Cosmos’ ATOM has jumped 8% in the past day as investors wait for an upcoming airdrop and a bridge connecting to Polkadot.
ATOM rose to an all-time high of $45 in the past week before plunging to $32 in the ongoing bearish sentiment that has wiped about $1 trillion in the market from the previous highs.
Delphi Digital attributes the surge to the anticipated EVMOS in the month, which has stirred interest among investors. The launch is set to enable EVM-suited applications to add support for the Cosmos chain.
Cryptocurrencies like JUNO, STAR, and CMDX, which were previously airdropped on Cosmos, also surged on Monday, as DeFi focused tokens turned in about 6% in the past day.
Native protocols on Cosmos airdrop tokens to stakers depending on their staked value and offer additional yield rewards to users.
The blockchain uses a proof-of-stake model, where transaction validators must stake ATOM in exchange for rewards.