Cosmos, Concord, DeFi 2.0 Tokens Defy Market Droop

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Key Takeaways

Cosmos has soared 20% previously 24 hours, at the moment approaching a brand new all-time excessive.
Concord’s ONE token can be one of many day’s greatest gainers, climbing 15%.
A number of DeFi 2.0 tokens concerned within the “Curve Wars” have additionally put in double-digit beneficial properties.

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Cosmos, Concord, and a number of other so-called DeFi 2.0 initiatives have put in double-digit beneficial properties over the previous 24 hours regardless of a decline throughout the broader market.

Cosmos and Concord Rally

Cosmos and Concord are nearing all-time highs.

Cosmos has climbed over the past month regardless of weak momentum amongst market leaders. The Layer 0 blockchain’s ATOM token has jumped 45% in a seven-day interval that noticed Bitcoin shed 10.4%. Immediately, ATOM has climbed 20%, and is closing in on its all-time excessive of $44.42 achieved in September. 

ATOM/USD chart. Supply: CoinGecko

An elevated concentrate on interoperability is probably going driving curiosity in Cosmos. A number of Layer 1 blockchains similar to Terra and Binance Good Chain are constructed utilizing the Cosmos software program developer package, making it straightforward to construct bridges between them. Cosmos can be pioneering the Inter-Blockchain Communication Protocol, a regular for interoperability that enables unbiased blockchains to speak to one another and switch knowledge and belongings. 

Osmosis Hub, the primary decentralized trade for IBC-connected cash constructed on the Cosmos SDK, not too long ago broke previous its prior all-time highs, hovering 19% over the previous 24 hours. The OSMO token is at the moment buying and selling at $9.23 because it enters worth discovery. 

Concord, an Ethereum-compatible Layer 1 chain, has additionally surged amid market uncertainty. The community’s ONE token has gained 15% on the day, breaking previous the psychological barrier of $0.30. ONE is at the moment buying and selling at $0.316, simply $0.06 off its all-time excessive. 

DeFi Kingdoms, a gamified play-to-earn DeFi app constructed on Concord, has soared over latest weeks, bringing extra consideration to the Layer 1. The protocol’s JEWEL token has risen over 175% because the begin of December as customers flock to Concord to start out enjoying DeFi Kingdoms (gamers want JEWEL to entry the sport). 

JEWEL/USD chart. Supply: CoinGecko

DeFi 2.0 Reveals Energy

Elsewhere, a bunch of nascent decentralized finance protocols can be chickening out.

Frax Shares and Dopex Rebate Tokens are up double-digits on the day, whereas OlympusDAO fork Redacted Cartel’s BTRFLY token has soared 25% to over $3,400. 

These initiatives all play a central function within the so-called “Curve Wars,” a improvement that’s seen DeFi protocols competing to lock up CRV tokens to achieve voting energy over the stablecoin trade Curve Finance. Locking up extra tokens provides protocols extra energy to vote on which Curve swimming pools obtain the best yields, which implies they will vote for his or her most popular swimming pools to obtain extra rewards. In flip, they will supply increased yields to customers, making a flywheel impact to assist them purchase and lock up much more CRV tokens. 

Different notable gamers within the Curve Wars embody Convex Finance and Yearn.Finance. Though these protocols haven’t proven as a lot resilience as Frax or Dopex’s tokens within the final 24 hours, they’ve outperformed many different belongings and seem like sustaining their upward traits.

A big portion of those tokens’ worth is derived from stablecoin yields, which can clarify why the latest drop out there has had little impact on their worth. The elevated demand for Curve voting energy has additionally affected the CRV token worth. CRV is up 22.6% over the previous month and reached a brand new native excessive of $6.71 on Jan. 4. Because of the latest market turbulence, it has since cooled off and at the moment trades at $5.11. 

Disclosure: On the time of penning this characteristic, the creator owned ETH, CRV, and a number of other different cryptocurrencies. 

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