Cosmos Check-In #4

TLDR: A booming community — what bear market?

Despite the recent slump in ATOM’s performance, the community in Cosmos has been vibrant, and there has been plenty of non-tangible and tangible developments. Today, we look at some of these developments and how these might affect you.

Proposal 88 — which aims to increase the Hub’s tax from 2% to 10% — is now live until 20th December

In the past few weeks, there have been ongoing discussions to increase the community tax of the Hub from 2% to 10% — in direct response to ATOM 2.0’s funding model.

Just this week, the proposal went live to change this parameter.

According to the proposal, ATOM already has a treasury used for past endeavors, funded by taxation on a per-block basis. Increasing the Hub's tax will increase the treasury's inflow for future funding of endeavors, so there will be no need to create a new entity or mint new ATOMs for treasury funding.

Source: https://www.mintscan.io/cosmos/proposals/88

Improved developing experience

The developer experience within Cosmos is also seeing an upgrade, with Composable Finance launching a CW development solution that saves time for developers, and the IBC go’s scheduled upgrade to v7.0.0, which incorporates client refactor work to make light client development easier.

Composable Finance XCVM Tool

Just this week, Composable Finance has launched a CosmWasm development solution, which is an interface that allows you to upload and test your smart contracts in a CosmWasm Virtual Machine (VM) instantly on the web, thus developers like yourself (if you are one) time from the tedious process of testing out smart contracts locally.

Source: https://twitter.com/ComposableFin/status/1600538062907273216

IBC Go v7.0.0

Schedule for release in Q1 of 2023, ibc-go v7.0.0 includes client refactor, which aims to make the development of light clients easier — essentially giving much more support for non-tender mint chains and allowing for the Interchain vision to materialize — and you can read more below!

Source: https://twitter.com/interchain_io/status/1600874550929297408

The battle of the giants continues

Kujira’s battle with Osmosis continues, as both DEXes introduce fresh developments to widen their capabilities in the Cosmos ecosystem.

Kujira announces $wETH as collateral to mint $USK

This week, Kujira announced they are allowing users to mint $USK with wrapped Ethereum alongside a one-click solution that will enable users to get their $ETH from MetaMask directly to Kujira, thanks to Axelar. You can read more about it below.

Source: https://twitter.com/TeamKujira/status/1601220357079601154

Osmosis launches stableswap

One upgrade to Osmosis that people have been waiting for is the stableswap because it allows traders to swap large amounts of stable assets (yes, including wrapped assets) with minimum price impact — and this is now live! Read more below.

Source: https://twitter.com/osmosiszone/status/1600870808540176384

Other interesting happenings

1. Inter Protocol ($IST) has voted to establish new minting limits based on their evaluation, adter the inclusion of $DAI in the Parity Stability Module (PSM). Read more here.
2. Analysts, rejoice! Flipside has now included Cosmos in their datasets, and you can easily query for trends, investigate activity and chart the future of Cosmos' IBC for free.
3. It looks like dYdX is about to be launched soon, with their very not-so-subtle tweet, saying that dYdX is about 92% to launch… wen launch?
4. Just a year ago, the first ever IBC swap was from $ATOM to $AKT — and today, IBC has about $2B in monthly volume, with the developer count increasing despite the bear market.

About Flagship

Here at Flagship, we make it easy for you to get updated across emerging crypto sectors, through our cross-chain ecosystem of decentralized funds and a network of experts.

• Join our Discord to be part of our active community and discover new assets and opportunities
• Check out our website and whitepaper here
• Get in touch with the team

We’d love to have you onboard!