Just over a month ago Cosmos was just a little know cryptocurrency. This all changed earlier this week when the leading cryptocurrency exchange Binance announced that it was listing its token ATOM. In a statement made at the start of the week, the platform noted “Binance will open trading for ATOM/BNB, ATOM/BTC and ATOM/USDT trading pairs at 2019/04/29 4:00 AM (UTC),” advising users to deposit ATOM in preparation for trading.
Interestingly, according to Changpeng Zhao the Binance CEO, Cosmos had not even approached any exchange regarding a potential listing but the Binance team thought the project was so good to ignore, so they went ahead and listed it. This was of course after undertaking a significant review of the protocol including what it had to offer.
The listing had a positive impact on the price of Cosmos as its token jumped over 40% this week alone to enter the top fifteen cryptocurrencies by market cap. ATOM is currently trading at $5.03 with an 11% increase in the past 24 hours. The token also has a market cap of $958 million according to coinmarketcap.com.
On Binance, ATOM has three trading pairs in BNB, BTC, and USD and currently, the coin has a trading volume of $131 million with a circulating volume of over 190 million.
What Is Cosmos?
Cosmos can be described as a world wide web of blockchains. The project is creating a platform for various developers where tokens on one blockchain can be used in another. Think of it as the internet of blockchains.
The platform seeks to increase collaboration and communication between blockchains something that currently doesn’t exist.
Cosmos is also a proof of stake platform that runs on Tendermint, a consensus protocol that presently has many active developers. It’s focused on enhancing scalability, interoperability, and usability of the blockchain technology.
What’s your take on Cosmos, a PoS protocol that is currently taking the crypto industry by storm? Share your thoughts in the comment section below.