Published on: Oct 26Last edit: Nov 12
Our Favorite Blockchains Built on Cosmos
Touted as the “Internet of Blockchains”, Cosmos is a novel idea that solves an issue we are familiar with, silo-ed blockchains that are not interoperable with one another. But what are the best blockchains building on Cosmos?
Touted as the “Internet of Blockchains”, Cosmos is a novel idea that solves an issue we are familiar with, silo-ed blockchains that are not interoperable with one another.
They aim to solve this issue by creating a network of blockchains united by open-source tools that streamline transactions between the various blockchains.
You can think of Cosmos as the whole shopping mall, while the other blockchains such as Ethereum, Binance Smart Chain, Solana, and more are considered to be like the shops inside of that shopping mall.
In this article, we go through 8 of the most interesting “shops” built with the open-source tools that Cosmos provides.
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Formerly known as “Crypto.org Coin”, Cronos is an Ethereum Virtual Machine (EVM) compatible chain built using Ethermint that’s based on the Cosmos SDK, with added Inter-Blockchain Communication (IBC) support.
It has gone live since November 2021, and Cronos has seen massive growth in user adoption thus far, with more than 825,000 unique addresses performing transactions on Cronos.
The ecosystem landscape for Cronos is also booming, with more than 120 dApps choosing to build/integrate on Cronos.
And lastly, with the growth of Cronos, it has a total value locked (TVL) of 1.38 billion as of writing, mainly dominated by VVS Finance.
The native token for Cronos is called $CRO and it is currently ranked 29 with a Market Cap of $2.7B, a circulating supply of 2.26B, and a max supply of 30.26B.
CRO initially began as an ERC20 token on Ethereum in 2018 with a max supply of 100 billion that was held by Crypto.com. In February 2021, Crypto.com announced that it would be burning 70% of CRO’s supply which was done in preparation for the main net launch of Crypto.com's native blockchain.
Now stick with me because this is where it gets confusing.
When we talk about the native blockchain of Crypto.com, we have (1) Crypto.org and (2) Cronos. Since both chains are built with the Cosmos SDK alongside support for Cosmos IBC, it is interoperable with each other.
The difference is that Crypto.org is a standalone network that aims to promote the mass adoption of blockchain via fast transactions with low fees. In contrast, Cronos is compatible with Ethereum and is mainly used to allow dApps to be built on top of Cronos using Smart Contracts. And yes, if you were wondering, it’s similar to how Binance works (BEP2 & BEP20).
As of now, the only thing you can do with the Crypto.org chain is stake your CRO. Whereas for Cronos, you have a whole suite of dApps to play around with, that’s built by 3rd party developers. In the future, we might see more use cases for the Crypto.org chain as it is definitely suitable for more real-world use cases due to its fast transaction settlements with low fees.
CRO has a few sinks to promote demand for the token itself, which mainly are — (1) Trading fees, (2) NFT purchases, (3) Crypto.com Earn & (4) Crypto.com Card.
(1) Trading fees — By staking $CRO, a user is able to lower trading fees in their native exchange. For example, if a user isn’t staking any $CRO, they will be paying a 0.4% fee for every trade they make, and if they were to stake more than 5000 $CRO, this fee is reduced by 10% to 0.36%, and so on. You can check the complete list of discount rates here: Fees & Limits.
(2) NFT Purchases — Crypto.com has an official NFT marketplace, and users can only pay using $CRO. Thus, when demand for NFTs rises in the marketplace, $CRO demand rises as well.
(3) Crypto.com Earn — By staking $CRO, a user is able to earn more by staking other tokens. For example, if a user were to use Earn for 10,000 USDC, they will be getting 6% annual. However, by staking an extra $4,000 worth of $CRO, the user will be able to get 8% annually. This also works for other cryptocurrencies, and you can check out the full list here: Earn.
(4) Crypto.com Card — The card is a staple in the Crypto.com ecosystem, and it boasts a range of VISA cards that comes with a variety of perks, such as Cashback, a subscription to Netflix or Spotify, and more. To get the card, a user would have to commit to staking their $CRO for 6 months. The lowest tier of staking with minimal perks would require $400 worth of CRO staked, whereas the highest tier with the best perks requires $400,000 worth of CRO staked. For the full breakdown, check out this website: Crypto.com Cards.
Of course, there’s much more you can do with your CRO, such as using it to provide liquidity on dApps that are built on Cronos, but we will cover our favorite dApps built on Cronos in another article.
