Osmosis, a Cosmos blockchain-based DeFi project, could be critical to the latter’s expansion in the DeFi market. This was due to Osmosis’s ability to outperform other DeFi protocols, such as MakerDAO and Lido, in terms of development activity over the last few days.
As seen in the image below, Osmosis’ GitHub saw a rise, indicating that its developers were actively contributing to its GitHub. This increased activity could help Osmosis spread even further and benefit Cosmos’ DeFi efforts.
Source: Santiment
Not all good news for Cosmos
Unfortunately, at the time of writing, Cosmos was unable to perform well in the DeFi sector. Furthermore, as can be seen from the image below, it can be observed that the blockchain’s total value locked (TVL) depreciated substantially over the past few weeks.
As of 19 November,Cosmos’ total value locked stood at $411,310, having depreciated by 1.11% between 18 and 19 November.
Source: DefiLlama
However, even though Cosmos did not grow in the DeFi space, stakers continued to show an interest in it. The number of stakers on the Cosmos network grew by 0.15% over the last seven days. They were generating a reward rate of 19.25% at the time of press, according to data provided by Staking Rewards.
Source: Staking Rewards
Despite the increase in the number of stakers, the overall fees generated by Cosmos depreciated by 30.6% in the last seven days, according to Token Terminal.
Cosmos’ volume continued to depreciate as well, plummeting all the way from 283 million to 98 million over the course of a week. Its market cap followed suit and declined along with the volume.
Source: Santiment
These negative factors, coupled with the overall FUD surrounding the crypto market, had a detrimental impact on ATOM’s price.
At the time of writing, ATOM was trading at $9.98. Its price had appreciated by 1.75% in the last 24 hours, according to CoinMarketCap.
