5 min read
Cosmos Check-In #12
Welcome to Flagship’s Cosmos Check-ins! We aim to provide you with up-to-date and in-depth news about the Cosmos Ecosystem in less than 10 minutes! So grab a coffee, and let’s dive in.
TLDR; What you missed from 17th February to 24th February
The past week has been a spectacular sight to behold, as people are moving capital from western projects — because of the SEC’s tough stance on regulating crypto — to the eastern projects, aka Chinese projects, as China’s money printer goes ‘brr’ and Hong Kong allows citizens to purchase crypto freely.
On that note, the Chinese version of Cosmos Hub (aka IRIS Network) has been making tremendous progress in furthering the vision of interoperability, with Hong Kong using Cosmos technology to distribute commemorative medals as NFTs. But how has the other Cosmos projects been doing?
In this edition of the check-in, we will look at the biggest news of the week, followed by the various tangible developments and the non-tangible updates that have happened over the past week — With that, let’s dive in!
Biggest news of the week
This week saw the anticipated news of a major change on Cosmos-based blockchains. Interchain Security is now available on the Hub for on-chain voting, and Interchain NFTs are also one step closer to becoming a reality on Cosmos. So, what does this shift entail?
Cosmos Hub: v9 Lambda Upgrade
After months of back-and-forth discussions on the forum, the v9 Lambda upgrade for the Hub is now up for proposal on-chain. Essentially, the most significant part of the proposal aims to introduce Replicated Security, or what we know as Interchain Security.
If you’re new here and want to know more in-depth regarding what Interchain Security is, take a look at our article, where we covered what the Interchain Modules will entail for Cosmos.
Source: v9 Lambda Upgrade
Interchain NFTs: Audit Report
This week, Oak Security published the audit report for ICS721 or Interchain NFTs. There were no significant issues found in the audit report itself, and the findings were primarily informational findings with two minor findings — meaning that we are one step closer to Interchain NFTs becoming a reality on the Cosmos ecosystem.
Sources: ICS721 Audit Report
Tangible upgrades and launches
In this section, we look at some tangible updates and launches that we have seen this week, and ones that you can interact with in the next coming days (or now, even depending on when you read this).
Quicksilver ($QCK): ATOM Liquid Staking goes live
ATOM liquid staking is now live on Quicksilver, and ATOM holders can, presently, stake ATOM on Quicksilver protocol to receive liquid staked qATOM alongside the rewards. Additionally, qATOM holders will be eligible for QCK participation rewards coming soon.
Source: Quicksilver's qATOM
Evmos ($EVMOS): Pangolin launches on EVMOS
Pangolin, a multichain decentralized exchange that has amassed $16B in total trading volume, has launched swap and liquidity contracts on EVMOS. This partnership will grant Evmos users access to liquidity pools across different chains.
This is exciting as Pangolin is renowned for its advanced tools, deep liquidity, and user-friendly onboarding. These align with the EVMOS ethos published a few weeks ago.
Source: EVMOS x Pangolin
Kujira ($KUJI): Sonar wallet v1
After a few months of waiting and wondering what the mobile wallet for Kujira would look like, we now have a preview of the v1 of Sonar. Honestly, it looks pretty sick, and I can’t wait to try it out because one thing that is missing in interactions with the blockchain is sleek UI/UX… and it appears to me that Sonar has nailed it.
Source: Sonar v1 Preview
Jackal ($JKL): Cloud Testnet goes live
What Google Drive is, if it were to be decentralized, is what Jackal is trying to achieve with the Cloud testnet. If you haven’t given it a try, try it out and let us know what you think! 1,287 RNS names have been initialized, and 2,224 active storage deals are on the testnet.
Source: Jackal Cloud Testnet
Fetch ($FET): Partnerships & Minor Improvements
This week, Bosch and Fetch.ai announced their partnership, and they are partnering up to form the Fetch.ai Foundation which will research and develop Web3 technology for use in mobility, industrial, and consumer domains.
Apart from that, Fetch.ai has also published a Content Hub with a variety of resources, including blogs and videos, to help people get started.
Sources: Fetch x Bosch, Fetch Content Hub
Non-tangible upgrades and proposals
Next, we look at the non-tangible upgrades, which includes some exciting proposals that are either already on-chain and in the voting process, or will be up for voting in the upcoming days.
Secret Network ($SCRT): v1.7 Proposal
SCRT Labs has proposed a mainnet upgrade to Secret Network v1.7, which will include new features such as auto-restaking and light-client validation, as well as bug fixes and breaking changes.
Source: SCRT v1.7
IRISnet ($IRIS): Draft Proposal 23
The “Game of NFTs” — an incentivized testing and hackathon event for Interchain NFTs — is soon entering phase 2. This proposal requests USD 50k from the IRISnet Community Pool to make IRISnet the event's sponsor and provide a prize pool for the hackathon challenge. Exciting!
Source: IRISnet Proposal 23: Draft
Umee Network ($UMEE): Draft Proposal 50
Umee's proposal seeks to raise the supply cap of stATOM to $2 million, which will boost Umee usage, draw more liquidity, and attract attention to the Cosmos DeFi space. The stATOM pool on Osmosis has also been dependable for the past six months, making this proposal justifiable.
Source: UMEE Proposal 50: Draft
Other interesting happenings
- Recently, a bug in Kujira’s USK Margin contract caused an exploiter to mint USK & buy their ETH back from themselves at nearly 6x the market rate.
- Injective has been on a fascinating growth curve recently, with their integration to Revolut announced and partnership with Chilliz confirmed.
- Sommelier just announced that staking rewards for $SOMM stakers are now live.
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