In this piece, we will look into three cryptocurrencies: Cosmos, Gala, and Pooh, and we will investigate their most recent developments as well as the patterns in their respective markets.
Today, we’ll look at the projects Cosmos, Gala, and Pooh as we continue our investigation of the cryptocurrency industry.
Let’s take a look at the three cryptocurrencies as a group since they have all taken various routes recently.
Prices and market data for the digital currencies Cosmos, Gala, and Pooh
Starting with Cosmos, we may say that its 30-day performance has been largely constant.
The ATOM token has actually only decreased by 2.4% and is still trading at $10.84.
However, according to market figures, the cryptocurrency has a market capitalization of $3.1 billion and a 24-hour trading volume of $83.6 million.
286.4 million ATOMs are still available, with a holding duration of on average 80 days. In terms of popularity, the cryptocurrency is placed sixteenth.
Let’s move on to Gala, which over the past 30 days has clearly let down its investors by losing more than 26% of its value and driving the price of the token down to $0.297.
According to market figures, the capitalisation has also decreased to 207 million, with a $100.4 million trading activity during the previous day.
7 billion GALA tokens are now in circulation, with a 74-day holding duration on average.
The popularity of the coin is on the 76th place.
As the token was born on May 2, 2023, we now come to the newest project, Pooh, which we can readily analyze in its first six days of existence.
What can we say, though? His early days were unquestionably noteworthy.
The token actually increased by 14,803% in just 6 days. A remarkable entry. The token currently costs $0.000014.
Pooh has a market capitalization of $55.7 million and a 24-hour trading volume of $25.25 million.
Since cryptocurrencies are still relatively new, it is still challenging to determine the other market figures.
Tenet: A fresh blockchain from Cosmos with liquid stakes
Blockchain technology has grown rapidly, requiring innovative security and scalability solutions.
A new Cosmos-based blockchain called “Tenet” is using liquid staking to solve these problems.
According to a development release, Tenet will use liquid staking cash from other networks to secure transactions.
This method lets the new network inherit the security of older networks, improving its overall security.
Liquid staking systems now dominate decentralized finance (DeFi).
Users can stake their coins on a blockchain while using the same currencies as collateral to access stable coins or other assets on another network.
This technique rewards bettors who also use DeFi for loans and mortgages.
Tenet uses liquid stakes to avoid security problems on newer networks. Tenet’s interoperability and scalability come from the Cosmos SDK.
It is nevertheless vulnerable to the same security threats as other networks, including the 51% attack and the “nothing-at-stake” issue.
Tenet will leverage liquid staking coins from reputable networks like Cosmos, Polkadot, and Ethereum to mitigate these concerns.
These coins will serve as collateral for the validators guarding the Tenet network, boosting network security. In essence, this strategy enables Tenet to benefit from the security of more mature, established networks while preserving its independence and distinctive features.
Tenet is now accessible as a test network, and once testing is through, the developers intend to release a major network version.
The adoption of liquid staking is a hopeful development for the blockchain sector as a whole since it gives emerging networks a chance to strengthen their security while fostering cooperation and interoperability between various ecosystems.
New Gala token rejected by Coinbase
Gaming has always been popular, but blockchain technology is changing the business.
Web3 gaming company Gala Games will airdrop an updated GALA token to current GALA holders on May 15.
Gala Games’ blockchain-based games are built on the GALA token.
These games, which allow players to win GALA tokens and other cryptocurrencies, are changing the gaming industry.
Gala Games’ Gala V2 token will be more usable.
Users will benefit from faster transaction times and lower gas costs with this new coin.
However, the new token’s release has a little hiccup. The major bitcoin exchange, Coinbase, opposes the proposal.
Coinbase said on May 12 that it would no longer facilitate token trades or sell the GALA token (Gala V1).
Coinbase’s move has raised eyebrows in the Gala Games community because it is a major cryptocurrency exchange.
Gala Games has assured its users that this choice won’t materially impact the new token’s deployment.
After the V2 coin is issued, Coinbase users can withdraw their V1 tokens into a hardware wallet or self-custodian, but their options for V1 assets will be limited.
It’s important to realize that other cryptocurrency exchanges will offer the new GALA coin, even though Coinbase users may be annoyed.
Gala Games is certain that the new coin will succeed, and the company is committed to providing the best gaming experience.
This new launch is simply one step toward the gaming industry-revolutionizing potential of the GALA token and the Gala Games ecosystem.