A little bit of chit-chat
Nomic completed an interchain upgrade that introduced Bitcoin to the interchain ecosystem. This upgrade allows nBTC, a representation of Bitcoin, to be transferred via the Inter-Blockchain Communication (IBC) protocol.
The Interchain Foundation (ICF) has announced that Avalanche is set to join the interchain ecosystem, with CosmosAVAX spearheading the development of an IBC light client for Avalanche. This move signifies a leap towards interconnected blockchain functionality, fostering seamless interactions between Avalanche, Cosmos Hub, and other IBC-enabled chains. The initiative, driven by a partnership between Landslide and StrangeLove Labs, underscores a commitment to enhancing the DeFi landscape through interoperable blockchain solutions.
Learnings
Josh Lee, co-founder of Keplr and Osmosis, reflected on the Celestia launch, presenting a balanced analysis of what unfolded across the whole Comsos ecosystem. He praised the Celestia mainnet launch's smooth operation and credits the airdrop strategy for fostering a solid community foundation. The node endpoint infrastructure, despite facing the highest traffic spike in Keplr's history, scaled remarkably under pressure, showcasing the team's effectiveness in crisis management.
Conversely, Lee acknowledges shortcomings that impacted user experience. Keplr's multi-chain interface was confusing, particularly the 'manage chain visibility' feature, making it difficult for users to recognize new chain availability. Additionally, the error messaging system was not as informative as it could be, often leaving users without clear directions for resolving issues. These aspects, crucial for user trust and retention, have been earmarked for improvement.
The most critical challenges identified were related to the Cosmos fee and mempool logic, which led to IBC transfer failures amid high traffic. Lee suggested that the resolution lies in modernizing transaction processing methods and prioritizing critical transactions. He recommends enhancing fee handling to be more responsive to network demands and affording special treatment to relayer submissions. Josh concluded with an optimistic outlook, emphasizing the lessons learned and the commitment to addressing these challenges to ensure the Cosmos ecosystem's robustness and reliability.
Restructuring
The Juno Working Group has put forth a charter aiming to restructure the Juno Commonwealth's operational framework for a trial period, emphasizing the need for strengthened collaboration, transparency, accountability, and community engagement in its governance. This restructuring includes the dissolution or transformation of existing subDAOs into specialized departments that would operate under a centralized Council, with overarching administration handled by the Juno Commonwealth itself. Departments will be required to practice open meetings and work collectively through the Council to craft and propose comprehensive operating budgets for Commonwealth approval.
This charter grants the Commonwealth veto rights over all Council proposals and maintains ultimate control over the treasuries and memberships of the departments. The document detailing this new governance structure includes an executive summary, the charter's full text outlining the rules and policies, implementation steps, and a glossary of terms. It's a collaborative effort by members of the Juno community, representing various DAOs and groups within the ecosystem, seeking to refine and improve the operational efficacy of the Juno Commonwealth.
By introducing a Council composed of various departments, the charter seeks to federate these entities to enable better collaboration and decision-making. Departments are mandated to engage in open meeting practices and are tasked with several responsibilities, including budget development and presenting a unified front on operational initiatives. The Commonwealth's veto power and control over treasuries are designed to ensure that the larger community's interests are safeguarded, with the ultimate goal of fostering an environment conducive to the growth and development of the Juno Commonwealth.
Wrap Up
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A little bit of Modular content