Cosmos soars 25% amid Layer 1 blockchain boom

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Cosmos jumped 25% Monday night as the protocol’s ATOM token nears its all-time high earlier this year in May.

Cosmos aims for the stars

Cosmos is the latest Layer 1 blockchain to rally.

The project’s ATOM token rose more than 25% on Monday night, continuing its upward trajectory from a July reversal. ATOM is currently trading at $ 25.72 and is quickly approaching its all-time high of $ 31.70 reached in May.

Source: CoinGecko

Cosmos aims to create an interoperable network of blockchains that can communicate with each other in a decentralized manner. It’s one of many projects that hopes to solve the blockchain trilemma, achieving decentralization, scalability, and security without compromising any of the three factors.

Cosmos isn’t the only layer 1 to recover from the July lows. Solana took a big step this week, surpassing her previous high of $ 56.20 in mid-August. Since then, Solana has continued to rally and is currently trading at $ 118.50.

Several other Layer 1s such as Avalanche, Cardano and Fantom also recorded sustained gains following bullish catalysts in what some have dubbed “Layer 1 Season”.

The high gas charges on Ethereum have forced many users to seek alternatives for popular activities such as yield farming and NFT minting. Cosmos offers low transaction fees and near instant confirmation, making it an attractive network for various DeFi applications.

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

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