Cosmos News /// by ZKV #18
See the sun
A little bit of chit-chat
The Juno community rallied around Proposal 23, approving it with 97.45% of the votes, creating a $75 million pool to fund the relocation of Terra projects to Juno.
Osmosis keeps handling the shockwaves from the Terra collapse. The recent Proposal 232 asks the community to temporarily lower the voting period from five to two days to allow the community to act faster on incentive restructuring and a rapidly changing environment. At the time of writing, it has over 59% of the vote, with over 68% of participants voting “No” on the proposal.
Terra back to IBC 🌌
During the Terra Collapse, its IBC channel, which allowed transactions between Terra and other IBC enabled chains, was disabled to prevent impermanent losses and attacks to Liquidity Pools on Osmosis and other DEXs. But that measure seems to end with Terra's Proposal 1299, which asks to re-enable and unlock the transfer between chains.
Currently, there is around 154 million UST stuck in Osmosis alone, which could break free to other IBC networks once the proposal passes. There seems to be much support from the community, given the number of people who cannot trade their tokens or get the snapshot needed to be eligible for the airdrop that will happen once Terra 2.0 launches. According to a recent conversation on Twitter between Sunny Aggarwal and Do Kwon, liquidity providers on Osmosis, and all IBC transferred assets, will be indexed for the snapshot to qualify for the airdrop, as stated on this community proposal, at block heights 7544910 and 7790000.
A glowing star 🌟
Stargaze launched the unaudited Beta version of its marketplace, which besides implementing a new UX, implements a deflationary measure for its native token STARS. The minting and trade fees will be split between the community pool and a burning mechanism. Inflation has already come down, as incentives in Osmosis have finished, from around 500% to 73.7%, according to Mintscan.
The Beta Marketplace already has some data to show. On the launch day, there were visitors from over 100 countries to the marketplace with 3M STARS in transactions (~158,000USD). During day one, close to 60,000 STARS were burned. These stats put Stargaze in the 7th place of Blockchains by NFTs sales volume during its first 24 hours. The project has remained within the Top 10 NFTs blockchain ranking by volume, surpassing Avalanche and Arbitrum. There are 56 live collections, and the audited version should be live around July.
What’s next for Evmos? An interview 🤔
We sat down with Federico Kunze Kulmer, co-founder of Evmos, to ask some burning questions many in the community have had about this project. Here are a few of his answers:
Q: What's next on the roadmap for Evmos?
A: So, right now, we're enabling the ERC20 module. This can convert the ERC20 tokens into Cosmos coins and vice versa. This will allow all the Cosmos coins to be represented inside the EVM. You will be able to use all the AMMs and DeFi applications with OSMO, ATOM, JUNO, or any other Cosmos base coin. For example, for all the ERC20s tokens deployed on Evmos, you can trade them or transfer them via IBC.
The following thing that we will enable on our next release is the fees module, which is how we split the transaction fee between validators and developers. Every time a user interacts with a decentralised application, we will be splitting the gas fee into 50% for validators and 50% for developers. And that is going to allow us to create a more sustainable ecosystem for all the apps out there.
Q: How's the situation at Evmos with all the congestion and high fees experienced since the launch?
A: So we're currently dealing with much traffic, especially from Ethereum transactions, people using all these smart contracts and all the applications we have. So one of the main things that we did was update the EIP-1559 base fee. This can make the transaction more expensive, especially for arbitrage bots, so that they cannot execute as many transactions as before.
We recommended that validators increase their minimum fees to help alleviate some of the traffic or these arbitrage transactions. So those are the main things. In the future, we're changing how the EIP-1559 logic works in how the gas is calculated, especially for Evmos. And then, the other thing is we're creating a global minimum fee because even though we give these recommendations, some of the validators may accept lower fees, which makes the transaction go through no matter what. If we're able to create a minimum gas price globally in the parameters, that will also alleviate some of the load from all these transactions.
Q: Which projects should we keep an eye on from the Evmos ecosystem?
A: DeFi applications using the token model components that we introduced, like the fee split mechanism or the ERC20s. In general, that's the main thing to look out for. We also have an entire ecosystem of NFTs. And then all the interoperability that is also happening between all these EVM chains on Evmos. And with this ERC20 module, we will be able to route all these tokens from Avalanche Polkadot, and other networks, to the rest of the Cosmos ecosystem via Evmos.
Keplr users should be able to claim their Evmo Rektdrop following these instructions.
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