The launch of the cross-chain bridge has translated into increased interest in Cosmos (ATOM).
ATOM’s current price is $21.55, up about 140% from July 20 ($8.87).
What is the reason for the high interest in the multi-year project?
Although Cosmos is not a new project, the announcement of work on the BTC bridg has made it a buzz again. Already a few years ago, people associated with Cosmos announced the creation of an internet for blockchain. The idea was to be able to create new networks that could be linked together to transfer tokens.
Easy use of DeFi protocols
The current interest in Cosmos (and the associated ATOM token) is primarily due to the fact that it is already possible to exchange funds between Ethereum and Cosmos. Additionally, Bitcoin (BTC) is expected to join the Cosmos ecosystem in the near future, which is sure to attract many new users. With such a solution, you can easily trade different assets and use DeFi protocols on different networks.
Also influencing the interest in the ATOM token is the integration with IBC. Thanks to it, the first decentralized exchange was created, which allows you to trade assets available on Cosmos and Ethereum networks.
Wrapped Bitcoin on Cosmos?
The Interchain Foundation (IFC) organization, whose task is to allocate development grants for solutions using the Cosmos ecosystem, a few days ago awarded funding to the Interlay project. The developers of this solution want to bring Bitcoin into the Cosmos network. Thanks to this, people who, like Jack Dorsey or Michael Saylor , recognize only the oldest cryptocurrency, will be able to block their BTC to receive interBTC.
These, in turn, will be able to be used in modern DeFi projects, which in many cases allow you to make huge profits (but always keep in mind the risks associated with investing).
“@inter_btc is building an #IBC bridge to enable any IBC compatible chain to access trustless Bitcoin.
This exciting step will help Cosmos grow the #DeFi sector & improve inter-blockchain collaboration.”
As you can see, the project that has been in development for several years still manages to surprise. However, this is not the first interesting news related to Cosmos this year, because already in March we described that Cosmos (ATOM) already supports communication between decentralized networks.