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November 7, 2023

Optimizing Growth and Innovation in the Cosmos Ecosystem

Natasha Fernandez
Written byNatasha FernandezWriter
Researched byNikos PapadopoulosResearcher

Introduction

Venture capitalist Arthur Cheong is optimistic about the future of the Cosmos (ATOM) ecosystem. Recent developments, such as the migration of dYdX (DYDX) to Cosmos, have increased the ecosystem's total value locked (TVL) and brought significant activity.

Optimizing Growth and Innovation in the Cosmos Ecosystem

The Migration of dYdX

dYdX, a decentralized exchange (DEX), recently migrated from Ethereum (ETH) to Cosmos and launched its own dYdX Chain. This new chain was developed as a standalone blockchain using the Cosmos SDK and Tendermint consensus protocol. According to dYdX, Cosmos was the only chain that could offer the customizability needed to meet the DEX's requirements.

Potential Influx of USDC

Cheong predicts that the Cosmos ecosystem will see an influx of $200 million worth of the stablecoin USDC issued by the app chain Noble. This move will further strengthen the ecosystem's growth and stability. USDC, the second-largest stablecoin by market cap, aims to maintain a 1:1 peg to the US dollar.

Conclusion

The Cosmos ecosystem is thriving with recent developments and the migration of dYdX. With the potential influx of USDC, the ecosystem's value and activity are expected to increase even further. Investors and users of the Cosmos ecosystem should keep an eye on these developments as they present exciting opportunities for growth and innovation.

About the author
Natasha Fernandez
Natasha Fernandez
About

Natasha "CryptoQueen" Fernandez bridges the gap between blockchain buzz and casino charisma. From New Zealand's serene landscapes to the volatile world of crypto, she's making waves in the online gaming sphere. With CryptoCasinoRank, she paints a future where chips meet chains seamlessly.

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