u.today
Cosmos (ATOM) is wriggling out of its sustained sell-offs over the past week as its price has inked 5% growth over the past 24 hours to $11.1. Per data from CoinMarketCap, ATOM is now down by a marginal 1.20% over the trailing seven-day period.
The crypto market is undergoing one of its most extreme volatilities thus far this month, with the combined capitalization pegged at $1.15 trillion atop a 3.04% slump. The market opened to a promising week despite the congestion within the Bitcoin network following the congestion the protocol faced over the weekend.
Cosmos growth trigger
For Cosmos, the current rally stems from the announcement that the protocol's first Consumer Chain dubbed Neutron is billed to go live this coming Wednesday. As the protocol revealed, the move to launch Neutron will take place in the Atom Economic Zone, and it is based on the approval of proposal #792.
Neutron is branded as a permissionless CosmWasm platform secured by the Cosmos platform. Notably, Neutron is designed as a smart contract enabler that will automatically push decentralized applications hosted on it to operate across different public networks.
It’s happening! The first Consumer Chain is coming 🔥
— Cosmos Hub ⚛️ (@cosmoshub) May 8, 2023
Prop #792 passed!@Neutron_org will enter the Atom Economic Zone ⚛️
The launch is set for Wednesday, May 10th at 3 PM UTC#Cosmonauts stay tuned, history awaits us! pic.twitter.com/KB0ljrzyt3
Neutron is designated to be a game changer for the Cosmos platform, and the parent chain is calling on its validators to be prepared for a subsequent launch later in the week.
Smart contract relevance positioning
As far as the current Decentralized Finance (DeFi) ecosystem is concerned, the versatility of smart contracts is in part a measure of relevance among Layer 1 and 2 protocols. Today, networks are evolving to offer more scalable infrastructure that can support the next wave of users that are projected to make their way into the industry.
Amid this growth, Cosmos, Polygon zkEVM, Arbitrum, Filecoin's FVM and zkSync Era are among the most dogged innovators looking to outrank the competition in pushing for a more scalable service and product offering.