It has been just reported that the whole Cosmos ecosystem could see a staggering amount of money flowing its way. Check out the latest prediction below.
Cosmos ecosystem to see bullish moves
Venture capitalist Arthur Cheong is highly optimistic about the Cosmos (ATOM) ecosystem, especially with the recent developments.
He confidently stated on the social media platform X that the migration of dYdX (DYDX) will significantly increase the total value locked (TVL) of the Cosmos ecosystem and bring in a substantial amount of activity.
TVL is a reliable indicator of the health of a crypto ecosystem, referring to the capital deposited within a protocol’s smart contracts.
As the founder and CEO of DeFiance Capital, Cheong has a keen eye for spotting promising trends and has expressed his confidence in Cosmos’s future prospects.
Last month, the decentralized exchange (DEX) DYdX migrated from Ethereum (ETH) to Cosmos and launched its own dYdX Chain.
The development of the new chain was based on the Cosmos SDK (software development kit) and Tendermint consensus protocol, making it a standalone blockchain.
According to an announcement, dYdX chose Cosmos because it was the only chain that could offer complete customizability for building chains according to the DEX’s specific requirements.
Additionally, the app chain Noble is expected to bring approximately $200 million worth of the stablecoin USDC to the Cosmos ecosystem, according to Cheong’s predictions.
In September, Noble USDC was made available to developers and users of the Cosmos ecosystem. USDC, which has the second-largest stablecoin market cap, is designed to maintain a 1:1 peg to the US dollar.
Cosmos is an interoperable blockchain ecosystem, and as of writing this, its native token, ATOM, is currently trading at $8.57.
Stay tuned for more news from the crypto space and make sure to check out the markets as well because there are massive incoming moves according to experts.
