🌐🔗 Unlocking Interoperability with Wormhole Protocol 🔗🌐
🚀 Let's dive into key features and potential of #Wormhole in this captivating thread! 🧵👇
1️⃣ Introduction and Overview: Wormhole is revolutionizing cross-chain connectivity, founded by Jump Crypto in 2021. Initially a token bridge, it has evolved into a versatile interoperability layer, supporting Ethereum, Solana, and 30+ other blockchains.
2️⃣ Technology and Feature: Wormhole utilizes a cutting-edge messaging protocol, facilitating seamless communication between diverse blockchains. With over 200 applications leveraging its technology, Wormhole empowers cross-chain transfers of tokens and NFTs, enabling cross-chain governance.
3️⃣ Whitepaper Analysis: Pioneering cross-chain solutions, Wormhole's whitepaper outlines its evolution from a token bridge to an interoperability layer. Leveraging a general messaging protocol, it supports a vast ecosystem of 30+ blockchains.
4️⃣ Use Case: Wormhole provides developers access to liquidity and users across leading blockchain networks. The native asset, W token, fuels the Wormhole platform, operating as a Solana SPL token and an Ethereum ERC20 token.
5️⃣ Team and Leadership: Led by Dan Reecer, Robinson Burkey, and Michael Zargham, Wormhole boasts a seasoned team with expertise in blockchain and decentralized technologies.
6️⃣ Partnerships: Wormhole collaborates with prominent blockchains and integrates with key dApps like Phantom and Sabre. Notably, it partners with Solana-based DeFi platform Kamino, expanding its cross-chain liquidity ecosystem.
7️⃣ Security and Audits: Wormhole prioritizes security, conducting internal audits and engaging third-party firms for external audits. Built on robust cryptographic primitives, it ensures a secure cross-chain communication environment.
8️⃣ Tokenomics: With a total supply of 10 billion, W token has an initial circulating supply of 1.8 billion. It facilitates seamless transfers across networks via Solana SPL and Ethereum ERC20 standards.
9️⃣ Exchanges: W tokens are tradable on major exchanges like Gate.io, Binance, Bybit, OKX and many more, enhancing liquidity and accessibility for users.
🔟 Recent Developments: Wormhole secured a staggering $225 million in funding, elevating its valuation to $2.5 billion. The W token launched with a market capitalization of $3 billion, marking significant milestones for the project.
1️⃣1️⃣ Conclusion: Wormhole isn't just a bridge; it's a cosmic connector, fostering a more interconnected crypto ecosystem. As the industry advances, Wormhole's role in achieving true interoperability remains indispensable. 🚀🔗
🌟 If You find this thread useful Repost it & Follow us for More Latest Crypto Analysis, News, Updates & Crypto Insights @Crypto Simbha 🦁🙏🏻
#CryptoSimbhaGems🦁🏹 #wusdt🚀💥 #Wormholecoin #Cosmos #Solana⁩ $W $ATOM $SOL

In the world of decentralized exchanges (DEX), the shift to Cosmos has become a trend, as dYdX, a leading DEX platform, announces its plan to leave Ethereum due to slow transaction speeds.

dYdX will launch a private testnet on March 28th and test it for 2-3 weeks. The project will then move on to a public testnet in late July, with the goal of running entirely on Cosmos by the end of September.

@azcoinnews

According to Natha Cha, head of marketing at dYdX, the main reason for the move is that Ethereum can no longer meet the platform’s scaling needs. “We have reached the point where Ethereum can no longer process transactions fast enough,” he said.

This is the second project to announce a move from Ethereum to Cosmos, with SushiSwap, a decentralized exchange, also taking similar action after acquiring the Vortex Protocol trading platform on Cosmos last month.

Developers considered various network solutions, including Solana and Layer 2 solutions, before deciding that Cosmos was the best option. “We came to the conclusion that Cosmos is a better choice because we can customize the blockchain to our needs. Now we can process transactions faster,” said Cha.

The Cosmos network allows developers to create their blockchain through the Cosmos Software Development Kit (SDK). Although each blockchain on Cosmos is different, they are all part of the same ecosystem and can interact with each other.

The move to Cosmos highlights the challenges of the Ethereum network’s transaction speed, which has become an issue for many DeFi platforms that have gained popularity recently. dYdX’s shift to Cosmos signals a new chapter in the world of DEX, as developers seek out more efficient solutions to overcome network limitations.

#Dydx #Cosmos #Ethereum #DeFi #azcoinnews

This article was republish from azcoinnews.com

The crypto market rallied in “Uptober” as Bitcoin (BTC) soared as high as $35k. Altcoins like Polkadot (DOT) and Cosmos (ATOM) followed, seeing gains on the weekly chart. On the other hand, analysts are bullish on Everlodge (ELDG).

Polkadot rises 4.33%

Polkadot released around 99 million DOT into circulation on Oct. 24. 

