Cosmos News /// by ZKV #112
Because of Bitcoin
A little bit of chit-chat
The Realio Network, a Layer-1 multi-chain web3 ecosystem focused on real-world assets (RWAs), has partnered with Evmos to upgrade to evmOS. This source-available framework facilitates customizable, interoperable PoS blockchains with EVM compatibility. This way, Realio Network’s RWAs now integrate into the interchain ecosystem.
Because of Bitcoin
The Osmosis community is considering a Protocol Revenue sharing agreement with Nomic, aiming to streamline Bitcoin bridging and trading. The proposal suggests waiving Bitcoin bridging fees for transactions involving Osmosis, in exchange for Nomic receiving a share of taker fees from trading nBTC on the platform.
Nomic provides a decentralized Bitcoin bridge to IBC-enabled chains, currently with a capacity limit of 21 BTC. This proposal replaces traditional bridging costs with a revenue-sharing model to boost nBTC adoption on Osmosis. Users will benefit from lower costs, while Nomic gains from increased utilization of its Bitcoin-backed asset.
Governance bodies of both Osmosis and Nomic will oversee revenue allocation, initially set for six months. Nomic will receive 10% of taker fees for trades involving nBTC and a proportional share for alloyed BTC trades. Accumulated fees will be transferred to Nomic as nBTC, enhancing liquidity and fostering ecosystem growth.
Bridging fees for BTC deposits and nBTC transfers between Nomic and Osmosis will be eliminated, though a Bitcoin miner fee may still apply for withdrawals. IBC middleware will ensure nBTC transfers from Osmosis are routed exclusively through Nomic, maintaining its role as the central hub.
Community feedback is mixed. Supporters believe it could establish Osmosis as a primary trading DEX for BTC and improve decentralized Bitcoin bridge adoption. However, critics caution against implementing the agreement while Nomic is still in its beta phase. A common take is a need for frictionless BTC onboarding to Osmosis. However, there are concerns about setting a precedent for future revenue shares and scepticism regarding Nomic's current capabilities and high fees.
A manifesto
Following up on several discussions on X and a Vitalik Buterin blog post about the role of L2s as “cultural extensions of Ethereum,” Mustafa Al-Bassam, Celestia co-founder, posted on the Celestia forum a manifesto that shared the Modular vision for sovereignty for rollups.
Mustafa emphasizes the historical significance of collective action and the importance of enabling communities to form and enforce their own agreements without relying on intermediaries, such as nation-states or corporations, which are often bureaucratic and corrupt.
The post asserts that blockchains serve as community-owned computer programs, where rules are enforced by network participants without the need for external authorities. This characteristic grants blockchains a form of sovereignty akin to that of nation-states, rooted in the social contracts formed within the community. These social contracts are paramount, as they provide the foundational authority for all other agreements within the network, independent of any national legal frameworks.
He ends the post by making a case for sovereign rollup chains, which operate under their own top-level social contracts, as distinct from smart contracts on layer 1 blockchains that depend on external authority. According to his view, sovereign rollups offer a streamlined path for communities to establish their own sovereign blockchains without the overhead of maintaining a layer 1 consensus network. This reduction in friction could lead to a proliferation of sovereign communities, each with its own blockchain, thereby actualizing the inalienable right of communities to self-organize and act collectively, free from existing power structures.
A little bit of Shielded Assets content
Listen to last week's X spaces with Penumbra and Namada discussing Shielded Assets in the Interchain.
