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Tezos and Cosmos have seen significant price increases as a result of recent improvements.
Tezos and Cosmos, two altcoins, have dodged today’s little market slump to report strong gains in the last twenty-four hours.
According to crypto data aggregator Nomics, Tezos rose 16.67 percent from yesterday to $5.95.
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), allows developers to use smart contracts to construct apps and financial services.
Since its inception in 2018, the Tezos network has undergone seven major upgrades, the most recent of which was dubbed ‘Granada’ at the beginning of this month. Granada lowered block durations in smart contracts from 60 seconds to 30 seconds and significantly cut gas consumption.
Tezos began to rally earlier this week with the news that its blockchain had attracted institutional interest. Swiss business-to-business bank Incore is collaborating with Swiss IT consultant firm Inacta and digital asset managers Crypto Finance AG to develop a Tezos token standard for European banks to mint their own digital assets.
According to an announcement, Tezos was chosen “because its on-chain governance allows upgrades without disrupting or splitting the network.”
Cosmos, another altcoin, is also on the rise today. The $ATOM token increased by 9.29 percent to a new price of $21.93, or roughly $10 more than it was at this time last month.
Cosmos’ price increase corresponded with the August 18 debut of Emeris, a cross-chain DeFi interface. $ATOM was worth roughly $15 prior to its introduction. The next day, it surpassed the $20 mark.
More recently, Cosmos opened a bridge with the Ethereum network. The integration of Sifchain, a decentralized exchange (DEX) built on Cosmos, with the inter-blockchain communication protocol (IBC) now enables trades between the Cosmos and Ethereum networks for the first time.
It’s a slow day for the markets, but the success of two outlier projects shows that there’s always good news somewhere in crypto.