THELOGICALINDIAN - Cosmos and Elrond are aerial admitting a abatement amid the arch crypto assets ATOM and EGLD are up 136 and 157 appropriately today
Cosmos and Elrond are outperforming the blow of the market.
Cosmos, Elrond Defy Market Dip
While Bitcoin and Ethereum are bottomward today, several added assets are ascent fast.
Cosmos and Elrond are amid today’s better gainers, with ATOM and EGLD both up admitting the all-embracing bazaar decline. According to abstracts from CoinGecko, ATOM has risen 13.6% in the aftermost 24 hours, while EGLD has put in a 15.7% gain.
Elrond, one of several Layer 1 tokens in hot demand, hit an best aerial of $492.24 beforehand today. Elrond markets itself as a highly-scalable blockchain belvedere for active acute affairs like those begin on Ethereum. On Saturday, the Elrond ecosystem saw the barrage of the Maiar decentralized exchange, which may explain the rally. It jumped to over $1 billion in absolute amount bound on the day of launch, and Elrond acclaimed that 2.93 actor EGLD had been staked on Maiar beforehand today.
Cosmos, meanwhile, is generally declared as a Layer 0 arrangement because it connects assorted blockchains aural its ecosystem. Terra, Kava and THORChain all use the Cosmos SDK; their accurate tokens can be exchanged amid blockchains on Cosmos. Self-described as “the Internet of blockchains,” Cosmos is absorption on enabling cross-chain interoperability amid assorted networks.
Besides Cosmos and Elrond, the alleged “Metaverse tokens” SAND and MANA are additionally up today, continuing a assemblage that started back Mark Zuckerberg appear Facebook’s rebrand to Meta aftermost month.
Layer 1 Debates
While abounding arch assets accept recorded losses over the aftermost few days, some added lower cap bill accept apparent backbone adjoin the bazaar dip. Avalanche, a adversary to Ethereum, saw its AVAX badge almanac addition new best aerial of $144.96 Sunday during a weekend of acute debates surrounding the Avalanche blockchain and Ethereum amid some of the industry’s best abounding figures. Central to the ball was Three Arrows Capital CEO Su Zhu, who publicly shared optimistic amount targets for Ethereum advanced of EIP-1559 ablution but has added afresh angry his focus to Avalanche (Three Arrows Capital appear it had co-led Avalanche’s $230 actor raise in September).
Zhu affianced in a acrimonious altercation with Synthetix architect Kain Warwick, who acquaint a tweet acquainted that he had empiric abounding crypto enthusiasts that had “sold out in following of accumulation maximization.” Zhu later wrote that he had “abandoned Ethereum” and that Ethereum had “abandoned its users.” He argued that the amount of application Ethereum had priced out newer entrants, thereby authoritative cheaper solutions like Avalanche applicable alternatives. “The abstraction of sitting about jerking off watching the bake and concocting abstention tests, while aught newcomers can allow the chain, is gross,” he wrote. Several developers alive on Ethereum and projects in the Ethereum ecosystem about criticized Zhu for his comments. Zhu additionally acquaint amount archive highlighting Avalanche’s emblematic assemblage throughout the weekend again apologized for his statements on Ethereum. Elaborating on his apropos with Ethereum’s gas fees, he wrote:
“I don’t apperceive what the band-aid is. But I do apperceive for the millions of new users coming, they should not be abashed for activity to added ecosystems. Neither should devs be abashed for architecture on them.”
Disclosure: At the time of writing, the columnist of this affection endemic ETH, ATOM, and several added cryptocurrencies.
