Excited to see Cosmos ecosystem blossoming as well.

But the real question is - will it reflect on $ATOM's price? E.g. will ATOM attain monetary premium?

Cosmos community was avoiding framing ATOM as such asset, but I see the efforts being pushed more into this direction lately. https://twitter.com/dtapscott/status/1348349940142116870

If you are putting ETH mcap next to ATOM, its not enough to compare the ecosystem, you must consider asset dynamics as well.

Ethereum ecosystem is very monolithic (you could say centralized) around ETH the asset via fees and cosnsensus layer.

OTOH every project in Cosmos ecosystem is a standalone chain with its own PoS token. They are (or rather will be) loosely connected via IBC (interop protocol) but they don't need to touch ATOM, and Cosmos (the blockchain) is not accruing fees from activity of its chains (zones)

How can Cosmos (the chain, not the ecosystem) help accrue value to ATOM? To become a dominant Hub, where a lot of economic activity takes place. But there can be many Hubs and its not a given Cosmos will become the dominant one.

Thats why Cosmos chain introduces its own native DEX, hoping to drive liquidity to it. But there are many contenders for this use case, incl. @Thorchain, @BinanceChain, @InjectiveLabs, and partially @vegaprotocol https://medium.com/tendermint/an-amm-dex-for-the-cosmos-hub-b-harvest-partners-with-tendermint-to-build-a-liquidity-sdk-module-7613dec1be9b

@cosmos boosts one of the best technical teams in the space, but their work was mostly focused on core infra such as IBC, while other tendermint chains were focusing on their specific use cases, such as liquidity (above) or stablecoins ( @terra_money , @kava_labs ).

This makes Cosmos ecosystem very diverse and resilient, but it may also gives Cosmos the chain (and its native token ATOM) much weaker position than that of ETH within Ethereum ecosystem.