A little bit of chit-chat
Delphi Labs and the Astroport Foundation have launched Asteroid, an inscriptions platform on the Cosmos Hub network, designed to embed data on blockchains without native smart contract support. Asteroid enables the creation of "CFT-20" tokens, with its first token, Asteroids (ROIDS). Beyond tokenization, the platform is envisaged as a "metaprotocol" for diverse applications, including data storage. This innovation is part of a broader trend where inscriptions, starting with Bitcoin's Ordinal protocol in early 2023, are expanding to multiple blockchains, including EVM-compatible chains.
zkTIA?
Zaki Manian posted on the Celestia community forum a proposal to explore the integration of zero knowledge proof (ZKP) verification into its base layer to balance the need for enhanced expressiveness in applications with its principle of state minimalism. According to the proposal, this enhanced expressiveness would facilitate the development of TIA-aligned DeFi, liquid staking, and re-staking. Moreover, ZKPs would allow for the creation of complex rules governing state transitions directly in the base layer, encompassing activities like staking, claiming rewards, and fund escrow. As highlighted by Zaki, this initiative faces the challenge of keeping pace with the fast-evolving proof systems, particularly since the significant advancements seen since 'Snarktember' 2019.
To address this, a working group, led by Skip, is being formed to develop a strategy for embedding ZKPs verification in Celestia's base layer and adapting to the evolving proof systems. Participants will engage in various activities, from writing and reviewing code to attending meetings, with the first scheduled for January 24 at 3pm UTC.
Let’s Get Rusty!
Hey all!
ZK Hack IV will host the second session tomorrow.
Risc Zero will be taking the stage to “get rusty”.
This is an opportunity to learn how the ZKVM works, it's features, and how to get started building your first ZK Rust application.
P.S. There’s a puzzle competition you can join (Prizes are very ZK oriented ;) )
A Coordination Layer
Last week, Ethos introduced a coordination layer to integrate Ethereum restaking into the Cosmos ecosystem, offering a new approach to enhance security for appchains. This system seeks to provide appchains with the economic security benefits of Ethereum, coupled with access to a broad network of node operators from both ecosystems. As stated in their first post, Ethos is designed to address the common challenges in Cosmos, where app chains face a choice between establishing a sovereign validator set, often involving significant effort and expenses, or adopting the Cosmos Hub's validator set, which can limit control over tokenomics and increase operational demands on validators.
The concept of Mesh Security, gaining traction in the Cosmos community, is central to Ethos' strategy. This approach allows the staking tokens from one blockchain (the provider chain) to be used on another (the consumer chain), enhancing the latter's economic security without the addition of new nodes. Ethos utilizes this model, positing it as a flexible solution compared to other security methods, allowing appchains to adjust their level of shared security as needed.
Technically, Ethos employs an Actively Validated Service (AVS) on Ethereum Layer 1 and its own appchain to facilitate ETH restaking and coordinate stake management across consumer chains using IBC.
About Last Year
Osmosis Labs published a comprehensive report summarizing the highlights from 2023 for the Osmosis ecosystem.
A key highlight of the year was the growth in various metrics such as DEX volume, revenue, and unique users. Osmosis consolidated its position as a central liquidity hub in the Cosmos ecosystem, handling $4.5 billion in trading volume across numerous tokens and liquidity pools. The DEX generated over $8 million in swap fees, bolstered by governance initiatives like the ProtoRev module and the Taker fees. The latter part of 2023 saw a rise in unique wallets transacting on Osmosis, particularly with its expansion into the Celestia ecosystem and the integration of dYdX v4. Osmosis also played a pivotal role in the IBC network, handling a significant portion of the IBC send volume.
The ecosystem growth was further amplified by the introduction of several new applications and protocols. Mars Protocol, for instance, leveraged Osmosis liquidity for its "Red Bank Outpost," marking a major step in integrating money markets into Osmosis. Other notable additions included the Levana Protocol for perpetual offerings, the Quasar Vaults for decentralized asset management, and various others like Membrane Protocol, Margined Protocol, Milkyway, and Calculated Finance.
In terms of innovation, Osmosis focused on enhancing user experience and ecosystem functionality. Significant features like Supercharged Liquidity were introduced, optimizing capital efficiency and fee generation for liquidity providers. The Token Asset Page and Staking Dashboard were revamped to provide users with comprehensive tools and insights, streamlining the staking process within the Osmosis platform. Additionally, the Osmosis community voted to update the OSMO tokenomics, aligning it more closely with the platform's DeFi-centric vision and incorporating a protocol revenue burn mechanism.
Wrap Up
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