Cosmos (ATOM) On Downward Spiral With 23% Losses As Market FUD Worsens

The market has been seen to further dip as major cryptocurrencies continue to fall towards their most recent support levels. This only amplified the losses of the altcoin market to bring tokens like Cosmos (ATOM) down to the ground. According to CoinGecko, the token has lost almost 23% since last month and drags any hope for recovery to higher price levels.

Despite its recent underperformance, the Cosmos ecosystem saw developments that may stem the bearish tide. However, it remains to be seen whether these recent on-chain developments have a definite effect on ATOM’s future performance. 

Balanced DAO Adopts Inter-Blockchain Communication Protocol (IBC)

The official Cosmos X account recently announced that Balanced, a stablecoin platform and decentralized exchange, has adopted the Inter-Blockchain Communication (IBC) protocol, making it part of the Cosmos ecosystem.

According to their blog post, Balanced adopted the IBC as a means to connect to as many chains as possible, improving on-chain scalability while providing proportional security. 

Impressively, the implementation phase of the IBC adoption went smoothly with developers on Balanced opened communication channels between the Balance chain and the IBC without requiring a hard fork for the network’s existing cross-chain connections. Cosmos benefits through Balanced’s large connection pool with big names like Solana, Polygon, and many more.