Evmos moves away from Cosmos: Gauging ATOM's reaction

Title: Evmos Focuses on ethereum Transactions: What It Means for ATOM and Its Future

Evmos’ Strategic Decision
Evmos has announced its plans to focus exclusively on ethereum transactions, which will result in the deprecation of Cosmos transactions by the fourth quarter of 2024. The decision aims to address compatibility challenges, increase efficiency, and ensure a uniform user and developer experience. This announcement was made on November 7th, 2023.

Transition Details
Evmos cited alignment with ethereum as the primary reason behind this move, stating that focusing solely on one transaction format would enhance engineering efficiency. The transition is expected to be completed by the third quarter of 2024 as explained in the official blog post.

Impact on Cosmos
As part of this transition, fees generated from discontinued Cosmos transactions will be permanently removed. Users who exclusively use Cosmos wallets will need to switch to EVM-compatible clients. Several well-known wallets like WalletConnect, Rabby, and MetaMask are prepared to offer the necessary support for this migration. Additionally, hardware wallets, including Ledger, will receive support through their dedicated ethereum applications.

Developers will also need to adapt their transaction-building and broadcasting processes to make them ethereum-oriented, facilitated through the use of the standard JSON-RPC service. Importantly, Evmos will maintain its connection to the Cosmos network despite the changes.

ATOM’s Reaction
Despite Evmos’ decision, ATOM remained largely unaffected, trading around $8 at the time of this report, showing a gain of over 2% in value. Despite this encouraging price surge, ATOM has faced challenges in breaking above the resistance level, represented by the long Moving Average. The short Moving Average has remained a strong support area at around $7.

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Evmos’ strategic decision to focus exclusively on ethereum transactions will have a significant impact on the crypto community, particularly Cosmos users and developers. However, the market has witnessed ATOM maintaining its value amidst these developments, showcasing its resilience in response to Evmos’ transition.

### News source: ambcrypto.com

By Team