Terra’s Tendermint Touch — Cosmos-Based Token Economy Hit Hard by LUNA’s Demise
Since last week’s Terra implosion and the demise of the blockchain project’s native token LUNA — and the algorithmic stablecoin terrausd (UST) — crypto tokens based on the Cosmos ecosystem have seen significant losses. Two months ago, the top Cosmos ecosystem coins collectively were worth $61.6 billion and since then, the Cosmos economy has lost more than 75% in value, dropping to $15.2 billion. Terra’s Fallout Stirs Cosmos Token Ecosystem The blockchain project Terra is a Cosmos-based network, which leverages the consensus protocol Tendermint,....
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Blockchain app specialist, Tendermint, winner of the 20,000 RMB prize for the "Most Innovative" Award at the International Blockchain Week Demo Day in Shanghai, has announced the unveiling of Cosmos, a novel blockchain network designed to solve an array of problems that currently hinder blockchains and digital currencies: a lack of interoperability, scalability and capacity for upgrades. Speaking to Bitcoin Magazine, Jae Kwon, CEO of Tendermint, explained that the goal of Cosmos is to eliminate the dependence on exchanges and create a decentralized network to allow the free flow....
The Columbus-5 upgrade took place on Sept. 30 and has introduced an overhaul in Terra’s tokenomics. Is LUNA more bullish because of this? Terra’s (LUNA) three-month rally saw its token rise by 674%, catapulting LUNA to the ranks of potential so-called “Ethereum killers.” LUNA has been on a tear lately because Terra’s most recent upgrade, Columbus-5, has effectively overhauled its tokenomics and brought significant changes to its technology.LUNA currently sits in fourth place in total value locked (TVL) among other blockchains, indicating its growing popularity for decentralized finance....
The crypto market is showing signs of recovery, and it seems Cosmos has also been pulled in the same direction with an increase of 12% in the last 24 hours. Cosmos (ATOM), the 27th biggest cryptocurrency, has a total market cap of $3.2 billion. ATOM, the token that fuels the Cosmos blockchain network, has been gaining a lot of traction with an increase of over 12.7% overnight. Currently, ATOM is trading at the price point of $11.45. Suggested Reading | Avalanche Crumbles More Than 16% As Crypto Landslide Continues ATOM Remains In Bear Territory Even though the charts have been....
Celo is the latest blockchain network to strive for interoperability, with Chorus One receiving a grant to build a bridge between Cosmos and Celo. Celo has awarded a grant to staking service provider Chorus One to build a bridge facilitating interoperability between the Cosmos and Celo networks.The proof-based bridge will allow “bidirectional communication’ between Celo and Cosmos, allowing Celo’s cUSD stablecoin to operate on the Cosmos network, and Cosmos-based assets including ATOM, BAND, and KAVA to be held in the Celo Reserve.According to a Nov. 19 announcement, the partnership will....
Peng Zhong stepped down as CEO roughly a month after former company head Jae Kwon said he would be leading NewTendermint, part of Ignite's split to two firms in May. Peng Zhong, the chief executive officer of Ignite — formerly Tendermint and backer of the Cosmos ecosystem — has announced he will be leaving the firm.In a Friday tweet to his more than 20,000 followers, Zhong said Friday will be his last day at Ignite, where he has been working as CEO since May 2020. Prior to that, the now-former Ignite CEO was chief design officer at the firm’s Kuala Lumpur and Toronto offices since he....