According to Messari, in Q2 2023, the Osmosis Protocol, a decentralized exchange (DEX) within the Cosmos ecosystem, experienced a decrease in volumes and users, each down over 25%. Despite this, Inter-Blockchain Communication (IBC) transfers remained a bright spot, bringing in nearly half a billion dollars in inflows to Osmosis.
The quarter saw a 43% quarter-on-quarter (QoQ) decrease in trading volumes, with ATOM volumes falling to 15% of total volume, its lowest share ever. “USDC made up 14.9% of volume in Q2, its lowest in the last four quarters,” which is expected to change with the introduction of native USDC to the Cosmos network.
Average daily liquidity on Osmosis has been trending lower since Q1 2022, with a 17.9% fall from the previous quarter in Q2 2023. Despite this, “depositors remained patient in Q2, as average daily yield from trading fees fell to 3.8% (daily fees per unit of TVL, compounding daily) from 5.6% in Q1.”
Transaction counts of every type fell in Q2, with governance-related activity seeing the largest QoQ decline. Voting and Osmosis staking transactions were down 71% and 55%, respectively, accounting for nearly a third of the fall in transactions counts in the quarter. However, transactions related to the core product, with IBC transfers and swaps, fell only 21% and 23%, respectively.
Despite a year of subdued value flows, “over $466 million was transferred to Osmosis via the IBC network in Q2.” Total IBC transfer volume on Osmosis fell 4% from the previous quarter to $2.1 billion transferred.
On June 19, Osmosis unveiled its next development phase, OSMO 2.0, which includes a revised tokenomics model aimed at improving the sustainability of the protocol and better aligning incentives. Key changes include a halving of the inflation rate, an extension of the emission timeline, a shift in emission allocation to incentivize long-term stakers, the introduction of a protocol revenue burn mechanism, and a fee share mechanism.
Despite the decrease in key metrics, the network continues to adapt and implement new strategies for its growth. The introduction of OSMO 2.0 demonstrates an ongoing commitment to sustainability and better alignment of incentives, which could set the stage for a potential rebound in the coming quarters.
Two altcoins have quietly pulled off massive rallies, doubling in price while Bitcoin and the broader crypto markets traded sideways over the last week.
Ion is the utility token for Osmosis, a cross-chain automated market maker (AMM) that allows developers to build and deploy their own customized AMMs.
Osmosis is built on top of the Cosmos (ATOM) network, which has seen its own hot streak, up 55% in the last two weeks.
ION has entered the new year with a bang, quickly jumping in price on January 4th from under $7,000 to over $10,000. After correcting, ION rallied from $7,378 all the way to $14,806 in less than two days. ION has continued its rally and topped out at $18,441 earlier today. It remains up 99.7% over the last seven days and a huge 260% over the last 30 days.
Joining the under-the-radar rallies with some timely gains was chrono.tech (TIME).
Chrono.tech aims to provide blockchain-based solutions for recruitment, HR and payment processes. It also aims to reduce barriers in accessing work and transferring funds securely in the global labor marketplace.
Chrono.tech’s ecosystem includes LaborX, a decentralized freelance work portal that allows workers and customers to organize work via smart contract-powered agreements. All payments are escrowed and made in crypto. After a job is done, payments are released automatically.
TIME, the project’s native token rallied from $229 to an all-time high of $569 in less than two days, covering 148% worth of gains.
During the same time period, Bitcoin and Ethereum mostly traded sideways, and are currently up 3.4% and 5.1% on the day respectively.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Cosmos and Osmosis Surge While Rest of Market Flounders
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A closely followed crypto trader is eyeing an interoperability ecosystem to potentially have a breakout year.
In a tweet laying out his general 2022 predictions, the pseudonymous analyst known as Altcoin Psycho highlights Cosmos (ATOM) as his pick to soar like layer-1 smart contract platforms Avalanche (AVAX) and Solana (SOL) did last year.
My crypto predictions for 2022:
-Options volume will minimum 3x
-Cosmos ecosystem will have its Solana / AVAX moment
-Spot backed ETF is approved
-Fund raising will become more democratized, less favorable for VCs
-Market goes full ADHD, boom & bust cycles become shorter
— Altcoin Psycho (@AltcoinPsycho) December 31, 2021
The analyst next discusses Osmosis (OSMO), the decentralized exchange (DEX) that was built for Cosmos. He follows up on a June 2021 tweet where he referred to Osmosis as a “catalyst for Cosmos ecosystem” to tell his 390,500 followers,
“Osmosis new [all-time high] today, and now #76-highest market cap.
Wonder what happens next.”
OSMO hit a new high today of $8.60. The altcoin launched last summer above $4.50, experienced a selloff to as low as $1.24 in July before working to a September high of $7.38. Osmosis has since experienced choppy price action before breaking out from the $4 level starting in mid-December.
