol. There seems to be a lot of enthusiasm for the future of the $ATOM.

Major Twitter Influencer and Crypto Investor, CryptoGodJohn Shared on Twitter How Cosmos outperforms BTC† Similarly, another major crypto investor, MoonOverlord, believes that moving dydx to $ATOM is a huge loss for $ETH

Currently, $ATOM is vastly outperforming $ETH in terms of price gains since the announcement. Whether it will have enough momentum to break resistance, only time will tell.

Nidhish is a technology enthusiast whose goal is to find elegant technical solutions to solve some of society’s biggest problems. He is a big proponent of decentralization and wants to work on the mainstream adoption of Blockchain. He also likes almost all popular sports and likes to talk about a wide variety of topics.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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