A little bit of chit-chat
After the Terra Collapse, the debate around stablecoins has been a top priority for the community. This week Umee announced that they will be able to expand DAI's collateral set to include Cosmos-native assets through their new cross-chain technology called "bridgeless collateralization." The idea is for users to keep their assets in one blockchain to avoid bridging them to another blockchain to become wrapped assets, eventually preventing high-profile exploits, such as the Wormhole bridge in February.
Juno had a busy week in terms of arrivals. Indexing protocols The Graph and Subquery announced they were coming to Juno. For Subquery, this is its first integration with Cosmos, while for The Graph, it's the first integration with a Cosmos chain other than the Hub.
Evmos Gas Dilemma ⛽
A poll around the Minimum Gas Price parameter for Evmos sparked on Commonwealth with community members discussing different ideas to improve the current congestion of the network. The `MinGasPrice` parameter has priority over other things, meaning that the gas price cannot go lower; otherwise, the transaction will fail.
Most participants choose to support a higher amount for the parameter. One of the arguments favouring a radical hike to the Minimum Gas Price was to reduce spam, as Federico Kunze Küllmer told us is an issue for Evmos. Another argument was to make blocks smaller, increasing the network's speed.
A common point of agreement between participants was to monitor the situation and, if needed, keep increasing the Minimum Gas Price until it is not economically sound for the bots to operate and congest the network.
Osmosis is back and safer 🧪
The Osmosis community had a rough week after validators and the core team halted the chain because of an exploit. At the time of writing, the estimated cost is approximately $5M, some of which have been recovered.
The bug was introduced accidentally in the latest upgrade. It produced incorrect calculation of LP shares when adding and removing liquidity from pools, allowing exploiters to take out more money from the pool than they should have.
The chain was reactivated on Sunday at 4 PM UTC. According to one of Osmosis's latest official statements, accounts that have been affected by the exploits will be compensated with a recovery airdrop containing funds from the strategic pool, so there will be no alterations to the chain's state.
Liquid Staking for Cosmos 💧
Next week, Quicksilver will launch its Killer Queen incentivized testnet for validators and end-users. As an investor, we were excited to learn about the progress. We talked to Joe Bowman, founder of Quicksilver, at Gateway Conference to get a glance at his vision for the future of the liquid staking protocol.
Q: How are the iterations with the Testnets going?
A: We had the initial 100 validated slots filled in the first 24 hours. We've now twice bumped it up. So we've now got 300 active validators. There are another 50 or so that have joined and are currently not in the active set. So it's been a phenomenal kind of reaction to launching. I was expecting 20 validators, maybe, but 300 is quite impressive. Indeed, the biggest testnet I've seen today is our first public testnet; it's pretty awesome. And it shows the kind of the magnitude of the response that we've had in terms of people that want liquid staking on Cosmos.
Q: What will the incentivized testnet look like in terms of rewards?
A: The total reward for this incentivized testnet is 5% of the Genesis supply, 10 million tokens in terms of the mainnet launch scheduled for mid-July.
Q: Which networks would you be able to work with at genesis?
A: The initial zones that we intend to rely on are those with Interchain Accounts already enabled. So as far as I'm aware, that's currently the Hub and Evmos. So there are a couple of chains that I am presently talking to get those Interchain Accounts enabled, and hopefully, those will be in place for our launch or shortly afterwards.
Q: When can community members expect the airdrop?
A: So the airdrop is going to be an ongoing thing. A large portion of these will be airdropped at Genesis. That will be to the initial zones that we onboard. The exact split depends entirely on what zones are on board and how large they are.
The remainder of the allocation will be split across zones as we onboard them. So every time we onboard a new zone through governance, we do another airdrop. To supplement that as a continuous thing, 30% of the inflation rewards from QuickSilver will go back into the same pool. There will be some drawback mechanism so that if you don't claim in some time, we would claim it back to the pool because it will always be helpful for future airdrops.
Q: How will be the airdrop claiming process?
A: We don't want to fund a whole bunch of accounts that never get used. The claiming process for the airdrop will be similar to how it was on Osmosis and Stargaze, where you have to perform some action to unlock the airdrop. And that's likely to be bringing assets into the Quicksilver zone. There'll be some work currently on verification of cross-chain actions, so we want one of them to be providing liquidity into various DEXes. So if you take your few atoms and put them into Osmosis, for example, assuming that we can feasibly verify cross-chain, then we can use that as something to trigger and unlock the rewards. We want to incentivize users to use the protocol.
Airdrops 💦
No relevant airdrops this week. Keep in mind we bring you the airdrops we think are the most relevant ones.
Wrap Up
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