On the current Cosmoverse convention, Cosmos launched a white paper with a brand new issuance mannequin for ATOM which goals to revamp the Cosmos Hub.
Whereas the Cosmos ATOM 2.0 white paper garnered a stupendous viewers was it merely a “Promote the Information” occasion?
The Cosmos Hub 2.0 white paper charts an up to date function for the Cosmos Hub as the middle of interchain security whereas additionally proposing key adjustments to ATOM’s utility and issuance schedule.
Cosmos additionally plans to make alterations to its liquid staking protocol, the place solely a set quantity of ATOM can be issued per 30 days.
Moreover, governance will even bear key adjustments, and a governing physique known as “Cosmos Meeting” can be created quickly sufficient.
Social volumes spikes, improvement exercise slumps
The Cosmos ATOM 2.0 white paper whereas bringing elementary adjustments to the blockchain and the ecosystem has additionally garnered first rate social media consideration, particularly on crypto Twitter.
Social volumes famous a wholesome uptick after the announcement, nonetheless, social and retail euphoria like that seen in July remains to be lacking.
Moreover, Cosmos’s improvement exercise appeared to decelerate because the Cosmoverse Convention anticipation got here to an finish. The sudden drop in improvement exercise may hinder the bigger worth development as nicely, going ahead.
ATOM dominating Layer 1 rivals
Amid the macro bear market, major Layer 1s are nonetheless being battered, however ATOM has, surprisingly, managed to remain afloat. When evaluating main L1s to their earlier ATHs in Nov. 2021, nearly all of the tokens are deep in detrimental territory.
ATOM, too, is down 71.33% from its all-time excessive worth, oscillating round $12.76 at press time. Nonetheless, ATOM has gained greater than 95% within the final three months, outperforming most L1s like MATIC, AVAX, BNB, and even ETH.
ATOM’s relative outperformance might be attributed, partly attributed to the announcement of Cosmos 2.0, in addition to the build-up to the annual Cosmos convention which happened on Sept. 27.
Till Sept. 27, greater than 66% of all ATOM was staked or delegated to validators, which additional goals to maintain the Cosmos infrastructure sturdy.
ATOM/USDT buying and selling pair nonetheless struggling
The reveal of the brand new white paper was anticipated to deliver some appreciable worth adjustments within the constructive course. Nevertheless, seemingly the Cosmoverse convention couldn’t ramp up worth motion with ATOM shedding over 12% worth at press time on a every day chart.
A major drop in ATOM’s every day RSI was indicative of upper sell-side strain because the social anticipation light away. The altcoin would want some assist from bulls to ascertain above the $13 resistance stage.
Worth time worth motion introduced bearishness for the token. Additional sell-offs may pull ATOM’s worth again to the $12 zone.
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