21 Dec 2022
Cosmos Check-In #5
Welcome to Flagship’s Cosmos Check-ins! Our goal here is to provide you up-to-date and in-depth news about the Cosmos Ecosystem in less than 7 minutes! Grab a coffee and let’s dive in.
TLDR: Another week, but plenty of developments
Despite the ongoing World Cup celebrations happening — btw, where is Germany? — and the holiday season is coming soon, Cosmos's builders have been busy building and implementing upgrades to set themselves up for an exciting year ahead of us.
Today, we look at the plethora of developments over the week and spotlight one major event (with a TLDR, of course): The Stablecoin Summit.
P.S. I know these should be under 7 minutes of read/watch time, but this week has just been full of developments that 7 minutes might not fit. Give me 10 minutes!
Tangible upgrades and launches
This week, we start with some of the tangible updates and launches we have seen. We can interact within the next coming days (or now even depending on when you read this), from Secret Network’s Omega to Quicksilver’s launch and Stargaze Names… and a new governance bot that uses GPT-3 to help you debrief on proposals!
Secret Network’s Shockwave Omega
This week, Secret ($SCRT) announced that they have since completed their Shockwave Omega Mainnet Upgrade. This is much more exciting than their previous upgrades — because while their previous upgrades like Alpha and Delta focused more on improving core features of Secret, Omega changes the core engine of Secret from wasmi to wasm3, thus improving the TPS by roughly 3.5x and reducing gas costs because of shorter computation times.
It’s like changing your transportation mode from a bicycle to a decent Honda Civic.
So… what’s next for Secret? It would be SCRT 2.0, which will most likely see an upgrade in an engine from wasmi to wasmer (Honda Civic to Porsche), and more exciting features to be announced.
Source: https://scrt.network/blog/shockwave-omega-upgrade-complete
Quicksilver successfully goes live!
One of the more anticipated app-chains for liquid staking, Quicksilver, is now live, as announced this week. This means we are getting closer to seeing an application that uses Interchain Modules (specifically for Liquid Staking) become mainstream. Now, there is not much to do for users until they onboard onto Cosmos after their proposal is accepted and airdrops go live — which we will cover once it is out — so stay tuned for that!
Source: https://twitter.com/quicksilverzone/status/1603750126333444097
Stargaze Names go live, and minting for public soon!
Last but not least, the Stargaze Names have taken over Twitter by storm — and for good reason. Currently, the Cosmos ecosystem has no address resolvers that works for all the chains, as these names are limited only to the chain it is on (i.e., EVMOS domains or TORI names), and this is where Stargaze Names come in.
Until the 23rd of December, whitelisted users are allowed to mint names, and after that, it will go live for public mint. Currently, the prices are set at 50 STARS (USD 1.33) for names with 5+ characters, 500 STARS for four character names, and 5,000 STARS for three character names, but users can change these prices with governance after the public sale.
Source: https://twitter.com/StargazeZone/status/1604952611601383424
Cosmos Governance Briefings: Telegram Bot
Extra: This week, a little birdy told us that a new telegram bot called “Cosmos Governance Briefings” is live. The bot can notify you of Cosmos proposals. It has other neat features like summarizing these proposals for you, thanks to GPT-3, and embedded fraud detection for proposals! Try it and let us know what you think about it.
Source: https://twitter.com/CosmosRustBot/status/1605277572245618688
Non-tangible upgrades and proposals
On the other side of things are non-tangible upgrades, like upgraded developer experiences and interesting proposals that will change the direction of the Cosmos ecosystem.
Wasmd 0.30 has been released
The end-of-year release for CosmWasm brings a great Christmas gift for developers, as Wasmd 0.30 implements some of the community feature requests, such as integrating the Authz module (while you could use the Authz module with Wasmd in the past, there was no fine-grained access control), upgrading the IBC protocol to v4.2.0 with Interchain Accounts v0.2.4, bumping the Go minimum to 1.19 and much more.
Developers — Play with this new upgrade, and let us know what you think about Wasmd 0.30!
Source: https://medium.com/cosmwasm/wasmd-0-30-released-8e9932929238
Proposal: WhiteWhale’s release on Comdex
Just last week, WhiteWhale open-sourced their arbitrage trading bot that uses Skip protocol for anyone to use, and this week, they are bringing an Interchain liquidity infrastructure, which includes flash loans and arbitrage, to Comdex with 8 proposals
P.S. Oh my god we need to fix this 1 proposal = 1 contract thing
Source: https://twitter.com/ComdexOfficial/status/1604504904705265666
Proposal: New strategies on Sommelier
The addition of 2 “Steady Strategies” added to Sommelier (SteadyETH & SteadyBTC) in November allowed Sommelier to have an increase in users and highs in TVL, as users were looking for DeFi strategies that had a risk-first approach.
Now, Patache Digital is proposing two more new steady strategies targeted at more niche but active communities, mainly SteadyMATIC and SteadyUNI. These proposals will go on-chain next week, so have a look and share your thoughts!
Takeaways from the Stablecoin Summit
This week, Shade Protocol hosted a stablecoin summit, to focus on the current and future state of stablecoins in Cosmos, Ethereum and beyond, which saw participation from leading protocols such as Axelar, Kujira, Agoric and many more.
Some of the most interesting thoughts and discussions
Here is a TLDR with some of the most exciting thoughts/findings that happened throughout the summit, and the link to the summit is below:
- “The biggest problem for decentralization is the frailty of human consciousness (i.e., We aren’t aware of unit bias, which affects the way we denominate things)” — Zaki.
- “The end state for the best stablecoin should ideally be on-chain at about 100% CR because it’s the most exact capital efficient, solvent, safe and competitive type of currency” — Sam.
- “We have made great progress with stablecoins, and we just need to keep pushing forward with responsible methodologies while balancing the curve between crazy regulations and what we want. Let’s do right by people, and we will get there inch by inch” — Dove.
Extra: “Nuon Finance is going to be launching a ‘flatcoin’ next month that is, in simpler terms, a synthetic perpetual that is pegged to your cost of living” — Stefan Rust
Source: https://www.youtube.com/watch?v=DHSXuyK2CBE
Other interesting happenings
- Kujira is going to open up ORCA’s liquidation queue for the wBNB USK market, and add wBNB as a collateral for USK.
- $IBCX, the interchain index token for Cosmos that benchmarks the Cosmos system with a diversified portfolio of interchain assets that is governed by the ION DAO (wow that was long) is now in beta testing phase.
- $MARS airdrop is coming soon for those who had $MARS and were affected during the UST depeg.
- Interchain Name Service (ICNS) is now out, and you can mint your name for free!
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