Dash and Cosmos (ATOM) out of control thanks to staking
Not only the flagship Bitcoin is benefiting from the upswing on the crypto market. The altcoins are also staging a remarkable rally. Dash and Cosmos (ATOM) are among the top performers, demonstrating the different forces at work in the crypto market.
In the slipstream of the crypto draft horses Bitcoin and Ethereum, all altcoins are currently in top form. Like BTC and ETH, they are benefiting from massive capital inflows. In the past four weeks alone, almost 500 billion US dollars have flowed into the crypto market. At currently 1.5 trillion US dollars, the overall market is more liquid than ever before. If the trend continues, the symbolic 2 trillion US dollar mark is only a matter of weeks. There are a number of different causal relationships at work that favour the current shift of Bitcoin Evolution assets into crypto assets. Staking demand, DeFi growth or network upgrades: the levers are as diverse as the crypto ecosystem. Dash and Cosmos (ATOM) are examples of the different forces at work.
Dash is still more than 1,000 US dollars away from its record high from 2017. However, with a weekly increase of over 100 percent, the growth curve of the privacy coin is currently pointing steeply north. In addition to a general mood of optimism on the crypto market, the Dash rally can be explained in particular against the background of the approaching Dash platform.
The Dash platform has been in development since 2015 and is considered a Dash showcase project
At the end of 2020, the Dash Core Group announced the release for the Dash platform on the testnet, setting the countdown for the transfer to the mainnet. As a decentralised cloud storage, the platform is intended to compete with the centralised top dogs Amazon and Google in the future. Users can send and store data via the Dash platform, but unlike Google and Co. these are not to be monetised for advertising purposes. In addition, users can implement dApps in the platform via the DAPI. The Mainnet launch is roughly dated for the third quarter of this year.
In addition, the Dash price is benefiting from a general increase in staking demand. With its Masternodes, the Dash network also offers a type of passive income, just under a different guise. Instead of Proof of Stake, the Dash consensus process is called Proof of Service, but aims at the same remuneration model. Masternodes also store the entire blockchain history and authorise transactions. In return, they deposit a stake in advance and are financially remunerated for their services. In addition, they receive voting rights for the use of 10 percent of the Block Rewards, which flow into Dash community projects. The network currently has almost 5,000 masternodes.