Cosmos (ATOM) Trading Volume Overflows by 147% in the Past 24Hrs
- The community is proposing to launch Neutron on Replicated Security.
- Neutron is a DEX built on the Cosmos SDK.
The price of Cosmos (ATOM) has experienced a short-term increase in volume in the past 24 hours. According to data from the popular market tracking website, CoinMarketCap, the 24-hour trading volume of ATOM has surged by over 147%, putting its price above $11, one of its highest points recently.
ATOM saw a 2.18% increase, while many other cryptocurrencies traded in the red zones in the last 24 hours. Its market share stands at $3.23 billion, securing its position among the 21st most prominent cryptos, while its 24-hour trading volume nearly crossed $200 million.
This increase in price and volume follows the announcement of several partnerships and developments in recent weeks. The Cosmos community is buzzing with excitement as they begin voting for the proposal to launch Neutron on Replicated Security, the first Consumer Chain onboarding proposal.
According to a recent update from Cosmos’ official Twitter, Neutron will be secured by the Cosmos Hub validator set, if successful, marking the dawn of the Atom Economic Zone. This is expected to help strengthen ATOM’s position as an interchain’s reserve currency.
Notably, Neutron is a decentralized exchange (DEX) built on top of the Cosmos Software Development Kit (SDK), allowing users to swap tokens across different blockchains without going through a centralized exchange.
Based on the recent update, the Cosmos Hub will receive 25% of transaction fees from Neutron, 25% of MEV revenue, and 7% of the supply of NTRN, the Neutron network native token, as an initial drop. Ultimately, the proposal aims to provide more value shared and synergies between the Hub and Neutron.