As the price of Bitcoin (BTC) declines, inviting a pound among crypto investors, Solana (SOL) and Cosmos (ATOM) move in reverse.
The two currencies initially declined slightly but rebounded today following the latest developments in their respective projects.
Solana prices began to show positive movements yesterday after Raydium, the first automated market maker (AMM) for the Solana blockchain was launched.
The launch marks a stepping-stone SOL ecosystem, becoming a competitor to DeFi at Ethereum (ETH) as investors try to escape the high transaction costs on the network.
Not only that, SushiSwap also wants to integrate the SUSHI ecosystem with Solana as an effort to address the high cost of the Ethereum network. Although the proposal is still early, it is not impossible to bring the SOL price up, recording a new all-time high (ATH) at $ 15.88. (At the time of writing, SOL is already trading higher at $ 16.24).
The Cosmos leap is driven by the Stargate update which includes the Inter-Blockchain Communication (IBC) protocol, the interopability layer for Cosmos blockchains.
IBC will encourage several projects such as Kava (KAVA) and Band Protocol (BAND) developed with the Cosmos Software Development Kit (SDK) to easily operate and connect tokens on other blockchain networks in the Cosmos network. The network is also expected to work with separate protocols such as Binance Smart Chain.
Yesterday, the ATOM price dropped 35% to $ 15.07. However, after the update was announced, ATOM jumped to the current price level, $ 21.06.
