After building a cross-chain platform for BTC and ETH, ATOM finally enters the DeFi space. The price of the altcoin was just $8.87 on 20th July, and now it is trading at $20 in just a month’s time. The new upgrades on the platform are providing to be a game-changer and bring a much better environment for smart contracts through ATOM. It seems like all good tokens are seeing some form of upgrades on their network which means the tech is evolving. While the most popular one has been the EIP1559 hard fork of Ethereum, ATOM’s upgrade is also huge.
So, what did ATOM actually change?
ATOM has completely embraced the DeFi system by allowing the exchange of assets between their network and Ethereum. At the same time, they are also planning to bring BTC to their system. We all know that DeFi is the future of finance, and any token that can embrace it has an upside compared to others. ATOM’s latest DeFi upgrade is named Emeris that will enable cross-chain transaction functionality. Now, this has instantly surged the demand for the token in a matter of days.
The biggest upgrade among everything has to go to the cross-chain functionality between COSMOS and Ethereum. They did this by integrating the network with IBC. COSMOS has also become the first DeFi exchange for allowing trades between COSMOS and Ethereum. Now since Ethereum also has the functionality of NFTs on their platform, it is enabled on COSMOS as well.
The platform also plans to bring BTC support to their platform in the near future. They have even been granted funds to make this happen and enable cross-chain functionality between the two. Bitcoin’s integration will be a huge game-changer as it is still the most important token. It holds the most significant portion of the market cap, and hence ATOM’s integration will be beneficial for the token. In technical terms, this means that BTC can be used in the DeFi ATOM ecosystem.
Should you invest in ATOM?
We all know that you should do your own research before investing in anything. But considering the current upgrades in the network of the token seems to be very attractive. I am not personally invested in the token, but if I plan to add any token to my portfolio, it will be there after Solana, obviously. So, yes, you can invest in it at your own discretion.
What are your thoughts on ATOM as it enters the DeFi space? And do you think that it is a good investment right now? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.