A little bit of chit-chat
Interchain Security is right around the corner. The last step before implementing this novel system on the Cosmos Hub is the incentivised tesnet, which is set to run in Q4 2022. A proposal has been published asking for 20,000 ATOM to support validators operating on this testnet.
On a more personal note: ZKV has a new website which includes a page with our voting record in each of the networks we participate. The goal with this is to be transparent with our delegators and the broader community. You can check our voting record here.
IBC: 18 months after
One year and a half after the official launch of the Inter Blockchain Communication (IBC) protocol, the Interchain Foundation has published a report with stats and facts that show its evolution and adoption in the greater Cosmos ecosystem.
The network of interconnected blockchains has grown from 8 to 49 chains in 18 months, achieving from January to August 2022 a whopping $34 billion worth of transfers for an average of $1400 per transaction.
Another important metric for adoption is the Daily Active Users (DAU), which peaked in March 2022 at 1.3 million DAUs. Most DAUs were on Osmosis which also led the ecosystem in inbound and outbound IBC transfers.
It's a reality
Sunny Aggarwal introduced during Cosmoverse the concept of Mesh Security, a mechanism through which IBC networks could lend and borrow the security. A week later, during the HackWasm in Colombia, the Osmosis and Juno teams got together to make this a reality.
They deployed contracts on Juno and Osmosis testnets, allowing users to stake and unstake assets cross-chain. According to Jake Hartnell's tweet, at least Juno will try to have it live on the mainnet by year's end.
ATOM 2.0 Discussion
After publishing a draft of the whitepaper alongside a forum post, the Cosmos Hub community has engaged vigorously in the last week, sharing their ideas, concerns and support for the measures stated in the proposal.
Among the concerns aired by participants, there are clear points of friction which include:
Issuance: many have expressed concern about the amount of new ATOM that will be minted and sent to the Treasury during the first phase of the process (almost 69 million ATOM) as well as the effect such a massive amount of supply could have on the value of their holdings. On the other hand, proposers have argued that those ATOM should be seen as capital deployment meant to grow the ecosystem and, thus, the future revenue of the Hub.
Complexity: some community members have expressed concern about the proposal's complexity in being voted on all at once, asking for a possible way to vote on each of the most sensitive topics separately.
Centralisation: a handful of cosmonauts have expressed some concern about the centralisation risk for the Treasury funds, specifically regarding capital allocation. As stated on the whitepaper, the Interchain Allocator will have DAOs which could be constituted by any group of ATOM holders, handling the allocation of funds only if the projects requesting the tokens align with the long-term vision of the Hub.
The forum post will be open until October 24th for discussion. As a validator, we would like to hear your comments in private. If you have any doubts or concerns regarding the Atom 2.0 proposal, send them to hector@zkvalidator.com, and we will consider them as we prepare to vote.
Airdrops List
A little bit of intergalactic music for you
Wrap Up
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