Venture capitalist Arthur Cheong says he’s “pretty bullish” on the Cosmos (ATOM) ecosystem amid recent developments.
The DeFiance Capital founder and CEO says on the social media platform X that dYdX’s (DYDX) migration will increase the Cosmos ecosystem’s total value locked (TVL) and bring “huge amounts” of activity.
TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.
DYdX, a decentralized exchange (DEX), migrated from Ethereum (ETH) to Cosmos and launched its own dYdX Chain last month.
The new chain was developed as a standalone blockchain based on the Cosmos SDK (software development kit) and Tendermint consensus protocol.
In an announcement, dYdX says Cosmos was the only chain that could offer complete customizability for building chains according to the DEX’s precise needs.
Cheong also predicts that $200 million worth of the stablecoin USDC issued by the app chain Noble will come to the Cosmos ecosystem.
Noble USDC became available for developers and users of the Cosmos ecosystem in September. USDC, the second-largest stablecoin market cap, aims to maintain a 1:1 peg to the US dollar.
Cosmos is an interoperable blockchain ecosystem. The project’s native token, ATOM, is trading at $$8.57 at time of writing.
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