Crypto Winter Is Upon Us – This Crypto Project Says It’s Still Growing
A new crypto winter – the unofficial name given to extended bear markets in the crypto market – appears to have descended upon the country.
After hitting highs of nearly $70,000 last fall, Bitcoin BTC/USD fell below 20,000 dollars. Ethereum ETH/USD followed suit, approaching $1,000 after peaking just below $5,000. And the hugely popular one Terra Luna (KRYPTO: LUNA) ecosystem essentially collapsed with the value of stablecoin UST and native token LUNC cratering.
This crypto winter is reportedly unlike its previous counterparts in at least one critical aspect. Previous iterations were largely untethered from the broader financial market. They came from internal dynamics specific to crypto itself.
However, this winter is apparently inseparable from global economic factors. Record inflation, rising interest rates and fears of an impending recession have led to a huge outflow of capital from crypto to lower-risk asset classes.
As the bears take responsibility, many projects are underway.
On the other hand, projects with a clear vision, a strong team and solid technology may be able to move forward. Cudos Ventures, the company behind the blockchain Cudos CUDOS/USDsays it continues to grow with several key partnerships, while reaching major milestones such as the launch of its mainnet.
The company recently entered into an agreement with Copernic Space, a Web3 marketplace that drives the commercialization of space and democratizes access to it. The Cudos network will power Copernic Space, allowing it to more efficiently compute and distribute information obtained from satellites and other space-related data to users. The distributed nature of the Cudos network reportedly aligns perfectly with the mission of democratization at the heart of Copernic Space’s platform.
This is now a reality thanks to the launch of the Cudos mainnet. This means that the fully interoperable open platform that powers the metaverse is now live. Users from all over the world can now join the community and build Web3 applications.
“I’m excited to see the Cudos network go live, and I’m already looking forward to seeing the ecosystem build out with our partners over the next few months and beyond as we open up on-chain computing functionality. CUDOS holders can now migrate to the original chain and contribute to the security of the network by delegating their staked tokens to one of our many validators and exploring the entire Cosmos ecosystem via IBC,” said Ethan Illingworth, Cudos’ Blockchain Product Manager.
To learn more about the network, check out cudos.org.
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Featured image by Jeremy Thomas on Unsplash
