A little bit of chit-chat
Osmosis enabled Osmo Pixels to celebrate its first birthday, a public whiteboard integrated into their DEX. Users can drop 1 pixel every 30 blocks via signature transactions. Also, users willing to participate in the whiteboard must have an active account before June 20 and stake OSMO. They must stake to smaller validators if they want to unlock more colours.
After some controversy on Social Media, the Interchain Foundation published a Twitter Thread acknowledging some deficiencies in their delegation program, which was intended to help decentralise the network. The ICF said in their post that in the coming weeks, they would work with the community to solve the issue to the best extent possible.
Evmosians are speaking up 📣
The Evmos community is proving to be highly grassroots with a wide range of vocal community members proposing solutions to current issues. There have been two topics highlighted in Commonwealth and Social channels.
One of them is the centralisation of voting power in the top validators. As of right now, Evmos has higher centralisation of voting power accumulated by the top 5 validators with 37.39%. This is above the rates of other leading Cosmos chains, such as the hub. The community has noted this and has come up with some solutions on Commonwealth. One of the threads called for implementing Inverse Proportional Inflation, increasing inflation rewards to validators below the 'vp_Dmax' parameter (~0.667% of the voting power), which will be the hypothetical complete decentralisation scenario for Evmos.
Another topic brought up, this time by our team at the ZKValidator, was the fate of the close to 76M Evmos - still unclaimed from the Rektdrop. We have asked the community for their thoughts on whether Evmos should burn the remaining tokens. We believe that in lowering the current supply there would be a benefit to token holders. This act does not represent a financial risk for the Community Pool either, despite it being the intended destination of the unclaimed tokens, since it already has more than 76M EVMOS assigned from the token distribution model. Besides the option of burning them, we also gave other options like distributing them proportionally to smaller validators, creating a grant stream for privacy-focused applications on Evmos or allocating the tokens as planned while lowering future allocations to the pool.
Cosmos is the place to be at ⚛️
The news of dYdX, one of the leading derivatives exchanges, coming to Cosmos took Twitter and other social channels by storm. Besides announcing how they will be building their chain using the Cosmos SDK, dYdX also detailed why they decided to take such a step. This is a big move for a project currently on a Layer 2 on Ethereum.
Here are some of the essential points:
They are looking for sovereignty, and Cosmos provides that, allowing the community to own total control of the following steps taken by the platform.
Cosmos also allows dydx to build the chain to suit its needs, for example, allowing trading without paying high gas fees but instead paying fees based on trades executed.
Handling a high throughput of transactions without affecting the overall user experience.
As stated by Antonio Juliano, founder of dYdX, the project will have its own validator set and probably will use the dYdX token as its token.
Fine wine on the works 🍷
Sommelier received its first auditor report for its Aave stablecoin Cellar smart contract. Auditors pointed out some vulnerabilities in the contract, which were addressed by the team and sent back to the auditors.
According to the official update, auditors should come back with a result soon enough to have news about the new launch date in the coming days. Those fixes should be some of the last steps before launch as the application's UI has already been completed.
Airdrops List 💦
A new airdrop has arrived at Cosmos. Make sure to check it out.
Wrap Up
If you like our newsletter, share it with your friends so they can be also on top of the latest and the greatest (and sometimes not so great) of the Cosmos ecosystem.
In the meantime, feel free to follow us on Twitter @zkvalidator and visit our website to stake with us.