Skip to main content

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment

The expanding Cosmos: Here’s why Osmosis (OSMO) hit a new all-time high

Aggregate trading volumes and TVL in the Cosmos ecosystem are lifting the same metrics at Osmosis DEX, resulting in OSMO price hitting new all-time highs.

Crypto assets within the Cosmos ecosystem have been on a run since the start of 2022, thanks to an intensified focus on brokering cross-chain compatibility with other blockchains. One decentralized finance (DeFi) protocol that has benefited from the current expansion plans is Osmosis (OSMO). 

Osmosis is the first decentralized exchange (DEX) servicing projects connected through the Interblockchain Communication Protocol (IBC) and data from Cointelegraph Markets Pro show OSMO price surged 123% from a low of $4.05 on Dec. 17 to a new all-time high at $9.24 on Jan. 7.

OSMO/USD 1-day chart. Source: CoinGecko

Three reasons for the price growth seen in OSMO include a surge in trading volume on the DEX, a record high in the total value locked on the protocol and the release of cross-chain bridges that connect the Cosmos (ATOM) ecosystem with other Ethereum (ETH) Virtual Machine (EVM) compatible networks.

Trading volume surges

One of the biggest factors helping drive the price of OSMO has been the significant increase in trading volume on the exchange. According to data from Token Terminal, trading volume hit a record high of $186.8 million on Jan. 7 and a new all-time high was set on the same day.

OSMO price vs. DEX trading volume. Source Token Terminal

The spike in trading volume and token price briefly resulted in Osmosis becoming the third ranked DEX by market capitalization as highlighted in the following tweet from Twitter user Jimmy Yang.

Other factors that have helped bolster the price of OSMO as trading volume increased include the fact that more than 81 million OSMO are currently staked on the network, according to data from SmartStake. Furthermore, a large portion of the supply is also being used to provide liquidity in the various liquidity pools offered on Osmosis.

Total value locked on the rise

A second development laying out the bullish case for OSMO has been the steady increase in total value locked on the protocol, which hit a record $1.21 billion on Jan. 11, according to data from Defi Llama.

Total value locked on Osmosis. Source: Defi Llama

The climbing TVL comes as multiple tokens in the Cosmos ecosystem hit new highs. Notably, ATOM, which is the most recognizable asset from Cosmos, hit a daily high of $43.64 on Jan. 7, which is just a dollar below its all-time high. Osmosis' second native token, ION, also hit a new high at $16,500 on Jan. 11.

Related: 3 reasons why Cosmos (ATOM) price is near a new all-time high

Cross-chain ease the burden for traders

A third reason for the bullish turn in OSMO is the increased attention Cosmos has directed toward EVM compatibility and cross-chain bridges.

Evmos is a current project in development that is working on becoming the first IBC-compatible EVM-based chain and it is currently supporting ERC-20 tokens on its testnet.

Injective, a L1 protocol, has also revealed that is developing cross-chain bridges for Cosmos-based projects and it is currently working on support for OSMO.

As cross-chain bridges come online and allow tokens from other EVM-compatible networks to bridge into the Cosmos Hub, Osmosis has the potential to see further increases in trading volume and TVL simply because it is the main DEX for the Cosmos ecosystem at this time. If this were to occur, there's also the possibility that OSMO price could appreciate further. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

https://ift.tt/3qmLbLk
Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin Legal Tender in 3 Days but Survey Shows 7 Out of 10 Salvadorans Want Bitcoin Law Repealed

Bitcoin is becoming legal tender in El Salvador in three days. However, a nationwide survey conducted by the University Institute of Public Opinion (Iudop) shows that seven out of 10 Salvadorans want the government to repeal the Bitcoin Law. El Salvador’s Bitcoin Law Goes Into Effect in 3 Days The University Institute of Public Opinion (Iudop) in El Salvador conducted a study between Aug. 13 and Aug. 20 of how the public views the country’s upcoming Bitcoin Law. The institute is a research center of the José Simeón Cañas Central American University (UCA). El Salvador’s Bitcoin Law is set to go into effect on Sept. 7 , when BTC will be legal tender in the country alongside the U.S. dollar. A total of 1,281 respondents ages 18 and over participated in this national survey that “represents the entire adult population residing in the country,” according to the institute. Out of all the respondents, 62.4% said they were aware of the approval of the Bitcoin Law by the deputies of the ...
Post a Comment
Read more

Bitcoin breaking new highs in Q4 will ‘temporarily turn alts to dust’ — Analyst

Things will get exciting in quarter four, but not before a convincing floor is put in across crypto, analysts say this week. Bitcoin ( BTC ) was busy losing its overnight gains on Sept. 27 as resistance continued to prove too much for bulls.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst on Bitcoin: “Right now, we’re stuck” Data from Cointelegraph Markets Pro and TradingView  showed BTC/USD dropping to around $1,000 below overnight highs of $44,400 on Bitstamp on Sept. 27.  The move constitutes a rejection at a “critical” zone to break, Cointelegraph contributor Michaël van de Poppe explained, with $42,000 now the key level to hold for a higher low. Bitcoin is acting in an increasingly narrow range, he summarized in his latest YouTube update. “Right now, we’re stuck,” he said, pointing to $47,000 as next should the $44,600 zone be reclaimed. On the downside, the zone between $38,000 and $40,000 remains valid for a bounce, while a co...
Post a Comment
Read more

Blockchain Software Firm Consensys Acquires Mycrypto Ethereum Wallet

On February 1, the blockchain infrastructure firm Consensys has revealed it has acquired the Ethereum-based wallet Mycrypto and plans to merge the wallet into Metamask. The price Consensys paid for Mycrypto was not disclosed but the announcement notes that the acquisition will “further improve the security of all the products.” Consensys Obtains Mycrypto Ethereum Wallet, Plans to Merge With Metamask in the Future Consensys has acquired the Ethereum-based wallet Mycrypto for an undisclosed sum according to an announcement released on Tuesday. The deal aims to strengthen the company’s Ethereum wallet Metamask and “enhance Web3 experiences.” The eventual merger between the two Ethereum interfaces will “provide users with a heightened experience that is even more extensive and secure,” according to Consensys. Consensys is an Ethereum software company led by one of the Ethereum co-founders Joseph Lubin. The Web3 wallet Metamask, with 21 million monthly active users (MAUs) is owned by C...
Post a Comment
Read more