In my personal opinion, Crypto.com has had one of the most aggressive marketing campaigns in the past few years, and the ease of remembering the name helps as well (I want to buy crypto… well why not crypto.com?).
These 2 factors have helped Crypto.com onboard a lot of users in the past few years and as Crypto adoption grows, I believe that Crypto.com will be one of the few companies/exchanges to benefit from the number of user adoption.
And as Crypto.com grows, users will also want to be able to explore new paradigms by exploring dApps, which is where Cronos comes in — to catch users that flow in from the suite of products that Crypto.com provides.
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Osmosis is an advanced automated money maker (AMM) protocol that was launched in June 2021, and it allows developers to build customized AMMs with sovereign liquidity pools.
Because Osmosis did not hard code any of the underlying structures of the AMM, they are able to facilitate experimentation for AMM development. Key parameters — such as swap fees or token weights — and fundamental components — such as curve algorithms and TWAP calculations — are fully-customizable, thus enabling the creation of newer DeFi asset types easily.
At its peak, Osmosis had a TVL of 1.6B and a daily volume of 500M. It has now dropped to a TVL of roughly 157M and a daily volume of 939k.
The native token for Osmosis is called $OSMO and it is currently ranked 128 with a Market Cap of $341M, a circulating supply of 626M, and a max supply of 1B.
Osmosis is highly inflationary in the beginning stages, and this is typical for an AMM due to the nature of needing to incentivize users in the early stages.
At genesis, 100 million OSMO was released and split between the Fairdrop (Airdrop) participants and the Strategic Reserve (used to align key advisors and reward those performing crucial services for the chains).
The rest of the tokens are then split as follows: Staking Rewards (25%), Developer Vesting (25%), Liquidity Mining Incentives (45%) & Community Pool (5%). These tokens will be released by following a “thirdening” schedule, which is similar to Bitcoin’s halvening.
For example, in Year 1 there will be a total of 300 million tokens released, and in year 2, this will be cut by ⅓, and 200 million tokens will be released, and so on, until OSMO reaches an asymptotic maximum supply of 1 billion.
Value Accrual of OSMO: OSMO is a governance token, that allows voting on a few things: (1) Allow users to govern the protocol, (2) Allocate liquidity mining rewards for bonded liquidity gauges & (3) Set the base network fees, and (4) Adding more use cases for voting since OSMO is flexible.
Apart from just governance, OSMO is accrues value via the various fee swaps between tokens and it is used to boost rewards of new liquidity pools.
Being one of the only AMMs which allows flexibility in terms of being able to adjust the various parameters, I think Osmosis is in a good place to bring in the next wave of innovation for DeFi as it is a ground for experimentation.
However, as of now, there is not much value accrual for the Osmosis token itself, hence that is something to be wary about.
Launched in October 2021, Juno is a sovereign blockchain in Cosmos that’s built for interoperable smart contracts. The blockchain aims to serve as a decentralized, permissionless, and censorship-resistant avenue for developers to launch their smart contracts.
The project was launched with and consists of grassroots community members in Cosmos, and there was no public sale/pre-sale of tokens. The JUNO tokens were only distributed to ATOM stakers.
Its community-led nature and the fact that the network is 100% community-owned, are what attract people to build on Juno. As of now, there are more than 50+ dApps on JUNO, with more coming soon.
Other metrics, such as user acquisition and TVL are not easily available yet, and hence will not be included in this section.
The native token for Juno is called $JUNO and it is currently ranked 521 with a Market Cap of $40M, a circulating supply of 79M, and a max supply of 185M.
Being the native token of Juno Network, JUNO serves as the backbone of the ecosystem. What sets JUNO apart from typical L1 tokens is that Juno is 100% community owned.
In genesis, 33M tokens were circulating (50% of JunoHacks + Stakedrop) and the rest are vested.
JUNO’s inflation is as follows: In the first 3 years, it will be halved, and following that until year 12, the inflation drops by 1%. After which, JUNO will be deflationary and network incentives would primarily come from tx fees by the dApps deployed on the network.
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Currently, JUNO does not have a very strong value accrual as it is similar to most L1s, which is: (1) Securing the Network/Staking (PoS), (2) On-chain Governance Voting, (3) Gas fees for all smart contracts on JUNO & (4) Token Collateral.
