Altcoins Tezos and Cosmos have avoided today’s slight market downturn to post significant gains in the last twenty-four hours.
Tezos surged an impressive 16.67% from yesterday to hit $5.95, according to crypto data aggregator Nomics.
Tezos is an open-source proof-of-stake (PoS) blockchain which, like Ethereum (which will soon complete its shift to become a proof-of-stake blockchain), lets developers build apps and financial services using smart contracts.
Since launching in 2018, the Tezos network has undergone seven major upgrades, the most recent being ‘Granada’ at the start of this month. Granada reduced block times from 60 seconds to 30 seconds and massively reduced gas consumption in smart contracts.
Tezos began to rally earlier this week with the news that its blockchain had attracted institutional interest. Swiss business-to-business bank Incore is collaborating with Swiss IT consultant firm Inacta and digital asset managers Crypto Finance AG to develop a Tezos token standard for European banks to mint their own digital assets.
According to an announcement, Tezos was chosen “because its on-chain governance allows upgrades without disrupting or splitting the network.”
Fellow altcoin Cosmos is also surging today. The $ATOM token grew 9.29% to reach a new price of $21.93, or about $10 more than it was this time last month.
Cosmos’s price surge coincided with the launch of a cross-chain DeFi interface called Emeris on August 18. Prior to launch, $ATOM was worth around $15. It crossed the $20 threshold the next day.
More recently, Cosmos opened a bridge with the Ethereum network. The integration of Sifchain, a decentralized exchange (DEX) built on Cosmos, with the inter-blockchain communication protocol (IBC) now enables trades between the Cosmos and Ethereum networks for the first time.
It’s a slow day for the markets, but the success of two outlier projects shows that there’s always good news somewhere in crypto.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Stay on top of crypto news, get daily updates in your inbox.