Cosmos network is built on the interchain, which reduces costs while scaling effortlessly. The platform is believed to scale at a fraction of the cost of the others, with near-zero fees of $0.01 while having transaction rates as low as 500ms.
Source: Cosmos.network
It leverages IBC connections from hundreds of validators of Cosmos for enterprise-grade security. It has one of the fastest-growing communities of developers and innovators who are connected all over the world. Meanwhile, Hydro was launched on the blockchain, which is an interchain auction for liquidity exports. Let’s have a look at the onchain analytics of the Cosmos Network.
Will Declining Transactions and Wallets Affect Cosmos Growth?
Cosmos IBC protocol lets it connect with the global economy. The total IBC-connected economy is over $117 Billion, with 94+ independent chains. It has a blocktime of 6.091S and a TPS of 3.43. The overall inflation rate of the ATOM token is 10%, with an APR of 14%. The protocol has 180 validators, while 62.4% of its supply is in Bonded tokens. Looking at the governance trend of the protocol, it has a proposal pass rate of 44.76%, with over 120 passed proposals.
Source: mintscan.io
Cosmos network has been observing a solid decline in the number of active wallets and transactions. The average number of active accounts on the Cosmos blockchain is around 32528, with a total of 88548 transactions in the past 24 hours.
The overall Total Interchain Value has declined from the highs of $3.75 Billion and reached $3.3 Billion. It has a total monthly active developers of 664 with a total commits of 41,184. Let’s look at the price action scenario of ATOM crypto.
ATOM Price Losses 20% from the Past One Year; Are ATOM Bulls Dead?
ATOM has a market cap of $3.2 Billion and is ranked 32nd in the cryptoverse. It has observed a gain of 10% in the volume in the last 24 hours. ATOM price is currently near the value of $8.41%, with a drop of over 20% in the previous one year period.
ATOM token price is moving in a strong consolidation zone on the daily chart. It is trading below the 50 and 200 EMA on the daily chart.
The RSI of ATOM price is currently at 45 with no slope, hinting at its presence in the oversold zone. The overall sentiment of the RSI is neutral in nature.
Conclusion
Cosmos network has been observing a decline in overall transactions and wallets. Cosmos’s overall APR and TPS have been constant for a while. ATOM price is currently trading in a consolidation zone but can see a new high in the future.
