A new crypto winter — the unofficial name given to extended bear markets in the crypto market — seems to have descended upon the land.
After reaching highs of almost $70,000 last fall, Bitcoin BTC/USD fell to under $20,000. Ethereum ETH/USD followed suit, nearing $1,000 after peaking at just under $5,000. And the hugely popular Terra Luna (CRYPTO: LUNA) ecosystem essentially collapsed with the value of its stablecoin UST and native token LUNC cratering.
This crypto winter is reportedly unlike its earlier counterparts in at least one critical aspect. Previous iterations were largely untethered from the broader financial market. They came about from internal dynamics specific to crypto itself.
This winter, however, seemingly cannot be separated 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 into lower-risk asset classes.
As the bears take charge, many projects are foundering.
On the other hand, projects with a clear vision, a strong team and solid tech might be able to forge ahead. Cudos Ventures, the company behind the blockchain Cudos CUDOS/USD, says it is continuing to grow with several key partnerships, while it hits major milestones like the launch of its mainnet.
The company recently inked a deal with Copernic Space, a Web3 marketplace that is driving the commercialization of space and democratizing access to it. The Cudos network will power Copernic Space, allowing it to more efficiently compute and distribute information pulled from satellites and other space-related data to its users. The distributed nature of the Cudos network reportedly fits perfectly in line with the mission of democratization at the center of Copernic Space’s platform.
This is now a reality thanks to the launch of the Cudos mainnet. This means the fully interoperable open platform powering the metaverse is now live. Users from all over the world can now join the community and build Web3 applications.
“I’m thrilled to see the Cudos Network go live, and I’m already looking forward to watching the ecosystem build-out with our partners over the next few months and beyond as we open up on-chain compute functionality. CUDOS holders can now migrate over to the native chain and contribute to the network’s security by delegating their staked tokens to one of our numerous Validators and exploring the entire Cosmos ecosystem via IBC”, said Ethan Illingworth, Cudos’ Blockchain Product Manager.
If you would like to know more about the network, check out cudos.org.
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.
Featured photo by Jeremy Thomas on Unsplash
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month