The news that the protocol’s first Consumer Chain, called “Neutron”, went live on May 10 at 3 PM UTC. That sparked the current increase for Cosmos. The decision to launch Neutron took place in the Atom Economic Zone, as the protocol stated, and it is based on the acceptance of “proposal #792.”
ATOM Price Increased 6% After The New Protocol Integration
Cosmos (ATOM) has managed to break free from the prolonged sell-offs it experienced over the past week thanks to a 5% increase in its price within the last 24 hours, trading at $11.10 according to CoinMarketCap data. This surge in price is due to the recent launch of Cosmos’ first Consumer Chain, Neutron, which went live on May 10 at 3 PM UTC.
Neutron’s launch was based on the acceptance of “proposal #792” in the Atom Economic Zone and was given the green light by the Cosmos Hub, the interchain service provider for Cosmos. The blockchain network is meant to incorporate smart contracts into the Cosmos network using CosmWasm (Cosmos WebAssembly) by launching on Replicated Security (RS).
The Cosmos platform secures Neutron and is advertised as a permissionless CosmWasm platform that will enable smart contracts to function across various public networks. This news has sparked a current rally for Cosmos and brought its trading volume up by 63.35%, reaching $166 million within the last 24 hours.
Despite the Bitcoin network being overloaded due to the weekend’s chaos, the market started the week on a positive note. This month, crypto market volatility has been the highest so far, with an overall global market capitalization of $1.14 trillion and a decline of 1%. As of writing, Cosmos (ATOM) traded at $10.82, which is a surge of 5.42% within a day. It has a market cap of $3.09 billion.
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