- Binance’s Changpeng Zhao pumped the coin.
- What is so cool about Cosmos.
A little-known coin made its way to the club of top-20 digital assets by market value in a matter of days thanks to Binance decision to list the coin. In the recent seven days ATOM, the Proof-of-Stake cryptocurrency behind Cosmos project) gained over 45% and hit the total market value of $924 million. At the time of writing, the coin is changing hands at $4.85,
Currently, it is available on the cryptocurrency exchange in trading pairs with Bitcoin (ATOM/BTC), Binance Coin (ATOM/BNB), and Tether (ATOM/USDT). An average daily trading volume of about $91 million confirms a strong buying interest and implies the further pump of the coin.
Binance CEO Changpeng Zhao set the ball rolling on Sunday, April, 28, saying that the Cosmos team did not approach the exchange with the listing request. The decision was made by Binance team, impressed by the technical solution offered by the project.
“Here is a project that refused to even talk to an exchange about listing (and we have a good relationship with their tech guys), but we list it anyway, “he wrote in his Twitter.
What is Cosmos?
The basic idea behind the project is to remove the barriers between different protocols and create a worldwide web of blockchains. The developers may use Cosmos platform to issue tokens that can be swapped from one distributed ledger to another.
“In a proof-of-stake, the costs and rewards [of the system] are internal. So, we had to come up with a very sophisticated system of distributing rewards, of distributing the speculator taxation system, of punishing people for malicious behavior, of punishing people for going offline. All of it has to be internal to the system, and that’s why proof-of-stake is such a significant engineering feat over proof-of-work,” Zaki Manian, the chief of the Cosmos project commented.
Cosmos conducted an ICO in April 2017 and raised about $16 million. At the time of the ICO ATOM was priced at $0.10. Currently, the coin is tradable on Bibox, Hotbit, BitForex, and Binance among others.
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