- Osmosis outcompetes Uniswap in terms of the number of active developers on the network.
- Volume on the Osmosis DEX falls and activity on the Cosmos Hub network takes a hit.
Cosmos Hub has been struggling to compete with other major ecosystems on many fronts. Interestingly, Osmosis (one of the most popular DEXs on the network) may aid in changing the state of the protocol.
Read Atom’s Price Prediction 2023-2024
According to 26 March data, it was observed that the number of active developers on Osmosis surpassed that of Uniswap.
At press time, however, the overall activity on Osmosis had started to fall. This was indicated by Artemis’ data, which showcased that the number of active users on the network had declined from 48,500 to 11,600.
The decline in the number of users who engage with the Osmosis platform on a daily basis had an adverse effect on the level of activity observed on Cosmos Hub.
Source: Artemis
Roadblocks ahead
The bad news for Cosmos Hub doesn’t end there. According to Staking Rewards’ data, the overall number of stakers on the Cosmos Hub, declined materially over the past month by 89.42%.
At press time, there were 76,187 stakers on the Cosmos Hub network.
Source: Staking Rewards
Due to the low interest in the Cosmos Hub network, its revenue collection also took a hit.
Token terminal’s data showed a 16.9% drop in the total fees earned by Cosmos Hub in the past month. If this trend persists it will affect the protocol’s treasury holdings, which could hinder its ability to improve the network.
Source: token terminal
ATOM holders pay the price
The waning interest in the protocol was also evident from the decreasing value of ATOM, the native token of Cosmos Hub. As per Messari, the token’s price declined and its volatility increased by 5.27% in the last month.
This factor made ATOM a less secure option for conservative investors, at press time.
Realistic or not, here’s ATOM’s market cap in BTC terms
Source: Messari
