Cosmos-based Stride has been dominating the market, with over 80% of the market share within the Cosmos ecosystem, according to a recent Nansen report. Despite a prolonged bearish trend in the market, Stride's governance token, STRD, has surged 330% year-to-date, surpassing both Ethereum (ETH) and Lido (LDO) in YTD price performance.
The token's surge can be attributed to the recently launched Liquid Staking Module, which enabled ATOM stakers to instantly liquid-stake their ATOM without any bonding periods. Since its launch, the number of ATOM tokens liquid staked through the protocol has increased by almost 30% in just over two weeks. The total value locked (TVL) in Stride has also experienced significant growth this year, with a current TVL of $36.94 million and staked ATOM accounting for nearly 80% of these tokens.
Despite the general decline in the crypto market, some Cosmos-based tokens have outperformed Ether, including CANTO, ASTRO, SOMM, DYDX, and INJ. This demonstrates the potential for growth and success within the Cosmos ecosystem and the broader DeFi market.