L1 Recovery Led By Avalanche, Terra, And Osmosis

l1 recovery
l1 recovery

The L1 recovery of the layer one ecosystem has been receiving some major attention over the last few months as users have been searching for most investment opportunities. This has majorly taken place in the crypto market of Cosmos, NEAR, and Fantom.

After the sell-off in the January market, where the price of Bitcoin managed to touch below $34,000, much of the L1 field has had major struggles to get its momentum back from what it was previously. According to data received from Delphi Digital, the only L1 to receive some sort of a notable gain in its price include Avalanche, Terra, and Ethereum.

An Overall L1 Recovery

Amidst all variants of L1 recovery, the price increase seen in LUNA has been largely due to the announcement from the Luna Foundation Guard that it had been able to raise close to a billion dollars to create a Bitcoin reserve for the Terra USD stablecoin. Terra also saw the launch of its second lock drop event- with the Mars protocol helping drive demand for the token of Luna.

According to data received from TradingView and Cointelegraph Markets Pro, it has been understood that ever since touching a low of $1.18 on the 28th of January, the price of ANC went through an impressive increase of 268% to hit an impressive daily high of $3.45 on the 2nd of March. 

Another L1 recovery took place in Osmosis, where data from Delphi Digital indicates a decentralized exchange in the ecosystem of Osmosis has managed to outperform other major peers over the last few months through quite a substantial margin. Osmosis is therefore the largest decentralized exchange in the ecosystem of Cosmos and supports 37 different IBC chains with a total value locked sum of $1.75 billion. 

Osmosis’ L1 recovery has also received a boost to its trading volume and price after the release of the interchain.