A little bit of chit-chat
The Picasso parachain, Composable Finance’s L1, recently completed the first IBC transfer between a chain outside of Cosmos and a Cosmos chain.This is part of composable finance’s Polkadot<>Cosmos main-net IBC testing. In this test, the transaction was sent back and forth to Chihuahua. This is the first step in Composable’s work of taking IBC to Polkadot and Near. Picasso is currently establishing a number of test channels with different Cosmos chains.
Snap!
Mystic Labs has announced its plans to fund the integration of the Cosmos Metamask Snap. The initiative aims to improve the experience of the 20 million monthly active Metamask users by providing a high-quality service to access the Cosmos ecosystem.
Mystic Labs tweeted about optimizing resources for the community and considering the cancellation of low-cap chain props unless there is significant demand for integration. By prioritizing the delivery of an enhanced user experience, the company aims to support the growth of the Cosmos ecosystem.
According to Mystic Labs, the budget for the project is estimated to range from $150,000 to $200,000 USD in the first year. This estimation takes into account factors such as auditing, transaction volume, the number of chains, and associated costs, which scale exponentially as more chains are added.
The company clarified that funds granted from community pools will be dedicated solely to supporting the Metamask Snap infrastructure. Any excess funds will be used to extend the service's lifetime beyond the initial year.
Mystic Labs stated that funding will only be accepted from chains that express genuine interest in supporting the Cosmos-wide Metamask Snap. The goal is to ensure equitable distribution of costs and benefits among the participating chains, acknowledging and appreciating their contributions accordingly. The primary focus of Mystic Labs' initiative is to provide a high-quality Snap that attracts and retains Metamask users within the Cosmos ecosystem.
Retouching ICS
A proposal, authored by Pupmøs, has been put forward on the Cosmos Hub community forum to enhance the Interchain Security (ICS) mechanism design for Cosmos Hub. The aim is to align incentives between validators, delegators, and consumer chains, while ensuring the long-term sustainability of the Proof of Stake (PoS) security layer.
The proposal consists of three parts:
Chain-specific Validator Commission: Introduce a commission structure that allows validators to set custom commissions for consumer chains, adapting to different revenue and cost structures.
Security Deposit: Require new consumer chains to contribute a security deposit equivalent to 0.01% of total bonded ATOM, fostering alignment between consumer chain developers and the security provided.
Capped Community Pool: Allocate a specific amount of ATOM to the community pool over 10 years, ensuring market demand for ATOM and reducing reliance on the pool for security deposits.
By implementing these measures, the proposal aims to improve incentive alignment and support the growth and maintenance of Cosmos Hub's security ecosystem.
Airdrops
Wrap Up
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