Cosmos, Harmony, DeFi 2.0 Tokens Defy Market Slump

Key Takeaways

  • Cosmos has soared 20% in the past 24 hours, currently approaching a new all-time high.
  • Harmony’s ONE token is also one of the day’s biggest gainers, climbing 15%.
  • Several DeFi 2.0 tokens involved in the “Curve Wars” have also put in double-digit gains.

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Cosmos, Harmony, and several so-called DeFi 2.0 projects have put in double-digit gains over the past 24 hours despite a decline across the wider market.

Cosmos and Harmony Rally

Cosmos and Harmony are nearing all-time highs.

Cosmos has climbed over the last month despite weak momentum among market leaders. The Layer 0 blockchain’s ATOM token has jumped 45% in a seven-day period that saw Bitcoin shed 10.4%. Today, ATOM has climbed 20%, and is closing in on its all-time high of $44.42 achieved in September. 

ATOM/USD chart. Source: CoinGecko

An increased focus on interoperability is likely driving interest in Cosmos. Several Layer 1 blockchains such as Terra and Binance Smart Chain are built using the Cosmos software developer kit, making it easy to build bridges between them. Cosmos is also pioneering the Inter-Blockchain Communication Protocol, a standard for interoperability that allows independent blockchains to talk to each other and transfer data and assets. 

Osmosis Hub, the first decentralized exchange for IBC-connected coins built on the Cosmos SDK, recently broke past its prior all-time highs, soaring 19% over the past 24 hours. The OSMO token is currently trading at $9.23 as it enters price discovery. 

Harmony, an Ethereum-compatible Layer 1 chain, has also surged amid market uncertainty. The network’s ONE token has gained 15% on the day, breaking past the psychological barrier of $0.30. ONE is currently trading at $0.316, just $0.06 off its all-time high. 

DeFi Kingdoms, a gamified play-to-earn DeFi app built on Harmony, has soared over recent weeks, bringing more attention to the Layer 1. The protocol’s JEWEL token has risen over 175% since the start of December as users flock to Harmony to start playing DeFi Kingdoms (players need JEWEL to access the game). 

JEWEL/USD chart. Source: CoinGecko

DeFi 2.0 Shows Strength

Elsewhere, a group of nascent decentralized finance protocols is also taking flight.

Frax Shares and Dopex Rebate Tokens are up double-digits on the day, while OlympusDAO fork Redacted Cartel’s BTRFLY token has soared 25% to over $3,400. 

These projects all play a central role in the so-called “Curve Wars,” a development that’s seen DeFi protocols competing to lock up CRV tokens to gain voting power over the stablecoin exchange Curve Finance. Locking up more tokens gives protocols more power to vote on which Curve pools receive the highest yields, which means they can vote for their preferred pools to receive more rewards. In turn, they can offer higher yields to users, creating a flywheel effect to help them acquire and lock up even more CRV tokens. 

Other notable players in the Curve Wars include Convex Finance and Yearn.Finance. Although these protocols have not shown as much resilience as Frax or Dopex’s tokens in the last 24 hours, they have outperformed many other assets and appear to be maintaining their upward trends. a

A large portion of these tokens’ value is derived from stablecoin yields, which may explain why the recent drop in the market has had little effect on their price. The increased demand for Curve voting power has also affected the CRV token price. CRV is up 22.6% over the past month and reached a new local high of $6.71 on Jan. 4. Due to the recent market turbulence, it has since cooled off and currently trades at $5.11. 

Disclosure: At the time of writing this feature, the author owned ETH, CRV, and several other cryptocurrencies. 

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Where’s the Crypto Market Heading as We Near 2022? Top Most Promising GameFi Tokens

Crypto investors who pinned their faith on the prediction that Bitcoin would soar to $100,000 by the year-end now have to reconcile themselves to the reality that there won’t be a Santa Claus rally before the year is out. After it went above $69K in November, Bitcoin’s price retraced greatly and is now struggling to hold above the 50K mark, pulling the rest of the cryptocurrencies along with it.  

However, technical analysis comes into play when we cannot see a clear trend and there are no strong fundamentals to help us make sense of how the market is going to behave.

There are often repetitive patterns in price fluctuations due to the psychology of the market, which is driven by emotions like fear or excitement. The technical analysis examines chart patterns to identify these emotions and subsequent market movements to discover trends. 

The cryptocurrency Fear & Greed Index fell to 27 a couple of days ago, but currently it stands at 40. Although it’s still a fear territory, this could be a solid buying opportunity. 


