Cosmos, Harmony and DeFi 2.0 tokens defy market crash. Despite Bitcoin’s bearish trend, several cryptos are approaching their all-time highs. Popular altcoin Cosmos is up 20% in the last 24 hours and is currently approaching its all-time high. Harmony’s ONE token is also one of the biggest winners of the day, climbing 15%. A few DeFi 2.0 tokens included in “Curve Wars” also posted double-digit gains. Details are on Kriptokoin.com.
Crash-challenging altcoin projects
Cosmos, Harmony, and several DeFi 2.0 projects have doubled over the last 24 hours despite the crypto market’s decline. digitized gains. Cosmos and popular altcoin Harmony are approaching all-time highs. Cosmos rose last month despite weak momentum among market leaders. The ATOM token of the Tier 0 blockchain is up 45% in a seven-day period that saw Bitcoin fall 10.4%. Today ATOM is up 20% and is approaching its all-time high of $44.42, which it reached in September. An increased focus on interoperability is fueling interest in Cosmos. Several Tier 1 blockchains, such as Terra and Binance Smart Chain, are built using the Cosmos software developer kit, making it easy to build bridges between them. Cosmos also pioneers the Inter-Blockchain Communication Protocol, an interoperability standard that allows independent blockchains to talk to each other and transfer data and assets.
Osmosis Hub, the first decentralized exchange for IBC-linked cryptocurrencies built on the Cosmos SDK, has risen 19% in the last 24 hours, breaking previous all-time highs. The OSMO token is currently trading at $9.23 as it enters price discovery. Harmony, an Ethereum-compatible Tier 1 chain, also rose amid market uncertainty. The network’s ONE token gained 15% on the day, breaking the $0.30 psychological barrier. The ONE is currently trading at $0.316, just $0.06 from its all-time high.
DeFi Kingdoms, a gamified DeFi app built on Harmony, has skyrocketed in recent weeks, drawing more attention to Tier 1. DeFi 2.0 shows its strength. Elsewhere, a group of emerging decentralized finance protocols is also taking flight. Redacted Cartel’s BTRFLY token, an OlympusDAO fork, has risen 25% to over $3,400. Frax Shares and Dopex Rebate Tokens rose to double digits during the day.
What is Curve Wars?
All of these projects play a central role in a development dubbed the “Curve Wars,” a development that saw DeFi protocols competing to lock CRV tokens for voting power on stablecoin exchange Curve Finance. . Locking more tokens gives protocols more power to vote on which Curve pools will yield the most. This means they can vote in their preferred pools to get more rewards. In turn, they can create a flywheel effect that will help them absorb and unlock more CRV tokens, offering higher returns to users.
Other key players in Curve Wars include Convex Finance and Yearn.Finance. While these protocols have not shown as much flexibility as Frax or Dopex’s tokens in the past 24 hours, they have outperformed many other assets. They seem to be maintaining their uptrend. Much of the value of these tokens comes from stablecoin returns, which may explain why the recent market drop has had little impact on the dollar. The increased demand for Curve voting power has also affected the CRV token price. CRV is up 22.6% from last month and hit a new local high of $6.71 on Jan. Due to recent market turbulence, it has since cooled off and is currently trading at $5.11.