{"id":356661,"date":"2023-11-09T10:00:17","date_gmt":"2023-11-09T04:30:17","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=356661"},"modified":"2023-11-08T17:55:32","modified_gmt":"2023-11-08T12:25:32","slug":"evmos-moves-away-from-cosmos-gauging-atoms-reaction","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/evmos-moves-away-from-cosmos-gauging-atoms-reaction\/","title":{"rendered":"Evmos moves away from Cosmos: Gauging ATOM&#8217;s reaction"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Evmos has announced its plans to focus on only Ethereum transactions.<\/span><\/em><\/li>\n<li><em><span style=\"font-weight: 400;\">ATOM did not seem affected, as it traded around $8.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">On the 7th of November, Evmos announced its intention to stop Cosmos [ATOM] transactions on its Ethereum Virtual Machine [EVM]. The focus will be shifted to Ethereum [ETH] transactions alone.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udd25 Big News!\ud83d\udd25<\/p>\n<p>Evmos has made a strategic decision to align closer with Ethereum by deprecating Cosmos transactions by Q4 2024 to:<\/p>\n<p> \u2022 address compatibility challenges,<br \/> \u2022 increase efficiency,<br \/> \u2022 bring uniformity to user and developer experiences.<a href=\"https:\/\/t.co\/G03OVdFd1g\">https:\/\/t.co\/G03OVdFd1g<\/a><\/p>\n<p>&mdash; Evmos \/\/ evmOS \u2604\ufe0f (@EvmosOrg) <a href=\"https:\/\/twitter.com\/EvmosOrg\/status\/1721830524275339739?ref_src=twsrc%5Etfw\">November 7, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The above transition will likely be completed by the third quarter of 2024, as explained in the <a href=\"https:\/\/medium.com\/evmos\/evmos-signals-ethereum-alignment-by-fully-deprecating-cosmos-transactions-d1f92c2cd443\" target=\"_blank\" rel=\"noopener\">official blog post<\/a>. Evmos cited alignment with Ethereum as one of the primary reasons behind this move.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Evmos team also said that concentrating solely on one transaction format would enhance engineering efficiency. Furthermore, they pointed out that maintaining two different transaction hash types introduces unnecessary difficulty for both wallet and explorer developers.<\/span><\/p>\n<h4><b>How this development impacts Cosmos<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">As part of this transition, fees generated from the discontinued <a href=\"http:\/\/ambcrypto.com\/did-cosmos-growth-reflect-on-atoms-price-action\/\" target=\"_blank\" rel=\"noopener\">Cosmos<\/a> transactions will be permanently removed (burned). Users who exclusively use Cosmos wallets will have to switch to EVM-compatible clients. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, well-known wallets like WalletConnect, Rabby, and MetaMask are ready to offer the necessary support for this migration. Hardware wallets, including Ledger, will get support through their dedicated <a href=\"http:\/\/ambcrypto.com\/ethereum-aims-for-2000-but-there-are-some-obstacles\/\" target=\"_blank\" rel=\"noopener\">Ethereum<\/a> applications.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Developers will also need to adapt their transaction-building and broadcasting processes, and make them Ethereum-oriented. According to the post, this will be facilitated through the use of the standard JSON-RPC service. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Importantly, despite all of these changes, Evmos will maintain its connection to the Cosmos network.<\/span><\/p>\n<h4><b>How ATOM reacted<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">AMBCrypto&#8217;s analysis of ATOM&#8217;s daily timeframe chart showed that the token remained unaffected by Evmos&#8217; developments.\u00a0<\/span><span style=\"font-weight: 400;\">At the time of this report, it was trading at around $8, showing a gain of over 2% in value.<\/span><\/p>\n<figure id=\"attachment_356684\" aria-describedby=\"caption-attachment-356684\" style=\"width: 1793px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/ATOMUSDT_2023-11-08_12-12-14.png\"><img decoding=\"async\" class=\"wp-image-356684 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/ATOMUSDT_2023-11-08_12-12-14.png\" alt=\"ATOM\/USDT price trend\" width=\"1793\" height=\"752\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/ATOMUSDT_2023-11-08_12-12-14.png 1793w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/ATOMUSDT_2023-11-08_12-12-14-300x126.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/ATOMUSDT_2023-11-08_12-12-14-1024x429.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/ATOMUSDT_2023-11-08_12-12-14-768x322.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/ATOMUSDT_2023-11-08_12-12-14-1536x644.png 1536w\" sizes=\"(max-width: 1793px) 100vw, 1793px\" \/><\/a><figcaption id=\"caption-attachment-356684\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/cosmos-price-prediction\" target=\"_blank\" rel=\"noopener\">Cosmos&#8217; [ATOM] Price Prediction<\/a> 2023-24<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Notably, despite this encouraging price surge, <a href=\"http:\/\/ambcrypto.com\/cosmos-surges-nearly-10-in-24-hours-will-the-momentum-last\/\" target=\"_blank\" rel=\"noopener\">ATOM<\/a> has struggled to break above the resistance level, shown by the long Moving Average (represented by the blue line). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, the short Moving Average (depicted by the yellow line) remained a strong support area at press time, positioned at around $7.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Evmos&#8217; bold shift from Cosmos to Ethereum sparks curiosity about its impact on ATOM and the broader Cosmos ecosystem.<\/p>\n","protected":false},"author":76,"featured_media":356685,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-356661","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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