While Cosmos (ATOM) has been showing signs of strength since June, the rest of the altcoin market is faltering. The expectation about ATOM 2.0, which will be announced in four days, fuels the price.
Details of ATOM 2.0 will be revealed in four days during the Cosmoverse
ATOM price has moved up to 40% since Sept. 10 due to an upcoming revision. ATOM’s strength in the face of a wider setback stems from rumors surrounding ATOM 2.0, details of which will be announced during an upcoming Cosmos conference. Cosmoverse will be held September 26-28 in Medellín, Colombia. Ethan Buchman, co-founder of Cosmos, and Sunny Aggarwal, co-founder of Osmosis laboratories, will be present as many speakers.
Details on ATOM 2.0 will be made public on the first day of the conference. The event will also include details on the token economy.
Details on the Cosmos economy
Cosmos is a decentralized independent Blockchain network with its native token ATOM. The Inter-Blockchain Communication protocol (IBC) allows users to seamlessly jump between networks. Currently, there are 42 different IBC Blockchains, including EVM-compliant Evmos and privacy-focused Secret. According to the Cosmos website, the cumulative market cap of the network currently stands at $9.72 billion. He places that just slightly below Solana’s $11.4 billion.
ATOM is used to secure the Cosmos Hub. Cosmos Hub is a Blockchain specially designed to connect all other Blockcains in the network. The Keplr dashboard shows that currently ATOM stake rewards are between 15.19% and 18.99%, depending on a delegate’s validator. Revenue consists of ATOM emissions and Cosmos Hub transaction fees.
However, ATOM was criticized for its inflationary indicators. Altcoin inflation rate is based on ATOM stake percentages. According to Messari, if more than two-thirds of the supply is circulated, the inflation rate will gradually decrease until it reaches 7%. If it is less than two-thirds, ATOM will achieve annual inflation of up to 20%. By comparison, Ethereum’s inflation rate is currently at 0.19%. Even before blockchain was upgraded to Proof-of-Stake, the token supply grew by about 4.62% year-on-year.
What will ATOM 2.0 bring?
Members of the Cosmos community predict that ATOM 2.0 will stabilize the inflation rate. Another positive development for ATOM is the upcoming release of Interchain Security, which will make the Cosmos Hub responsible for securing not only the Hub itself, but the entire IBC network. Stakers will also start receiving rewards from other IBC Blockchains depending on the validator set they choose. Interchain Security will be available in January 2023 if all goes well.
cryptocoin.comATOM price has been in an uptrend since June. The approach of ATOM 2.0 triggers price action that breaks the resistance line of the channel.
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