Despite this, DOT remains relatively firm partly because of the “Uptober” altcoin market rally. 

Overall, in October, prices were firm. As of Oct. 30, DOT rose 4.33% and 5.32% on the weekly and monthly charts, respectively, reaching $4.32. However, DOT failed to cross the $5 mark despite the rally.

You might also like: Cosmos and Chainlink price predictions: whales driving Everlodge

Despite Polkadot 2.0 plans, it remains to be seen how this will impact DOT prices. The coin has weathered several bear cycles in the past. 

The United States Securities and Exchange Commission (SEC) has not classified DOT as an unregistered security; this may support the coin in the long term.

dydX alpha mainnet launches on Cosmos

On Oct.26, dYdX version 4 launched its “alpha mainnet,” unveiling its standalone Cosmos-based blockchain. 

With a cumulative trading volume of $1 trillion, this marks a significant shift for the decentralized derivatives platform and a positive development for the Cosmos network. 

You might also like: Dogecoin shaky while Tron uptrend continues, Everlodge buyers bullish

Although ATOM prices dropped to a 2023 low of $6.19 on Oct. 19, it has since recovered to $7.56 as of Oct. 30. Still, analysts remain bullish, projecting the coin to reach $8.34 by the end of 2023. 

Everlodge presale ongoing, early adopters in profit

Everlodge aims to create an affordable and easy-to-use marketplace for real estate. 

It is linked to the $280 trillion real estate market and has a low market capitalization. 

Unlike popular platforms like Polkadot and Cosmos, analysts believe Everlodge is at the beginning of a bull run.

To improve security, Everlodge uses smart contracts to store property details. For sellability and accessibility, luxury properties are fractionalized into smaller, tradable non-fungible tokens (NFTs). This allows anyone, whether poor or rich, to invest in valuable properties with at least $100. Already, early adopters are in profit.

ELDG, the platform’s native token, is available for $0.023 in the ongoing presale. However, supporters expect the token to extend gains by December, driven mainly by the project’s features.

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Read more: Crypto to consider in bull market: Litecoin, Everlodge, and VeChain

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ATOM’s resilience at $9.01 suggests a potential reversal, with rising trading volume signaling renewed interest.

Stochastic RSI nearing oversold territory hints at a buying opportunity for traders eyeing a rapid recovery.

MFI ratings above 50 underscore ongoing purchasing pressure, bolstering optimism for ATOM’s prospects.

Cosmos (ATOM) has been losing ground in the previous 24 hours, with bears able to drag the price down to an intraday low of $8.68. The buyers, however, swiftly reclaimed control and drove the price back up to $9.01, displaying resilience in the face of selling pressure.

This rebound implies substantial support for Cosmos at current levels, foreshadowing a possible reversal soon. ATOM was trading at $8.96 as of press time, displaying weakening selling pressure and a likely deterioration in market sentiment.

According to CoinStats, ATOM’s market capitalization fell by 0.12% to $3,364,855,448 during the bear rally, while its 24-hour trading volume increased by 10.19% to $106,816,439. This rise in trading volume suggests more significant activity and interest in ATOM, which might imply a change in investor sentiment. 

ATOM/USD 24-hour price chart (source: CoinStats)

The modest decrease in market capitalization means that some investors may have taken gains during the opposing rally. However, ATOM’s price resistance and the spike in trading volume point to a possible reversal soon.

With a rating of 24.31, the stochastic RSI is heading higher, indicating that ATOM may be nearing oversold territory, which might attract buyers and lead to a price gain. 

Furthermore, rising trade volume paired with a rising stochastic RSI implies developing bullish momentum for ATOM, increasing the possibility of a rapid recovery. If the stochastic RSI continues to grow and exceeds the oversold level, it might signify an optimal buying opportunity for traders wanting to profit from a probable reversal.

ATOM/USD 24-hour price chart (source: TradingView)

The Money Flow Index (MFI) rating of 59.90 indicates ongoing purchasing pressure for ATOM. This MFI rating shows that money flows into the asset in a healthy amount, increasing the argument for a future turnaround. Significantly, traders may consider this an indication that market players are optimistic about ATOM’s prospects and eager to invest.

In conclusion, Cosmos (ATOM) shows signs of resilience and potential for a bullish reversal, supported by rising trade volume, a climbing stochastic RSI, and ongoing purchasing pressure indicated by the MFI rating. 

The post Cosmos (ATOM) Signals Reversal as Bullish Momentum Builds appeared first on Coin Edition.

In a groundbreaking move, Cosmos co-founder Jae Kwon has decided to fork the Cosmos Hub, the central chain of the Cosmos network, following a contentious governance proposal. The proposal, known as Proposal 848, gained approval, setting a 10% cap on the maximum inflation of Atom, the native token of the Cosmos Hub.&middot

For the full story, head over to TheCurrencyAnalytics.com.