A little bit of chit chat
We are working towards an IRL Cosmos event happening on April 15th in Amsterdam. You can check out the event page by clicking here and subscribe to stay up to date for event-related announcements. We are still working on the final details to create a remarkable experience for the whole community, and bring some of the best speakers in the community together.
Stay tuned and keep your eyes peeled for the venue announcement.
Burning bridges? 🌉
Image source: "Gravity Bridge Token Economics”
Some members of the community have expressed their concern about the allocation of Gravity Bridge’s tokens ($GRAV). According to the tokenomics published by Gravity Bridge, 50.3% of the genesis token supply (2.2 Billion) will go to the community pool while 40.6% will go to the validators, auditors, the Gravity Foundation, the development team, and early Althea supporters.
This distribution will leave the ‘Core Cosmos Ecosystem’ with only 9% of the initial supply. The ‘Core Cosmos Ecosystem’ in this instance is composed of a 2% allocation to the Interchain Foundation, 5% to the Cosmos Hub Community Pool, 1% to Peggy JV, and 1% to Tendermint. This breakdown is the reason why some community members have argued on social media that the Bridge, which was conceptualised to be totally decentralised, became a centralised entity with a lot of decision-making power in the hands of few stakeholders.
As far as validators are concerned, at the moment, 50% of the tokens are staked in the top 10 validators, which is fairly standard across the whole Cosmos ecosystem. At the time of writing, Gravity Bridge has not made an official comment about the situation.
Crowdfunding just went crypto ✋
On Feb 16th, DAO Up! launched on Juno. DAO Up’s mission is to help communities raise funds for their DAOs through crowdfunding. Backers would get a refund if the funding target is not reached for a specific round.
If the target is reached, backers will receive governance tokens proportional to the amount they provided for the DAO they supported. This will allow them to actively participate in the DAO governance and have some control over the funds they contributed.
At the time of writing, there are six active campaigns from different DAOs. Among the projects, you will find a coffee DAO, a cat meme coin to fight other dog coins, and a biotech project.
A new mainnet in the Cosmos ⚛️
Umee launched its mainnet on Cosmos on Feb 15th, which means users will be able to lend and borrow assets across networks in the ecosystem, providing them with increased opportunities in terms of leverage, liquidity, and diversified sources of yield.
On the day of the launch, through Inter-Blockchain Communication (IBC) and the Gravity Bridge, Umee enables interoperability across more than 30 chains, including Terra, Crypto.com, Binance Chain, Osmosis, Cosmos Hub, and Ethereum.
According to the Umee team, in the coming days, the lending module will be deployed on the Umee Chain, while the web app will continue on the testnet until Feb. 20th.
Airdrops List 💦
It is difficult to ignore all the airdrops happening in the Cosmos ecosystem. So here is a list of airdrops for the week.
Wrap Up
We are excited for the positive feedback every edition of the newsletter is receiving. In the coming editions we will be adding more interesting content and features, so stay tuned.
In the meantime, feel free to follow us on Twitter @zkvalidator and visit our website to stake with us.