Cosmos Rallies 11% Fueled by IBC Eureka Upgrade

The Cosmos HUB token, ATOM, is leading the altcoin market in anticipation of the new IBC Eureka upgrade and the excitement surrounding the testnet launch of Ripple’s first sidechain, Peersyst, on Cosmos.

ATOM is up 11% in the last 24 hours and nearly 20% over the last 30 days, despite the overall altcoin market’s poor performance. The token traded as high as $5.05 today, its highest price since Feb. 12.

Eureka is a service layer built on Cosmos’ Internet of Blockchains (IBC) v2. Eureka’s implementation is intended to increase the protocol's compatibility with other virtual machines, such as the Ethereum Virtual Machine (EVM).

On March 25, the Gaia v23 upgrade proposal passed through Cosmos governance, enabling IBC v2 to further the ecosystem’s compatibility. Following the vote, the first order of business will be to connect the Cosmos Hub to Ethereum mainnet via IBC.

In addition to Cosmos’ Eureka upgrade, the network is preparing for the launch of the first XRP Ledger (XRPL) EVM sidechain, Peersyst, which just launched its testnet. Peersyst is built using the Cosmos software developer kit (SDK), and the chain’s proposed mainnet release date has not been announced yet.