ATOM has been one of the biggest beneficiaries in the quest of finding a smarter contract environment. This project is strictly focused on the interoperability that has turned out to be the internet of blockchains- thanks to the IBC protocol. The resulting momentum for the top protocols in layer-one has been on a steady rise throughout August- with the highly anticipated rollout of the London hard fork on the network of Ethereum.
Reasons For ATOM’s Meteoric Rise
According to data that was received from TradingView and Cointelegraph Markets Pro, the ATOM price went on to increase by 180% from a low of $8.87 on the 20th of July to a high of $24.77 on the 22nd of August. This was supplemented by its 24-hour trading volume which increased from its average of $250 million to an impressive $1.87 billion.
It can be safely mentioned that there have been quite a few reasons for this impressive showing of the protocol over the last month- which also includes the release of decentralized protocols of finance on the network- with the launch of a sidechain that would enable the exchange of assets between Ethereum and Cosmos.
One reason could be the recent launch of Emeris- the first functioning user interface for Defi on ATOM. This has been quite a big mover of the price of the protocol of late- due to the introduction of cross-chain exchange capabilities which excited most members of the community- leading to a major increase in the demand for the token of the protocol.
Another reason for the rally of ATOM has been the integration of Sifchain with the IBC that has led to the project transforming into the first decentralized exchange which would enable trades between the network of Ethereum and the ecosystem of Cosmos.