18 Jan 2023
Cosmos Check-In #9
Welcome to Flagship’s Cosmos Check-ins! Our goal is 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: Are we back in a raging bull market?
This week has been seemingly bullish for cryptocurrencies, with the price action of many sectors rising without stopping. Even Bitcoin has had a 20% increase from $17,000 to $22,000… but how has the Cosmos sector developed?
In this edition of the check-in, we will look at the biggest news of the week, followed by the tangible developments and the non-tangible updates that have happened over the past week — With that, let’s dive in!
The biggest news of the week
This week's biggest news has to be the hope of Terra’s ecosystem flourishing after the class action lawsuit against TFL and Do Kwon alleging fraud has been dismissed and Terra’s recent developments.
Also… we have some updates on Interchain Security (or replicated security — which is a term that only nerds say to be brutally honest, like me)
Class action lawsuit against TFL and Do Kwon is voluntarily dropped
This week, Plaintiff Matthew Albright voluntarily gave up his class action lawsuit that alleges fraud against Terraform Labs and Do Kwon — “after it was demonstrated that he had sustained no injury.” — according to a TFL spokesperson.
Async to the timeline of the lawsuits, TFL has been working quietly in the background to provide value (without the need for an algorithmic stablecoin), with recent notable developments including the expansion of the Terra Station for Cosmos and the ability to mint $USK with $LUNA.
The question I have for you this week is this: Is there going to be a comeback for $LUNA, and if so, how would you expect it to go?
Source: Dropping of Lawsuit, Terra Station's Expansion, $USK <> $LUNA
Should Interchain Security undergo a third party audit?
With Replicated Security (Interchain Security V1) set to be implemented at the end of the month, a forum post has gone live this week, which expresses the need to ensure that Interchain Security is sufficiently tested and secure.
How? According to the post, this would require an external third-party audit and the internal audit from Informal Systems.
You can do so in the forum post if you haven't expressed your thoughts.
Source: Explanation of the Forum Post
Tangible upgrades and launches
In this section, we look at some of the 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).
Interchain Info rolls out beta version
For those of you who are struggling to keep up with the Cosmos ecosystem (just like me fr), Interchain Info (ICI) is now out in beta. ICI is a multi-chain and chain-agnostic hub for information and tooling. It is intended to bring the fragmented Interchain communities, educational resources, NFT collections, dApps, and tools together in one “hub.”
Source: Interchain Info is now in Open Beta
Carbon integrates with Arbitrum
“The first chain to integrate with Arbitrum directly in 2023” award has to go to Carbon after their announcement. This integration gives users in Cosmos access to Arbitrum $wstETH, $GMX, $GNS, $USDC natively on Carbon.
Source: Carbon integrates with Arbitrum
Launches of multiple projects
This week, we’ve had exciting launches from various blockchains: CUDOS, Fetch, and Desmos.
CUDOS: The first DEX called Bubbleswap is now live on CUDOS — an app chain building out a decentralized cloud computing network — and has released its whitepaper.
Fetch.ai: Fetch has released Jenesis v0.6.0, a Rust contract development tool for builders that helps speed development by providing them an overview and insight into the ecosystem of CosmWasm without needing to focus on setup.
Desmos: Desmos has announced the beta release of Scripta, a decentralized publishing platform that allows users to securely express their ideas by creating blog posts, leaving comments, and receiving rewards without infringing upon users' data and privacy.
Sources: Bubbleswap Launches, Fetch Launches Jenesis, All you need to know about Scripta
Minor Updates
We’ve also had minor updates affecting a subset of the Cosmos community from Flipside and Harbor from Comdex — so do look to see if you’re affected.
Flipside: For the analysts, Flipside has deprecated “blockchains” and “chain_id” in the following tables for Axelar: transactions, msgs, msg_attributes, and transfers. So if your queries for Axelar aren’t working how they should be, this might be why.
Harbor (Comdex): With the passing of proposals 8, 9, and 10, users can now mint $CMST using $OSMO as collateral now — giving more options for users.
Sources: Flipside deprecates some tables from Axelar, Harbor adds $OSMO as collateral for minting $CMST
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.
Composable’s Centauri testnet
Composable has provided an update for their Centauri testnet, which extends the Inter-Blockchain Communication (IBC) Protocol to other blockchains. The testnet will enable the seamless flow of assets between Picasso and Cosmos chains and close the gap between the DotSama and Cosmos ecosystems, allowing for new use cases — which is exciting!
https://twitter.com/ComposableFin/status/1613611838293278733
Band Chain’s BCIP-10
BCIP-10 proposal on Band Chain aims to introduce a minimum of 0.0025 uband (gas price) for network fees, which aims to prevent spam, provide incentives and make Band sustainable.
https://twitter.com/BandProtocol/status/1614232671563173888
Injective’s upgrade to v1.9
Injective will be upgrading the mainnet to v1.9 in a few days, which will upgrade the dependencies of Interchain Accounts to the latest version, WASM contracts, and allow for sophisticated message signing from users.
https://twitter.com/Injective_/status/1614311855073247232
Cronos’ upgrade with Galileo v1.0
Cronos will upgrade with an update called “Galileo v1.0,” allowing faster TPS through mempool prioritization by sorting transactions according to EIP1559.
https://twitter.com/cronos_chain/status/1614985864777719810
Other interesting happenings
- The latest edition of Alpha Navigator, a Crypto.com Institutional Report says that crypto has outperformed gold and equities straight out of the gate — bull market?
- Bitsong is singing their songs of how this year will be a huge year for them on Cosmos, well, we will have to see about that! Meanwhile, you can check out their new roadmap.
- Artificial Intelligence has been a trending topic recently, and Odin Protocol might be one of the projects on Cosmos that will assist in the crypto AI sector; through data availability.
- Umee markets has garnered more than $3M in TVL — Learn more about Umee here.
- The amount of OKT for liquid staking (stOKT) has reached over 1 million, which is 1/18th of the total OKT supply! Interesting what liquid staking is doing for chains.
- The Synapse Bridge has done more than $18M in volume, and serviced over 8,000 unique addresses after their bridge to Canto went public.
- Last week, we talked about KAVA 12 mainnet, which was supposed to go live on the 19th of January. However, it was recommended that they push this back, and so, KAVA 12 will be only be live on the 25th January instead.
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