- New protocol on Osmosis drives adoption.
- Nonetheless, Cosmos Hub’s situation continues to say no, impacting the state of ATOM.
After the launch of the Mars protocol on Osmosis, the adoption, and utilization of the Mars protocol has elevated. Nonetheless, one of many causes for a similar was the rewards program that was enjoying an essential function.
At press time, the TVL of the Mars protocol was $7.71 million which elevated after launching on Osmosis. Nonetheless, this progress may quickly come to an finish.
There was a concern available in the market that the expansion witnessed by the protocol may reverse its trajectory after the rewards program was over.
The rewards program for the Mars Protocol is eligible for depositors inside 30 days. After this, depositors would not be capable to entry any of the rewards.
Learn ATOM’s Value Prediction 2023-2024
This might de-incentivize new customers from becoming a member of the platform. It could additionally stunt the expansion of the Osmosis protocol and influence the general Cosmos ecosystem.
Supply: Defi Llama
In the meantime, the variety of stakers on the community decreased by 3.3%. At press time, the determine stood at 719,359.
Influence on ATOM
The Cosmos Hub’s token ATOM was additionally impacted. In accordance with information supplied by Santiment, the general quantity of the token fell from 746 million to 243 million within the span of a month.
Together with that the event exercise additionally went down considerably. This implied that the variety of contributions being made by Cosmos Hub’s staff on its GitHub had fallen.
Supply: Santiment
One other issue that might influence ATOM could be its improve in volatility. As a result of rising volatility of the token, many risk-averse traders will draw back from holding the token.
That stated, it’s essential to notice that ATOM’s dominance declined by 4.39% over the past month. At press time, the market cap dominance of ATOM was 0.38%.
Supply: Messari
Nonetheless, regardless of these indicators, merchants had been more and more optimistic about the way forward for ATOM.
In accordance with Coinglass, the variety of accounts holding lengthy positions on ATOM elevated considerably. 64.22% of all accounts had been lengthy on the coin, on the time of writing.
How a lot are 1,10,100 ATOMs value as we speak?
Supply: coinglass
Total, the protocol has an extended method to go and lots of challenges to beat.
