Cosmos (ATOM) is managing to escape the prolonged sell-offs it has experienced over the previous week thanks to a 5% increase in price over the last day to $11.1. According to CoinMarketCap statistics, ATOM is now down 1.20% over the previous seven days.
This month’s crypto market volatility has been among the highest so far, with a total capitalization of $1.15 trillion and a decline of 3.04%. Despite the congestion on the Bitcoin network that followed the congestion the protocol experienced over the weekend, the market began a promising week.
Cosmos growth trigger
The news that the protocol’s first Consumer Chain, called Neutron, is scheduled to go online this coming Wednesday is what has sparked the current rise for Cosmos. The decision to launch Neutron will take place in the Atom Economic Zone, as the protocol said, and it is based on the acceptance of proposal #792.
As a permissionless CosmWasm platform protected by the Cosmos platform, Neutron is advertised as such. Neutron, in particular, is intended to be a smart contract enabler that will automatically push decentralised apps housed on it to function over various public networks.
The parent chain is urging its validators to be ready for a subsequent launch later in the week since Neutron is expected to transform the Cosmos platform.
Smart contract relevance positioning
In terms of the present Decentralised Finance (DeFi) ecosystem, smart contracts’ adaptability may be used as a gauge of their importance compared to Layer 1 and Layer 2 protocols. The next wave of customers expected to enter the market may be supported by networks today as they develop to offer a more scalable infrastructure.
Cosmos, Polygon zkEVM, Arbitrum, Filecoin’s FVM, and zkSync Era are some of the persistent innovators fighting for a more scalable service and product offering in the midst of tremendous expansion.