JUNO is definitely an interesting project due to its nature of being 100% community-owned, which is not something a lot of L1s can offer.
This also means that JUNO has a strong community behind it, and as long as more developers come to JUNO, it has a strong chance of succeeding.
Targeted at dApp developers in the DeFi space and other high-computing & high-growth fields such as machine learning, Akash Network is a decentralized cloud computing marketplace that connects those who need computing resources with those who have the computing capacity to lease.
On a high level, when we talk about Akash, also known as Akash DeCloud, there are 2 main components: (1) Akash Network & (2) Akash Platform.
(1) Akash Network: It is an on-chain decentralized marketplace for leasing computer resources & acts as a supercloud platform that provides a unified layer above all providers on their marketplace that ensure clients have a single cloud platform, regardless of whatever provider that might be using.
(2) Akash Platform: The Akash Platform is an off-chain deployment platform used for hosting and managing workload. It is a set of cloud management services that leverages Kubernetes to run workloads.
So how does Akash fare right now?
As of now, the total lease count (ie. all deployments that were live that someone paid, including testing or temporary deployments) has grown tremendously, meaning people actually use Akash.
However, when we look at the daily lease count (similar to the total lease count, just on a daily basis), we can see that right now, not a lot of people are leasing. 56 new leases today as compared to January’s high, which was 532.
The current active leases, however, tell us that there is a base amount of people using Akash, which is around 400 leases, a good growth given that Akash launched not too long ago.
The native token for Juno is called $AKT and it is currently ranked 179 with a Market Cap of $218M, a circulating supply of 221M, and a max supply of 388M.
At genesis, a total of 100M tokens were introduced, with 2.8M in circulation and the rest vested. The schedule of the genesis tokens can be seen below.
Akash follows a halvening method every 3.7 years, with current inflation standing at 22%. Remember, the max supply of AKT is about 388M, so we can estimate the tokens to be inflationary until around 2030 based on the Supply Estimate.
The Akash tokens hold four roles in the network, mainly: (1) Incentivization for securing the Network/Staking (PoS), (2) On-chain Governance, (3) Value exchange where AKT is the primary token for storing and exchanging of value and is a reserve currency in the Cosmos ecosystem and (4) Take Income.
I want to expand on Take Income here, as it is not usual to see it in crypto projects. This is determined by the Gross Merchandise Value (GMV) which is the total value of all completed transactions in a marketplace, and once the Akash network reaches a more significant GMV, rewards for token holders will compromise of inflationary rewards + Take Income (which is a % share of transactions in the marketplace).
Akash is a novel project trying to compete with traditional cloud providers such as Google, Microsoft, and Amazon. Although the traditional cloud providers are huge, they still fall vulnerable to a single point of failure.
Akash fixes this by being the first open-source cloud computing provider and allows developers to deploy applications with minimal configuration and server management through the use of blockchain and containerization technology.
With a projected cloud services spending of 370 billion in 2023, I believe that Akash has a chance to compete with the giants of this industry, and AKT is how you capitalize on the growth of decentralized cloud services.
EVMOS is short for EVM (Ethereum Virtual Machine) on Cosmos and is built using the Cosmos SDK with IBC compatibility. This allows any developer building on EVMOS to have the best of both worlds in terms of tooling and exchange of value.
It has gone live since April 2021, and currently has about 59 dApps in total that are building on/expanded to EVMOS.
Following that, EVMOS currently has 6.6M in TVL, which is not too bad for a project that has been live for <6 months.
The native token for Evmos is called $EVMOS and it is currently ranked 487 with a Market Cap of $46M, a circulating supply of 576M, and a max supply of 1B.
EVMOS is highly inflationary at the beginning, with more than 300 million tokens being issued in the first year. However, the tokens will be issued under an exponential delay schedule where inflation is decreased every year.
At genesis, 200 million tokens were released and was split between the Rektdrop (Airdrop) participants, the community pool and strategic reserve
EVMOS tokens are mainly used for: (1) Incentivization for securing the Network/Staking (PoS), (2) On-chain Governance, (3) Incentivization for developers and network operators for their services in the dApp store (through built-in shared fee revenue model) and (4) Registering tokens on the ERC20 module for EVM-IBC integration with ERC20s. For a full explanation, you can read more here: Token Model.
EVMOS is definitely a huge step towards interoperability and would get more users to explore the Cosmos ecosystem in depth by porting in users who are familiar with EVM dApps.