Altcoin Psycho concludes his discussion with a word of advice to both skeptics and supporters of Cosmos, citing the access to airdrops that token holders will have.
“Regardless of your thoughts on ATOM, the exposure you’ll have to airdrops by holding it this year is pretty wild.”
Cosmos just hit a total value locked (TVL) milestone, ranking second behind Osmosis with over $277 million in liquidity.
Source: Osmosis
At time of writing, ATOM is down 5.72% on the day to $40.01. The 20th-ranked crypto asset began its own rally in mid-December, climbing from the $20 range to over $42 to start the new year. The altcoin reached an ATH of $44.42 back in September.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Floral Resources/karnoff/Tun_Thanakorn/Nikelser Kate
Cosmos and its largest decentralized exchange, Osmosis, saw positive price momentum that outpaced the rest of the market today.
Cosmos, like Polkadot, is a base layer that connects multiple independent blockchains.
Osmosis has reached all-time highs for total value locked and near all-time highs for total volume.
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The tokens for both Cosmos and its most prominent decentralized exchange, Osmosis, are up today while much of the rest of the cryptocurrency market is either flat or down.
Positive Momentum
The cryptocurrency markets have seen some strong performers despite an overall rough day.
Cosmos’ ATOM token is up approximately 7% at press time, and the OSMO token for its leading decentralized exchange, Osmosis, is up roughly 11%. Both tokens are up roughly 20% during the last seven days.
Cosmosis a blockchain network that, likePolkadot, seeks to be a base-layer blockchain network that connects multiple different, independent blockchains. Osmosis is a Cosmos-based decentralized exchange and automated market maker.
It is unclear why Cosmos’ token is surging today, though it has not been uncommon for Ethereum competitors to jump in price over the last few months. However, it could be that Osmosis is up today due to the fact that its total value lockedhas reachedan all-time high on the same day that its total daily trading volume neared its previous all-time high.
Cosmos was launched in 2019, and its ATOM token has provided its investors a return on investment ofover 37,000%. The token’s market capitalization currently sits at close to $8.5 billion, making it the 19th largest cryptocurrency.
Osmosis was launched during the summer of 2021, and its market capitalization is just shy of $2 billion. In October,it raised$21 million via a token sale led by Paradigm Ventures. This was Paradigm’s first investment in an automated market maker that was not Ethereum-based.
The rest of the cryptocurrency market has slid since reaching an all-time high total market capitalization of roughly $3 trillion in Nov. 2021. Today, on Bitcoin’s “birthday,” the total cryptocurrency market capitalization teeters below $2.2 trillion. Most other coins and tokens are down both today and on the week, which makes the strong price action of Cosmos and Osmosis particularly notable.
Disclosure: At the time of writing, the author of this piece owned DOT, ETH, and several other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
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The Cosmos cross-chain network has been growing steadily along with the projects that run on top of it and it’s just reached a milestone in terms of activity.
The Inter Blockchain Communication protocol (IBC), which is the backbone of the Cosmos ecosystem, has seen a surge in activity over the past month with more thanone million transfers logged.
Cosmos launched the IBC in March to enable cross-chain decentralized finance and interoperable nonfungible token transfers. Over the past six months, it has grown substantially, onboarding new projects and blockchains into the ecosystem.
Other notable projects operating on the protocol include Terra, Band, Kava, and THORchain’s Chaosnet.
— Documenting Cosmos ⚛ (@DocumentingATOM) October 3, 2021
The Mapofzones Cosmos ecosystem explorer shows that there have been 1,071,132 transfers over the past 30 days and 45,738 transfers on IBC over the past 24 hours.
The Osmosis automated market maker is responsible for the lion’s share of those IBC protocol transfers with 44% of the total, with the Cosmos chains recording 307,855 transfers, or 29% of the IBC total, over the past 30 days.
The IBC standard provides a secure method of exchanging data between independent blockchains while scaling through sharding and sidechains for various applications. Cosmos is just one network of many operating on the IBC protocol.
The digital asset payments and wallet provider Crypto.com also runs on the Cosmos network. In late September it launched its own NFT platform and marketplace which has driven further momentum.
Related:Cosmos-Based Interoperable DeFi Project Launches on Mainnet With BNB Collateral
In June, the Kava DeFi platform launched on Cosmos enabling Binance Coin deposits to collateralized loans in its USDX stablecoin.
Cosmos is also working on rollup scaling technology to allow developers to build Cosmos-based blockchains as rollups which can be deployed as clusters within the IBC zones. In a tweet on Oct. 6, it explained that the scaling tech called Optimint would be a “drop-in replacement” for the current Tendermint framework that it is built on.
Cosmos has its own native token called ATOM which has fallen 5.1% over the past 24 hours to trade at $35.39 according to CoinGecko. The token has made a solid 37% gain over the past month, however, and is just 19% down from its Sept. 20 all-time high of $44.42.
