ATOM’s price action has this at ‘stake’ as it outperforms these ecosystems

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  • ATOM’s ecosys­tem saw a mas­sive uptick in terms of devel­op­ment activity
  • ATOM reg­is­tered some improve­ments in the DeFi space as well, even as the vol­ume and mar­ket cap declined

Accord­ing to a report by San­ti­ment, projects in ATOM’s ecosys­tem revealed sig­nif­i­cant growth in terms of devel­op­ment activ­i­ty over the past few months. In fact, the ecosys­tem man­aged to out­per­form oth­er ecosys­tems such as Binance and Solana in this regard.

Read ATOM’s Price Pre­dic­tion 2022–2023

Looking at the competition

As can be observed, the devel­op­ment activ­i­ty across Cos­mos’ ecosys­tem has been much high­er than that of oth­er cryptocurrencies. 

A spike in devel­op­ment activ­i­ty would sug­gest that devel­op­ers work­ing in the Cos­mos ecosys­tem have been mak­ing mas­sive con­tri­bu­tions to their respec­tive project’s GitHub. The devel­op­ment of the ecosys­tem, which con­sists of projects such as Osmo­sis and DVPN, could play an impor­tant role in the altcoin’s long-term growth. 

Source: San­ti­ment

The improve­ments being made in ATOM’s ecosys­tem could have had a pos­i­tive effect on Cos­mos’ TVL as well.

Con­sid­er this – Cos­mos’ TVL record­ed an uptick over the last few days. At the time of writ­ing, the total val­ue locked by Cos­mos was $416K, with the same appre­ci­at­ing by 3.87% over the last 24 hours. 

Osmo­sis also saw a slight uptick in its TVL over the last few days, accord­ing to data pro­vid­ed by DefILla­ma.

Source: DeFiLla­ma

More­over, the num­ber of stak­ers stak­ing ATOM has also increased over the past few days. In fact, there has been a mas­sive hike in the num­ber of stak­ers stak­ing $ATOM over the last 30 days. 

At press time, the fig­ures for the same were as high as 725,000. 

Source: Stak­ing Rewards

How­ev­er, despite increas­ing inter­est from stak­ers and grow­ing devel­op­ment across its ecosys­tem, ATOM’s vol­ume con­tin­ued to decline over the past week.

In fact, ATOM’s vol­ume depre­ci­at­ed sig­nif­i­cant­ly over the course of the last 7 days. Its vol­ume fell from 672 mil­lion to 125 mil­lion over the past week. Cou­pled with a declin­ing vol­ume, its mar­ket cap depre­ci­at­ed along with its vol­ume as well.

Source: San­ti­ment

Despite the declin­ing vol­ume, how­ev­er, ATOM’s price action has remained positive.

At the time of writ­ing, ATOM was trad­ing at $10.15, with its price hav­ing depre­ci­at­ed by 2.48% in the last 24 hours

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