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Thursday, March 28, 2024

The Rise of Cosmos (ATOM) Proves Binance’s Influence

The sudden appearance of Cosmos (ATOM) in the list of top cryptocurrencies may seem puzzling. Until the start of May, their overall market cap remained low – despite a relatively consistent Satoshi value. The project released in mid-March, but trading remained disabled until quite recently. The development team required a majority consensus from ATOM holders to enable live trading. Binance then made an unexpected choice and listed ATOM against BTC, BNB and USDT. This sequence of events sparked a frenzied price discovery that left ATOM trading at over $5.

While the price has since corrected slightly, it remains one of the fastest market cap spikes in recent history. This is in no small part due to Binance and their decision to list the project for free. Binance CEO Changpeng Zhao gave the project a glowing recommendation – repeatedly referring to Cosmos as ‘good tech.’ He goes on to say that Binance had developed a good relationship with the development team for Cosmos prior to the listing.

Cosmos and the Internet of Blockchains

As far as the technology is concerned, Cosmos is a framework upon which developers can build public and private blockchains. Through their Interblockchain Communications protocol, or ICB, disparate blockchains will be able to communicate with one another to form a next generation of internet. Similar to the TCP/IP protocol that created the original web, the ICB allows blockchains to share information and work together.

Source: CoinMarketCap
Source: CoinMarketCap

Using the Cosmos SDK, developers can create smaller scale blockchains. These blockchains can be tailored to specific use cases – directing cloud storage, allowing decentralized applications and so on. Unlike the current slew of blockchain projects, these can then communicate with each other where appropriate. The sheer magnitude of computing power necessary to make this a reality comes through a Proof of Stake system. While some major platform-type blockchains like Ethereum are slowly plodding towards PoS, Cosmos is the first-to-market with a working platform based upon Proof of Stake.

The Binance Effect

Although not a factor in the 2017 cryptocurrency boom, Binance’s rise to stardom places it squarely at the center of the current rally. The closest approximation is the position that Coinbase held during the bubble – where coins listed on the platform could depend on a major bump in value after listing. Due to necessity, Coinbase only listed larger projects that it felt confident would succeed. Binance, not concerning itself with a fiat-to-crypto gateway, does not have to worry about this.

As such, Binance and their Launchpad platform created a new ecosystem of coin releases. Rather than a crowdfunding-based Initial Coin Offering system, the new Initial Exchange Offering environment adds more safety for investors. Rather than depending on a development team to release a product, IEOs take place after the project’s release. While this doesn’t mean that the project will continue development, it at least provides some form of digital holding to the investor.

Article By: Adam Stone

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