A little bit of chit-chat
On Twitter, Sommelier announced that its first cellar, a smart contract representing an on-chain investment strategy, will soon be deployed on Aave. According to Sommerlier’s documentation, this cellar will benefit users by yielding farms on Aave on their behalf, saving them time and being more efficient.
New speakers have been added to the lineup for our IRL event, Privacy in Cosmos, Live in Amsterdam on April 15th. Joining Penumbra, Evmos, Axelar and Sommelier, we will also have on stage speakers from NYM, Quicksilver, Anoma, Sifchain, The Interchain Foundation and Chorus One. Most of the tickets are gone, so get your free tickets here.
An ancient roman upgrade 🐺
Juno has announced its latest upgrade, Lupercalia, Named after an ancient roman festival; which will be divided into two phases so that the community can focus on the follow up related to proposal 16, where voters agreed excess stakedrop received by multiple wallets owned by CCN should be remedied.
Lupercalia 1 will give the community new “superpowers” according to Juno’s statement. Among those, the governance module will be able to create and execute new smart contracts. The second phase, yet to be scheduled, will introduce interchain accounts, enabling an account on a separate IBC enabled blockchain to be controlled from a different chain.
Regarding proposal 16, the controversy continues as the “Juno Whale”, the CCN organisation, opened a discussion thread proposing to airdrop half of its funds and staking rewards to all holders with at least 10 $JUNO based on the snapshot at the end of the Prop 16 voting period. The other half would be distributed equally among CCN’s clients. An alternative proposal written by Joe Abbey would burn the recovered JUNO, following the reasoning that the wallets in CCN’s custody were not eligible for the stakedrop as the organisation is a virtual asset exchange. CCN has already benefited from the stakedrop cashing out almost $8.5M worth of JUNO.
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From Terra to the Moon 🌕
Terra has given a Bitcoin twist to the strategy for its stablecoin UST buying around $125 million worth of the cryptocurrency with further plans to buy up to $10 billion.
According to Terraform Labs CEO Do Kwon, the Luna Foundation Guard has raised $2.2 billion to build up a bitcoin reserve, intending to increase it to $3 billion shortly. Long term, Terra will use a portion of the seigniorage, the revenue made for issuing UST, to build the Bitcoin reserve to $10 billion.
The reason behind this movement is to maintain the UST USD peg. Since UST is an algorithmic stablecoin, without 1:1 USD reserves, the peg is maintained through game theory incentives - to mint 1 UST, 1 LUNA is burnt and vice versa. Arbitrageurs help to maintain the peg by buying/ selling LUNA or UST when there is a price discrepancy. Through maintaining a large bitcoin collateral, UST holders' confidence in the stablecoin should increase.
The New Green Pool 🍀
Three proposals on Osmosis are intended to reduce carbon emissions generated by the ecosystem; which according to Regen network’s estimation, based on a survey of 7 validators, is approximately 22,500 tons of CO2 emissions.
If the three proposals pass, Regen’s $NCT, a new digital carbon basket token, will trade on the Osmosis decentralised exchange in the REGEN:NCT liquidity pool. One of the proposals will create an OSMO:NCT pool that will match the provided $REGEN incentives to it.
Moreover, Osmosis will use 6,600 OSMO to buy enough carbon credits to become a carbon-neutral blockchain. Currently, the first proposal is being voted on by the community.
Airdrops List 💦
Surprisingly enough, no important airdrops are coming up this week.
Wrap Up
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