Layer one blockchains competing with ethereum have been on FIRE, especially Solana (SOL).
One of our portfolio coins falls in that blockchain category, and it’s been doing extremely well too. In fact, it’s been doing well enough that some of you might be thinking about taking profits.
Cosmos (ATOM) has risen from around $5.15 on last October 25 to $39.94 today.
I think it still has the potential to move from here. ATOM is one of the more well-respected ETH competitors (at least among people I respect).
And the market liked the recent announcement of Cosmos’ new experimental blockchain Sagan.
We don’t know a ton about Sagan yet, but The Block did a nice writeup.
The canary symbolizes that this blockchain will be a “canary network,” according to a source familiar with the situation. The term was coined by blockchain platform Polkadot — and its canary network Kusama — and refers to a blockchain that’s used for trialing protocols out before they go live on the main network.
There is a difference between testnets — which are similarly used for testing — and canary networks like Kusama and Sagan. Testnet tokens typically don’t carry any value, so they recreate the technical side of the main blockchain but not its real environment. On the other hand, tokens on canary networks do have real value, so they come much closer to mimicking the real environment. That creates greater incentives for people to find bugs and potential exploits.
I think ATOM could rise significantly from here. If you’re itching to take some profits, feel free. But remember – it’s always good to leave some on the table.