- Promotes the adoption of new protocols on reverse osmosis.
- However, the position of Cosmos Hub continues to fall, which affects the position of ATOM.
After the launch of the Mars Protocol osmosis, the adoption and use of the MARS protocol has increased. However, part of the reason for this was that the rewards program played a big part.
At press time, Mars Protocol had a TVL of $7.71 million which skyrocketed after the launch on Osmosis. However, this growth may soon come to an end.
There was fear in the market that the growth witnessed by the protocol could reverse its trajectory once the bounty program ends.
The rewards program for Mars Protocol is eligible for depositors within 30 days. Thereafter, depositors will no longer be able to access any rewards.
Read ATOM Price Prediction 2023-2024
This will discourage new users from joining the platform. It will also prevent the development of reverse osmosis protocols and affect the ecosystem of the cosmos in general.
Meanwhile, the number of interested parties in the network decreased by 3.3%. At press time, the figure was 719,359.
impact on atom
Cosmos Center file Atom Also affected. According to the data provided by Sentiment, the total volume of the token decreased from 746 million to 243 million in the span of a month.
In addition, there has been a significant decline in development activities. This implies that the number of contributions made by the Cosmos Hub team on their GitHub had decreased.
Source: Feeling
Another factor that could affect ATOM would be increased volatility. Due to the higher volatility of the token, many risk-averse investors will avoid holding the token.
With that being said, it’s important to note that ATOM dominance has decreased by 4.39% over the past month. At press time, ATOM’s market cap dominance stood at 0.38%.
Source: Mesari
However, despite these indicators, traders are becoming more optimistic about the future of ATOM.
According to Coinglass, the number of accounts holding long positions on ATOM has increased significantly. At the time of writing, 64.22% of all accounts were long currency positions.
how much is 1,10,100 Nuclear value today?
Source: Coinglass
Overall, the protocol has a long way to go and many challenges to overcome.
