en.cryptonomist.ch
Today we continue our analysis in the crypto world: the projects we will look at today are Cosmos, Gala and Pooh.
All three cryptocurrencies have had different paths in the last period, so let’s look at them together.
The prices and market statistics of the cryptos Cosmos, Gala and Pooh
Starting with Cosmos, we can define its performance over the last 30 days as rather stable.
In fact, the ATOM token has only lost 2.4%, remaining at a price of $10.84.
In terms of market statistics, however, the token has a market capitalization of $3.1 billion, with a trading volume of $83.6 million over the last 24 hours.
The outstanding supply is 286.4 million ATOMs, with an average holding period of 80 days. The cryptocurrency is ranked 16th in terms of popularity.
Let’s move on to Gala, which has undoubtedly disappointed its investors over the last 30 days, falling more than 26% and bringing the price of the token down to $0.297.
In terms of market statistics, the capitalization has also fallen to 207 million, with a trading volume of $100.4 million in the last 24 hours.
The outstanding supply is 7 billion GALA tokens, with an average holding period of 74 days.
The cryptocurrency is ranked 76th in popularity.
We come to the latest project, Pooh, which we can easily analyse in its first 6 days of life, as the token was born on 2 May 2023.
However, what can we say, his first days of life were certainly memorable.
In fact, the token rose by 14,803% in just 6 days. An extraordinary entry. The price of the token to date is $0.000014.
Pooh’s market capitalisation is $55.7 million with a trading volume of $25.25 million in the last 24 hours.
The rest of the market statistics are still difficult to establish as the cryptocurrency is still too young.
Tenet: Cosmos’ new blockchain with liquid stakes
Blockchain technology has come a long way since its inception, and with it the need for innovative solutions to ensure security and scalability.
A new Cosmos-based blockchain called ‘Tenet’ is attempting to solve these problems by harnessing the power of liquid staking.
In a recent developer announcement, it was revealed that Tenet will use liquid staking coins from other networks to secure its transactions.
This approach potentially allows the new network to inherit the security of previous networks, improving its overall security posture.
Liquid staking has recently emerged as the largest category of decentralised finance (DeFi) protocols.
It allows users to stake their own coins on a blockchain network, while using the same coins as collateral to tap stable coins or other assets on another network.
This mechanism allows users to earn rewards for their stakes while participating in other DeFi activities, such as loans and mortgages.
By using liquid stakes, Tenet aims to overcome the security limitations of other, newer networks. Because Tenet is built on top of the Cosmos SDK, it inherits the benefits of the Cosmos ecosystem, such as interoperability and scalability.
However, it faces the same security risks as other networks, such as the 51% attack and the ‘nothing-at-stake’ problem.
To address these risks, Tenet will use liquid staking coins from established networks including Cosmos, Polkadot and Ethereum.
These coins will act as collateral for the validators protecting Tenet’s network, thereby enhancing the security of the network. In essence, this approach allows Tenet to leverage the security of older, more established networks while maintaining its independence and unique characteristics.
Tenet is currently available as a test network and the developers plan to launch a main network version once testing is complete.
The use of liquid staking is a promising development for the blockchain industry as a whole, as it provides a way for newer networks to improve their security while promoting interoperability and collaboration between different ecosystems.
Coinbase says no to new Gala token
Gaming has long been a popular pastime, but with the advent of blockchain technology, the gaming industry is undergoing a significant transformation.
Gala Games, a Web3 gaming startup, is one of the companies at the forefront of this change and is set to launch an updated GALA token via an airdrop to existing token holders on 15 May.
The GALA token is an integral part of the Gala Games ecosystem, which includes a suite of games built on blockchain technology.
These games offer players the opportunity to earn rewards in the form of GALA tokens and other cryptocurrencies, creating a new paradigm in the gaming industry.
To enhance the functionality of the GALA token, Gala Games is launching an updated version of the token, known as Gala V2.
This new token will have several new features, including faster transaction speeds and lower gas fees, making it more efficient and convenient for users.
However, there is a small hiccup in the launch of the new token. Leading cryptocurrency exchange Coinbase has decided not to support the transition.
Coinbase announced its plan to disable trading of the GALA token (Gala V1) on 12 May and will not allow its users to receive the newly launched token (Gala V2) or facilitate any token exchanges after the transition.
This decision by Coinbase has caused some concern within the Gala Games community, as Coinbase is a major player in the cryptocurrency exchange market.
However, Gala Games has assured its users that this decision will not have a significant impact on the launch of the new token.
Following the release of the V2 token, Coinbase users will still be able to withdraw their V1 tokens into a self-custodian or hardware wallet, but their options for V1 assets will be limited after the 15 May airdrop.
While this may cause some inconvenience for Coinbase users, it is important to note that other cryptocurrency exchanges will continue to support the new GALA token.
Gala Games is confident that the launch of the new token will be a success and the company remains committed to providing its users with the best possible gaming experience.
The GALA token and the Gala Games ecosystem have the potential to revolutionise the gaming industry, and this new launch is just one step in that direction.