A little bit of chit-chat
Terra’s Anchor protocol is now interchain. The project launched xAnchor which will allow other chains to use Anchor’s functionalities, the first being Avalanche. The tool is powered by Wormhole, and it is a gateway that bridges to Terra-side contracts. This avoids liquidity fragmentation, ensuring maximum capital efficiency. By building on Wormhole, it can quickly be replicated to other supported networks such as Ethereum, Polygon, Oasis or Solana etc.
We have the first list of confirmed speakers for our IRL event, Privacy in Cosmos, Live in Amsterdam on April 15th. We will have top speakers from Penumbra, Evmos, Axelar, Sommelier, and more to be revealed in the coming editions of the newsletter. Topics include the role of private zones in the ecosystem, DeFi and privacy, bridges and interoperable zones, and ZK technology. The event will also feature the latest updates from top Cosmos projects. Get your free tickets here, they are running out fast.
More voice to the people 📣
Proposal #63 was published asking for 1000 ATOM (~$28560) to create a forum on Discourse for Cosmos Hub governance discussion. The goal is for community members to share opinions and consider proposals prior to voting whilst maintaining transparent, easy to follow records of discussion points.
The proposal refers to communication in the Cosmos Hub as “fragmented” due to the lack of common space for debate, leading to “governance decisions becoming delegitimized by stakeholders.”
Besides paying for the hosting fee, part of the 1000 ATOM will be used to pay for the maintenance of the forum and community management that will ensure users become more engaged. Questions that may arise would also be addressed in a timely manner and discussion points frequently summarised.
The vote closes on March 30th and, at the time of writing, with 13.46% of turnout, there were 56.66% ayes, 8.09% nays and 35.12% abstentions.
The root of all evil? 🤑
A discussion about a 1.5 million OSMO (~$15 million) grant program proposal to fund new community-built tooling and infrastructure is in the centre of debate among community members.
The fund would last 6 months and focus on building new tools such as “DeFi apps, synthetic assets, or even NFT/gaming projects that need a liquid market for their assets.” The program could also fund new projects that leverage Osmosis infrastructure to increase the allocation of airdrops towards the Osmosis community.
Community members have aired their concerns about the lack of specific actions on the proposal and Reverie’s reputation, the entity who is proposing the program and who would also run it. Some members brought attention to a scandal involving Larry Sukernik, a member of Reverie’s team, who according to Cointelegraph, apparently sold $50K worth of Uniswap’s UNI token five hours before the DeFi Education Fund, a grant program run by Reverie, sold a significant portion of its allotment. Sukernik has denied it, saying in a tweet that the “on-chain data doesn’t tell the full story” and that the tokens sold from his wallet were from a grant he received and he traded UNI for USDC to pay other people.
Reverie argued in the proposal that the almost half a billion dollars in the Osmosis Community Pool, which will increase to close to $800 million once it has fully vested, should be used aggressively to fuel the growth of the Osmosis ecosystem.
The cosmic battle continues 🪐
Although the historic proposition #16 passed with a 98% turnout, there is still an ongoing conversation around the right way to remedy the issue raised by the proposal. The vote approved the confiscation of the majority of funds from a wallet that consolidated JUNO from 53 wallets received from the genesis stakedrop, amounting to ~$110M in value today.
A new discussion published on the commonwealth forum, which is yet to become a voting proposition, is calling to burn all the JUNO tokens deposited into the whale wallet, owned by a firm called CCN, instead of transferring almost all of them to the Community Pool.
Joe Abbey, the writer of the proposal, argues that CCN was not eligible to claim the stakedrop with any of its wallets. The argument is based on the fact that CCN’s business model “fits the definition of a Virtual Currency Exchange Service'' and, at the same time, owns two validators, GAME (was CCN) and DEBO, which therefore makes them two exchange validators; a type of validator explicitly ineligible to receive the stakedrop.
It closes saying that stakedrop was a part of the max supply of $JUNO on top of the community pool, therefore, the funds should be burned.
Airdrops List
Surprisingly enough, no important airdrops are coming up this week.
Wrap Up
We would like to thank you for reading our weekly newsletter. We want to make it as community-focused as possible, should you have any topic you would like us to cover please, send it to events@zkvalidator.com
In the meantime, feel free to follow us on Twitter @zkvalidator and visit our website to stake with us.