The current BTC price pattern resembles that of the consolidation phase we witnessed from May to July 2021. The weakness is likely to last until about early January or late February 2022, and then we might see a BTC rally that will take it to new heights, with ripple effects on the rest of the top cryptocurrencies.

Source: TradingView 

Meanwhile, the $68 billion GameFi industry, which is a hybrid of blockchain gaming and DeFi, is on the rise and is expected to continue its rapid growth in 2022 even amid a sour mood in the wider crypto market.

As of now, the majority of wallets in existence 1.12 million are connected to blockchain games.

Source: DappRadar 

The play-to-earn segment has been boosted by the metaverse narrative, allowing players to earn tokens for their gaming activities, which can be used to purchase in-game assets, or traded for other cryptocurrencies or fiat on exchanges. 

GameFi games can be categorized into two types:

  • Liquid mining games

  • Games based entirely on mining

In liquid mining games, users must pledge tokens or NFTs before they can begin gameplay, whereas in the second game type, players can begin immediately and receive game props or NFT equipment which can be sold at a profit.

In order for a GameFi project to succeed, it is critical that the number of active crypto wallets continues to grow, as well as the volume of transactions and the value of the game. 

Following are the top DApps in the Games category, ranked by unique wallet addresses, which continue to increase, so it makes sense that the tokens that power them would also thrive.

Splinterlands is the most popular game, with 315,447 unique wallet addresses interacting with its smart contracts over the past 30 days, and a total asset value of $664,862.

It is a collectible trading card game, with cards acting as non-financial tokens and its design reminiscent of Pokemon cards and World of Warcraft characters. 

Throughout the game, a mystical world is revealed through a great deal of storytelling. This game is built on the Steem blockchain and offers high-speed transactions. Although Splinterlands is based on the HIVE blockchain, Splinterlands’ tokenized assets can be transferred to the WAX blockchain by means of the Splinterlands WAX bridge. 

As of now, its SPS token is priced at $0.221667 and is not soaring due to the weak overall market, but the popularity of the project could lead to strong gains next year. 

Source: CoinGecko 

DeFi Kingdoms (JEWEL)

DeFi Kingdoms is a game, DEX, liquidity pool, and a market for rare utility-driven NFTs, all done in nostalgia-inducing fantasy pixel art.

The number of unique wallet addresses interacting with DeFi Kingdom’s smart contracts over the past 30 days reached 286,539, a whopping 439% increase from the previous month. 

Its JEWEL token traded at $14.95 at the time of writing, up 21% for the past 7 days, and posting a 94% rise month-on-month.  

Source: CoinGecko 


This gaming platform combines yield farming and farming NFTs to create a free-to-play and play-to-earn model. The game had 200,916 unique wallet addresses in the past 30 days, up 30% from the previous month, and a balance of $175,456,016.93

As of last check, MBOX token was trading at $6.12, up 6.3% over the past 24 hours and up 19% over the past 7 days. 

Source: CoinGecko 

X World Games (XWG) 

X World Games is a themed gaming DApp on the BSC network that has an NFT marketplace. In addition to enhanced gameplay and earning mechanisms, players can acquire NFT assets which is expected to benefit them with long-term revenues generated through the game’s playing volume.

Its user base has increased by 159.72% over the past 30 days to 180,112 and the total value of assets in the DApp’s smart contracts came in at $2,909,449.32. 

The project’s XWG token traded at $0.0969 at the time of writing.  

Source: CoinGecko 

P.S. This article was initially published by Cointelegraph Brazil

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Three Gaming Altcoins Spark Massive Rallies, Ignoring Bitcoin and Crypto Market Breakdown

While the overall cryptocurrency market experiences a turbulent week, several gaming altcoins are defying the downtrend in a major way.

SAND is the native token for The Sandbox, an Ethereum-based virtual world that allows fans of video games to build, own and monetize their gaming experiences.

The price of SAND has surged over 20% to $4.21 at time of writing.

Also in the green is JEWEL, the native token of nostalgic fantasy pixel art game DeFi Kingdoms which features usable NFTs (non-fungible tokens).

JEWEL is currently trading for $7.07, an increase of 12.31%.

Virtual world Decentraland (MANA) is also bucking the overall crypto downtrend. Today its native token MANA is up over 5% to $3.57.

The fresh price increases comes after Facebook’s recent Meta rebranding announcement, which sent many metaverse-related cryptos soaring.

Meanwhile, the top two cryptos are down over 5% today, with Bitcoin (BTC) now valued at $57,269 and Ethereum (ETH) having dipped just below the $4,000 mark.

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Featured Image: Shutterstock/galacticus/Vladimir Sazonov/Andy Chipus


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