The costs of Tezos and Cosmos have risen dramatically as a result of recent improvements.
With the exception of Bitcoin, altcoins Tezos and Cosmos have managed to register considerable gains in the last twenty-four hours despite today’s small market correction.
According to cryptocurrency data aggregator Nomics, Tezos has increased by an astonishing 16.67 percent since yesterday, reaching $5.95.
In addition to allowing developers to construct apps and financial services using smart contracts, Tezos is an open-source proof-of-stake (PoS) blockchain that, like Ethereum (which will soon complete its transition to a proof-of-stake blockchain), also allows them to use smart contracts.
Since its inception in 2018, the Tezos network has undergone seven major upgrades, the most recent of which was ‘Granada,’ which was implemented at the beginning of this month. Granada lowered block times in smart contracts from 60 seconds to 30 seconds, resulting in a significant reduction in gas use.
Tezos 7th Upgrade ‘Granada’ Is Now Live!
🔥Gas improvements, massively reducing gas consumption in smart contracts
👊🏾Emmy* consensus, cutting block times by 50%
✅Liquidity baking, leveraging governance mechanism and incentives to provide for public goods#Tezos #Granada pic.twitter.com/IL4zJBe9oU
— Tezos (@tezos) August 6, 2021The revelation that Tezos’ blockchain had piqued the interest of financial institutions sparked a rise earlier this week. To enable European banks to mint their own digital assets, Incore Bank AG, a Swiss business-to-business bank, is cooperating with Swiss IT consulting firm Inacta and digital asset managers Crypto Finance AG to build a Tezos token standard.
According to the release, Tezos was chosen because of its “on-chain governance,” which allows for updates to be performed without the network being disrupted or divided.
Cosmos, another altcoin, is also experiencing a surge in value right now. With a 9.29 percent gain, the $ATOM token has reached a new price of $21.93, which is around $10 more than it was at this point in the previous month.
Emeris, a DeFi interface that spans many blockchains, was launched on August 18 and corresponded with the price increase in Cosmos. $ATOM was worth approximately $15 prior to its introduction. The following day, it had crossed the $20 mark.
Cosmos has also recently established a connection with the Ethereum blockchain. The integration of Sifchain, a decentralized exchange (DEX) created on the Cosmos blockchain, with the inter-blockchain communication protocol (IBC) now allows for the first time trading between the Cosmos and Ethereum networks.
Although the markets are experiencing a dull day, the success of two outlier projects demonstrates that there is always good news in the cryptocurrency world.