If I were a first-time crypto user and had to bridge from one ecosystem to another to try out new products or apps… I don’t think I will.
With EVMOS it makes things so much easier, not just from a developer’s POV but as a user as well.
Kujira protocol represents a new wave of innovation in blockchain technology. Launched with the mission to democratize access to DeFi and empower users, Kujira has quickly gained traction in the crypto community. Going live in 2021 with a clear vision of making DeFi more accessible and equitable, Kujira has been breaking barriers that often hinder smaller investors in the crypto space.
The native token of the Kujira Ecosystem is called $KUJI and it is currently ranked 95 with a Market Cap of $500M, a circulating supply of 122M, and a max supply of 122M.
Kujira's tokenomics are designed to foster a sustainable and value-driven ecosystem. At its core, the native token, KUJI, plays a crucial role in governance, allowing holders to vote on key decisions and proposals affecting the platform.
Kujira presents an intriguing perspective in the world of decentralized finance (DeFi). It stands out for its user-centric approach, aiming to make DeFi more accessible and equitable. One of its notable features is the focus on minimizing the barriers for smaller investors, a contrast to many DeFi platforms where larger players often dominate.
The platform's innovative solutions, like the ORCA protocol for liquidations, demonstrate Kujira's commitment to solving complex issues in DeFi. By offering fairer liquidation processes,
Stride is a blockchain ("zone") that provides liquidity for staked tokens. Using Stride, you can earn both staking and DeFi yields across the Cosmos IBC ecosystem. Users stake their tokens on Stride from any Cosmos chain. Rewards accumulate in real time. They will receive staked tokens immediately when they liquid stake. The Stride blockchain went live in September of 2022, at which point Stride protocol began supporting its first token for liquid staking, ATOM.
The native token of the Stride Ecosystem is called $STRD and it is currently ranked 305 with a Market Cap of $98M, a circulating supply of 88M, and a max supply of 100M.
The Stride tokenomics have been designed with three complementary outcomes in mind:
- Quickly and effectively distribute Stride governance power across the communities Stride serves
- Facilitate social coordination to promote Stride liquid staking
- Build and maintain value for the ST token
A key component of Stride’s value accrual is its focus on interoperability and integration with various blockchain networks. This interconnectedness allows for seamless cross-chain transactions, opening up a multitude of opportunities for users and developers alike. By facilitating easy access to different blockchain environments, Stride enhances its utility and, consequently, its intrinsic value. Token Model.
Additionally, Stride's blockchain may incorporate features like transaction fee models, staking rewards, and governance protocols. These features not only incentivize users to participate actively in the network but also ensure a fair distribution of rewards, aligning the interests of all stakeholders. The transaction fee model, for instance, can provide a steady revenue stream, while staking rewards can encourage network security and stability.
From a broader perspective, Stride Blockchain is seen as a forward-thinking and adaptive player in the blockchain space. Its focus on interoperability and user-centric features positions it well in an increasingly competitive market. The platform's ability to bridge various blockchain networks is particularly valuable in an era where cross-chain functionality is becoming crucial.
The native token of the Agoric Ecosystem is called $BLD and it is currently ranked 311 with a Market Cap of $97M, a circulating supply of 649M, and a max supply of 1B+.
The BLD staking token secures and governs the Agoric chain and economy. The BLD token can be delegated to validators to ensure decentralized execution. BLD stakers are compensated for this role through staking rewards from new issuance of BLD as well as a share of Inter Protocol fees.
From my perspective, Agoric's approach to simplifying blockchain development and its focus on leveraging a widely-used programming language are commendable and could potentially lead to significant growth in its ecosystem. However, the success of any blockchain platform depends on a complex interplay of technological robustness, community engagement, market adoption, and the ability to navigate an ever-evolving regulatory and competitive landscape.
The true test for Agoric will be its ability to maintain innovation, foster a supportive developer community, and adapt to the changing needs of the blockchain world. As with any emerging technology, there are risks and uncertainties, but Agoric's unique approach positions it as a noteworthy player in the blockchain space.
There we have it folks, the best crypto blockchain projects within the Cosmos ecosystem that we love and use frequently. In the next few articles, we will be diving even deeper into these ecosystems and introduce to you the dApps that are living and thriving in the various ecosystems.
I hope you enjoyed it, and stay safe in these market conditions. If you’re looking for a community, come over to Flagship’s discord to discuss more!
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