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- Cosmos Hub’s Liquid Staking Module simply went stay, bringing new utility to ATOM.
- ATOM value has jumped 3% up to now 24 hours after seeing a slight enhance on Wednesday.
Cosmos Hub, the interchain service supplier of the Cosmos Community and blockchain platform powered by the native token ATOM, had a serious improve this week. That is after the platform’s Liquid Staking Module went stay on September 12, including to ATOM’s utility inside the DeFi ecosystem.
Cosmos Hub’s liquid staking mannequin is now stay
With Cosmos Hub’s improve and unlocking of the Liquid Staking Module, ATOM holders have recent entry to new yield alternatives. LSM means tgose with ATOM can now liquid-stake already staked ATOM tokens with out havig to attend for the 21-day unbonding interval to elapse.
The v12 improve is efficiently accomplished ⚛️
The Liquid Staking Module is stay on the Cosmos Hub!
With LSM the Hub unlocks new dynamics inside the ATOM Financial Zone.
Customers can now straight liquid-stake their already staked #ATOM with out ready for the unbonding interval. pic.twitter.com/IdIyr8nsdL
— Cosmos Hub ⚛️ (@cosmoshub) September 13, 2023
That is excellent news for ATOM holders because it means they’ll take part extra within the DeFi ecosystem and nonetheless earn from staking yield. One can unstake ATOM and straight liquid-stake it, this time with no 21-day restriction.
The group ought to nonetheless be aware that an preliminary cap of 25% has been set on the full quantity of ATOM that may be liquid-staked. Different measures to “mitigate liquid staking dangers” have additionally been instituted through governance-controlled parameters.
“As an extra safety characteristic, validators who need to obtain delegations from liquid staking suppliers can be required to self-bond a certain quantity of ATOM,” Cosmos Hub introduced.
ATOM value outlook
The market’s response to the improve was a bump within the value of ATOM. Amid the purchase strain, the token’s worth rose to highs of $6.80 on Thursday. CoinGecko knowledge exhibits the cryptocurrency is at present 3% up up to now 24 hours.
Whereas value has seen an upside over the previous two days, ATOM stays largely in a downtrend because the year-to-date peak above $15 in February. The RSI and MACD indicators on the each day chart proceed to present bears the higher hand, whereas value is poised at a key resistance-turned-support zone.
Cosmos Hub (ATOM) value chart. Supply: TradingView
ATOM must bounce off the highlighted horizontal help or danger a nosedive to under $2. The principle upside hurdle can be close to YTD stage.