Binance Lists Cosmos Network (ATOM) for Free; Price Surges Short-Term
Cosmos Network works on scalability solutions for blockchain usage. The project attracted the attention of Binance and the exchange offered a full listing, forfeiting the fee.
Cosmos Network (ATOM) received a free Binance listing after a direct invitation by the exchange’s CEO, Changpeng Zhao. In the past, the Cosmos Network project has avoided pursuing aggressive exchange listings, and now gained entry to one of the most active exchanges.
Following the news, ATOM rose by as much as 27%, reaching a peak around $5.14, before retreating to $3.91. Trading activity also picked up significantly. ATOM started trading this March, with prices peaking around $7.25. The asset trades in 39 pairs on most leading exchanges and a handful of niche markets.
Cosmos Network aims to create a hub for inter-chain communications, as well as an SDK for developers to easily launch their own blockchains and achieve interoperability. Cosmos Network aims to become “The Internet of Blockchains”.
Cosmos Network is a proof-of-stake blockchain, aiming to use the Tenderming consensus mechanism to achieve faster functionalities and allow for
ATOM will be immediately listed in pairings with Bitcoin (BTC), Binance Coin (BNB) and Tether (USDT), receiving higher liquidity in comparison to previous community-listed coins, where the USDT pairing was delayed. As part of the transparency, Cosmos Network showed a listing fee of zero BNB. Binance usually uses listing fees for its charity program.
The Binance listing arrives just days after ATOM was added to OKEx, another highly active Asian exchange.
Recently, ATOM also gained fiat trading pairs from a Kraken listing on April 21.
ATOM is among the more successful post-ICO projects. The token sale took place about two years ago, with a price per token of $0.10. In terms of BTC prices, ATOM has fallen from a peak around 0.001 BTC down to 0.0007 BTC.
Skeptics see the Kraken listing as unfair, setting a price of $4.32 at the start of trading, which may have affected the markets and caused the price to rise in the past few days. Others believe ATOM is overpriced and the current hype is not sustainable.