A little bit of chit-chat
While Stargaze's official marketplace is being audited and will not go live until June 6th, as we reported a few newsletters back, the team has decided to launch a Beta, an unaudited version, of the platform that will launch as early as next week.
The Juno Whale Saga seems to be ending at least on the community governance after Proposal #20 passed, triggering a so-called Unity upgrade that transferred the funds from the CCN's account to a community-controlled Smart Contract. Now, it is up to the community to decide the future of those funds. The whale has threatened to initiate legal procedures against Juno's validators.
Our stance on Proposition 69 🗳️
Proposition 69, probably, has been one of the most controversial governance motions of the last years in the Cosmos Ecosystem. Many relevant names have spoken up about their positions on whether the community should approve or reject the adoption of CosmWasm by the Hub.
And now, it is our turn to voice our opinion on the matter. We voted NO due to several reasons we will explain below:
We believe that the Hub should be minimal to best serve its purpose. It is in the interest of the whole ecosystem that we have a Hub focused on bringing to life Interchain Security rather than growing its surface, which could open the door to vulnerabilities.
Interchain Security is a beautiful concept which can achieve the same goals as adding CosmWasm to the hub in a way that we believe to be more scalable long-term. Watch Billy Rennekamp explain this vision at the Privacy in Cosmos we organised last month. Whilst it is always tempting to try to move faster, we believe that this vision is worth the wait!
We are not entirely opposed to integrating CosmWasm on the Hub. However, we believe that there is still a way to go to do this in the right way. In our view, the Hub should move at a slow and steady pace.
We aim to represent the parties that delegate to us as best possible and in speaking with these delegates we came to understand that many of them also shared these positions.
We also want to clarify that our decision has not been influenced by promises of economic incentives from third parties in any shape or form. Our work is to make the networks we validate secure, and we believe that, at this moment, voting No on Proposition 69 is in the best long-term interests of the Cosmos ecosystem.
What's up with Evmos? 🤔
The Evmos mainnet is facing some challenges one week after launch. According to an official announcement, the network suffered an overflow caused by bots spamming it. This has made Evmos virtually unusable for regular users due to the skyrocketing gas fees and waiting times. Two updates are in the works, one will allow Keplr users to claim their airdrop while a second one will push some fixes on the fee structure. A proposal has also been enacted to make fees more responsive to the network usage.
So far, at the time of writing, there have been 8,628,038 transactions, which translates to more than 1 million transactions per day, marking a milestone for a newly launched IBC chain. Another good piece of data that reflects the project's popularity among users is that there has been over $16M of TVL coming from Ethereum to Evmos using the Nomad bridge for a total of $28M of volume in seven days. The Evmos launch has made an impact on Nomad. Almost two-thirds of Nomad's unique users are Evmosians, while half of the total transactions that had come through Nomad during its four months of activity came to Evmos.
The priority of the Evmos team, as explained during the community call, will be to unfreeze the IBC channel, so Keplr users can claim the Rektdrop and work on stability to ensure a better user experience.
Quicksilver Testnet💧
Quicksilver, the liquid staking zone, launched its first testnet named "Rhapsody Testnet" on May 1st, representing the first step on the project's road to going live in Q3 2022, according to its public roadmap.
After a rusty start that ended up on the chain halted for a few hours, the team successfully relaunched and stabilised it. A total of 90 validators joined the testnet in the first 24 hours after relaunch. The team expects to do updates once or twice a week, depending on the issues found by validators.
Privacy in Cosmos 🛡️
As a side note, we wanted to share with you the individual recordings of all the talks at our IRL event Privacy in Cosmos on April 15th.
Airdrops List
Surprisingly enough, no important airdrops are coming up this week.
Wrap Up
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In the meantime, feel free to follow us on Twitter @zkvalidator and visit our website to stake with us.