Blockchain network interoperability is shaping up to be one of the main themes for the cryptocurrency ecosystem in 2022. New users are continuing to onboard into the growing world of crypto while both new and established projects search for the chain that will best serve the needs of their protocol and community.
One project that has 2022 off to a bullish start thanks to its focus on facilitating the communication between separate networks is Cosmos (ATOM). This project bills itself as “the internet of blockchains” and seeks to facilitate the development of an interconnected decentralized economy.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $25.06 on Dec. 30, the price of ATOM has rallied 75% to hit a daily high at $43.98 on Jan. 4 as its 24-hour trading volume spiked to $2.54 billion.
Three reasons for the surging price of ATOM include the launch of a cross-chain bridge which makes the protocol Ethereum Virtual Machine (EVM) compatible and an upcoming Theta upgrade which will rapidly expand the ecosystem of connected chains and applications.
Cosmos nears EVM compatibility
The most significant development that has provided a boost to ATOM is the rollout of Evmos, an EVM-compatible protocol that will allows assets and projects that operate on the Ethereum (ETH) network to migrate over to the Cosmos ecosystem.