A little bit of chit-chat
Stride has proposed to join the ATOM Economic Zone (AEZ) and adopt interchain security (ICS) from Cosmos Hub. The proposal aims to achieve social consensus and requires two follow-up proposals to implement the decision. If approved, Stride will share its revenues with Cosmos Hub in exchange for economic security. Additionally, Cosmos Hub will share 450,000 ATOM to be used to facilitate trading between stATOM and ATOM. The Stride community has already voted in favour of the proposal, and now it is up to Cosmos Hub to decide whether to accept the application to join AEZ and adopt ICS.
Remember to get your Privacy in Cosmos in Prague tickets this June 7th here.
The scam pools
Osmosis has been seeing a surge in high APR pools, which have proven risky for some users who have invested in them. A proposal in the community forum has been put forward to mitigate this risk by implementing changes to its frontend, including excluding non-authorized pools and issuing warnings when high APR pools are detected. However, there are still concerns that users may not fully understand the risks and other frontends may not offer the same warnings.
Possible solutions to this problem include raising the pool creation fee, currently at 100 OSMO, to prevent the creation of spam pools, but this could disadvantage legitimate users. Alternatively, permissioned creation could require a governance proposal or frontend maintainer to list a pool, but this may reduce the ethos of permissionless DeFi and increase the burden on governance.
On the frontend side, Osmosis can provide further warnings on high APR pools, display a new listing badge for new tokens, and require a Coingecko link to provide more information on the token. However, there is still a need to explore other possible solutions to improve the user experience and reduce the risks associated with high APR pools. Also, there’s an option to implement a refusal to list certain assets to prevent blatant scams from being listed, which, once again, would go against the permissionless DeFi ethos. Then, there could be a price discovery period in which no price is assigned to a token and, hence, no APR will show or limit the display of external rewards, in both cases user experience may be hurt.
Weekly Developer Activity (courtesy of Mintscan.io)
An EVM RollApp
Dymension has launched its 35-C testnet, which marks the beginning of a new era for blockchains in the IBC ecosystem. The testnet features the deployment of the first IBC-enabled rollup, which utilizes Ethermint built by the EVMOS team. This innovation paves the way for the release of the first IBC-enabled EVM RollApp on the 35-C testnet.
The EVM RollApp is a tool that provides developers with an ultra-fast, low-latency execution environment for order-books, EIP experimentation, and innovative game development. It allows developers to deploy their favourite EVM-compatible smart contracts with access to the customizability, low latency, and easy bootstrapping provided by RollApps. RollApps have dedicated block producers called Sequencers, which target blocks every 200 ms.
The testnet EVM RollApp will utilize IBC-transported tokens of EVMOS to pay for gas fees, making it a positive-sum modular chain. Users can request tokens to their address via the EVMOS testnet faucet and utilize the Dymension Portal to IBC transfer the tokens to the EVM RollApp using tEVMOS as gas on the RollApp. The testnet EVM RollApp will publish data transactions to Celestia's Mocha testnet and state updates to the Dymension Hub.
Airdrop
Wrap Up
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