Venture capitalist Arthur Cheong, following the latest developments in the cryptocurrency market cosmos Bullish sentiment for the (ATOM) ecosystem shared.
Cheong, founder and CEO of DeFiance Capital, dYdXHe stated that the transition to will increase the total value locked (TVL) of the Cosmos ecosystem as well as increase activities.
TVL refers to the amount of capital invested in a protocol’s smart contracts and is often used to measure the health of a crypto ecosystem.
DYdX, a decentralized exchange (DEX), announced its migration from the Ethereum network to Cosmos and launched its own dYdX Chain last month.
The new chain was developed as an independent blockchain based on the SDK (software development kit) and Tendermint consensus protocol. In an announcement, dYdX stated that the network is the only chain that can offer full customizability to build chains according to the exact needs of the DEX.
Cheong also predicts that USDC, the $200 million stablecoin issued by application chain Noble, will come to the Cosmos ecosystem.
Noble USDC became available to developers and users of the Cosmos ecosystem in September. USDC, the second largest stablecoin by market cap, aims to maintain a 1:1 peg to the US dollar.
Koinfinans.com As we reported, the local token of the project is ATOMis trading at $8.57 at the time of writing.