- Comsos’ active users increased by 182% in the last 30 days.
- The project was shifting market sentiment at press time.
Over the last 30 days, Daily Active Users on Cosmos [ATOM] grew by 182%, data by Token Terminal revealed. Thus, the number of active addresses grew at a faster pace compared to Bitcoin [BTC], Ethereum [ETH], and Coinbase’s L2 Base.
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It seemed necessary to compare Cosmos to Bitcoin and Ethereum because they are the top two blockchains, in a nutshell. For Base, since its introduction, it has amassed a lot of adoption.
However, the hype and activity around Base has dropped significantly. In fact, Token Terminal showed that the project’s Daily Active Users reduced by 12.5%.
Protocols w/ the biggest 30d uptick in daily active users:
— Token Terminal (@tokenterminal) October 28, 2023
The Daily Active Users can offer vital information about a network’s health. Aside from being a metric that measures user adoption, the metric can indicate a shift in market sentiment. Sometimes, it also has a big impact on token prices.
More data transport, more growth
Surprisingly, Cosmos’ native token ATOM did not feel the impact of the active user growth. At press time, the ATOM’s value was $7.02— a similar price it was 30 days back.
One of the factors that influenced the increase could be linked to the Inter-Blockchain Communication (IBC) protocol expansion to the Binance Smart Chain. The IBC is an open-source protocol developed to handle the movement of data between blockchains.
Based on AMBCrypto’s report a few weeks ago, the expansion would also offer more opportunities for those involved in staking ATOM. Besides that, Cosmos is also making movies to ensure that it lasts long in the list of blockchains with a good level of development activity.
The project seems to be using its builders’ program to this effect.
Sentiment goes sideways
Interestingly, Santiment’s data showed that the efforts are paying off for Comsos, as indicated by the Development Activity metric. Development Activity shows the commitment of developers to ensure the proper functioning of a network.
At press time, Cosmos’ development had jumped to 16.22. This means that there has been an increase in the number of features shipped via the project. Cosmos also experienced an up-and-down trend in terms of market awareness.
To measure perception, on-chain platform Santiment uses the Weighted Sentiment metric. This metric tracks the positive/commentary about a project via social media platforms.
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An increase in Weighted Sentiment means a surge in positive comments. Conversely, a decrease means a growing negative perception.
From the data above, Cosmos’ Weighted Sentiment was 0.365. Looking at the chart, the comments about the project were largely positive as of press time. However, the optimism seemed to be waning.