Cosmos Network Activity Drops, DeFi Sector Value Hits $1.96M

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Assessment of Cosmos Condition Amid Declining Network Activity

The network activity of Cosmos has experienced a decline in the past week. At the same time, the open interest in ATOM, the cryptocurrency of the Cosmos network, has also decreased.

Decline in Network Activity

According to data from Artemis, the network activity of Cosmos, a Proof-of-Stake (PoS) sovereign blockchain, has decreased since November 18. On November 23, there were 17,000 unique wallet addresses active that completed at least one transaction on the blockchain. This represents a decrease of 60% compared to the 43,000 daily active addresses recorded on November 18.

Due to the low user activity on the network, the number of daily completed transactions has also decreased. On November 23, the daily transaction count of Cosmos amounted to 52,140, representing a decrease of 39% of on-chain transactions in the past week.

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Growth in the DeFi Sector

Despite the decreased demand for the blockchain, the decentralized finance (DeFi) of Cosmos is experiencing a strong increase in the total value locked (TVL). At the time of publication, the network’s TVL amounted to $1.96 million, representing an increase of 73% since the beginning of November. This puts the TVL of Cosmos currently at an all-time high.

State of ATOM

In the futures market of ATOM, open interest began to decline on November 19 and continues to be in a downtrend at the time of publication. With a value of $106.31 million at the time of publication, the open interest in ATOM has fallen by 10% in the past seven days. A decline in open interest in this manner suggests that traders are closing their positions as they increasingly have less confidence in the future direction of the asset.

Interestingly, market participants have opened more long positions than short positions during this period. However, as prices are stuck in a tight range, long traders have been forced to liquidate their positions. If long liquidations exceed short liquidations, this can be interpreted as a sign of strong selling pressure and a possible reversal of the market trend.

In the spot market of the token, accumulation among daily traders continues. The key momentum indicators of ATOM, observed on a 24-hour chart, show that the market continues to favor accumulation despite sideways price movements.

Sources

The information in this article is based on data from Artemis, DefiLlama, and Coinglass.

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