As the crypto space sees struggles, altcoins like Cosmos (ATOM), Tezos (XTZ), Icon (ICX), and Celo (CELO) have led the gainers since yesterday. Such developments saw the overall market cap solidifying beyond $2 trillion (CoinMarketCap.com).
While writing this article, Celo gained 35.56% over the past 24 hours to trade at $6.17 as its market cap nears $2 billion. Also, Icon surged 25.585 since yesterday to stand at $1.94. Other altcoins that recorded double-digit gains are Harmony and Cosmos.
Celo is a crypto project designed to simplify payments with its PoS model. The network constitutes a stable asset cUSD, Celo, and the Celo platform. Moreover, Celo allows all tablet and smartphone users to access DeFi services and tools. CELO is the network’s native token that ensures a stability mechanism in the Celo ecosystem. Meanwhile, cUSD follows the Unites States dollar as its name suggests.
Celo has cooperated with leading DeFi projects and crypto organizations such as Sushi, Aave, RabbitHole, and Chainlink for the ‘DeFi for People venture. Celo announced its aim on 30 August 2021, and it was to ensure that individuals in underdeveloped countries access the DeFi space.
Icon blockchain technology features interoperability and ‘smart’ contract capabilities. ICX is the platform’s native token. Meanwhile, Icon forms an aggregator chain that can aggregate blockchain data to one layer if combined with other crypto chains. The new interoperability functionality by Icon, BTP (Blockchain Transmission Protocol), facilitates interconnection among the integrated blockchains.
Also, the development team had been planning about ICON 2.0. The developers are in the final face to migrate to ICON 2.0 from 1.0. The revised network’s roadmap shows that the platform will launch the update soon.
Axelar, a DApp, and internet of blockchain on Cosmos, has partnered with Pangolin, a DEX, on 8 September. With this move, users can access crypto assets from Cosmos and other blockchains. The network has previously included cross-chain and DeFi across blockchains.
Total Crypto Market Capitalization
The overall cryptocurrency market value gained 0.63% since yesterday to stand at $2.12 trillion. Meanwhile, the global market volume hovers at $135.37 billion, a 21.59% plunge from yesterday’s value. On the other hand, DeFi volume in the past 24 hours is $22.4 billion, 16.55% of the overall market 24hr volume.
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