Cosmos (ATOM) monthly transfer count hits 1 million

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Oct 6, 2021
  • Cosmos’ cross-chain ecosystem is growing in popularity, size, and usage alike.
  • Over the last 30 days, the project exceeded 1 million transfers, which is a new milestone.
  • Most of the transfers came from the Osmosis AMM (44%) while Cosmos’ chains were responsible for 29%.

Cosmos (ATOM/USD) has been seeing a steady growth of its cross-chain network, slowly but surely reaching new, greater milestones. The most recent one concerns activity within its ecosystem, as the project saw a surge in the number of transfers over the past month, exceeding a million transfers logged.

The project’s Inter Blockchain Communication (IBC) protocol was launched earlier this year, in March, with the goal of allowing cross-chain DeFi and interoperable NFT transfers. Over the six-month period following the launch, the amount of activity, as well as the ecosystem itself, grew substantially.

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Cosmos kept onboarding new projects and blockchains, constantly growing its ecosystem in size and activity, and it even connected with some of the major DeFi protocols such as Chaosnet, Terra, Kava, Band, and others.

Now, it hit a million IBC transfers in just 30 days, which is the busiest that its ecosystem has ever been. The exact number of transfers over the past 30 days is 1,071,132, according to the Mapofzones Cosmos ecosystem explorer. Meanwhile, in the last 24 hours, the IBC saw 45,738 transactions.

The majority of transfers come from the Osmosis AMM

The Cosmos ecosystem explorer has revealed several more interesting pieces of information, such as the fact that the Osmosis AMM was directly responsible for 44% of the transfers. Meanwhile, the Cosmos chains recorded around 307,855, or 29% of the total transfers that were logged during the last month.

Given how much the sector pursues interoperability, and the fact that the IBC standard offers a secure method of exchanging data between independent chains, it is not surprising that Cosmos’ ecosystem is seeing surge inactivity. However, despite this particular growth, Cosmos’ native cryptocurrency, ATOM, still saw a 5.1% drop in the last 24 hours. It is still very much bullish, of course, as it surged by 37% over the last month. Unfortunately, it was among the altcoins that were trading in the red yesterday.

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