ATOM gained 13.6% in the last 24 hours, while EGLD gained 15.7%, according to CoinGecko data.

Elrond hit an all-time high of $492.24 earlier today. Elrond markets itself as a highly scalable blockchain platform for running smart contracts like those found on Ethereum.

On Saturday, the Elrond ecosystem saw the launch of the Maiar decentralized exchange, which could explain the rally. The total value locked in on launch day was over $1 billion, and Elrond noted earlier today that 2.93 million EGLD was invested in Maiar.

Terra, Kava, and THORChain all use the Cosmos SDK, which is defined as a Layer 0 network; supported tokens can be exchanged between blockchains in Cosmos. Cosmos, which describes itself as the “Internet of blockchains”, focuses on enabling cross-chain interoperability across various networks.

Alongside Cosmos and Elrond, SAND and MANA, dubbed "Metaverse tokens," are also on the rise today, continuing a rally that began last month when Mark Zuckerberg announced Facebook's rebranding as Meta.