Cosmos | Monthly report — March 2023

March has been an exciting month, as battles between the regulators and crypto native companies continue. Balaji said that Bitcoin has a possibility of reaching $1 million within 90 days from 18th March because of the PvP nature of the markets; but whether that will come true is still a mystery to be solved in the coming days.

Cosmos, likewise, has had a particularly exciting month, but not because of regulations but because as the progress for development around the ecosystem is now coming to fruition, especially since the completion of the Lambda upgrade this month.

In this report, let’s look at some of the biggest news of the month, and some other interesting news. Last but not least, look at the metrics that are surrounding the Cosmos ecosystem.

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Keeping up with the Cosmos ecosystem

Biggest news of the month

First, let’s take a look at some of the biggest news of the month that has happened in the Cosmos ecosystem.

Replicated Security (Interchain Security) is now finally live

After a few months of waiting and wondering when Interchain Security will go live, it is now finally out. It has gone live since the 15th March, and the first few consumer chains are now pushing out their proposals to the community.

Some of these chains include Neutron, amongst the others.

Source: Lambda Upgrade is now complete

ATOM Accelerator launches

ATOM Accelerator is a DAO dedicated to advancing the ATOM token and Cosmos Hub — with their core focus being to incubate projects that benefit the Hub.

The Accelerator will use three methods to deliver grants and applicants will be assessed on Program Fit, Project Plan, Team and Value for ATOM, and the funding spans across 7 categories.

Source: ATOM Accelerator

Details of the IRL events happening this year

The past few weeks, many announcements were made regarding IRL events happening, that is related to Cosmos — such as Cosmoverse, which is a flagship event for the Cosmos ecosystem. This year, it will be held on the 2nd to 4th of October, in Turkey.

Alongside that, there is also the IBC summit in Austin on the 28th of April, hosted by PolymerDAO that aims to allow Cosmonauts to share the latest in IBC developments, learn about the growing ecosystem & connect with like-minded friends.

Source: Cosmoverse, IBC Summit

Other interesting happenings

Next, let’s look at the other interesting happenings over the past month.

• Noble announces native USDC. Noble, which is a new chain for asset issuance, has partnered with Circle to bring native USDC to the Inter-Blockchain Communication (IBC) ecosystem in the Cosmos. This integration aims to provide users and appchains with a native, fiat-backed stablecoin that is highly liquid and fully collateralized. Say no to risks from bridging.
• $OSMO 2.0 is coming soon. As of late, there has been four major issues that caused OSMO to underperform: high inflation, LPs underperforming, large community pool and underutilization of superfluid staking. To address these issues, $OSMO 2.0 is introducing three proposals, including reducing emissions by 50% and lengthening the emission schedule between “Thirdening” events.
• Quasar has launched their mainnet. Quasar allows users to access Interchain DeFi by combining products from various Cosmos protocols and automating strategies. With that, they have launched “OSMO PRO” as the first fully functional vault, allowing users to deposit and earn rewards from multiple Osmosis liquidity pools.
• dYdX is launching, and coming to mainnet soon. DYDX has launched their private testnet on March 28. This testnet will include validators, network upgrades, and features like trading. They are also planning a public testnet launch in July and a full launch in September with iOS, Android, and website options.

Performance of the Cosmos ecosystem

In this section, we go through some of the key analytics to see what’s been happening in the broader Cosmos ecosystem for the month of March.

Vanity Metrics

First, we look at the current vanity metrics of Cosmos (It’s called vanity metrics solely because it does not really represent the amount of building that is going on in Cosmos)

TVL of Cosmos Ecosystems

The total TVL of Cosmos Ecosystems as of 1st April is $983M, and it represents 1.99% of the total TVL across all blockchains — which, although is pretty decent, could be higher, as like what we’ve mentioned in the previous reports for this year.

Here, we see Cronos takes the lead, comprising 33.39% of the total TVL in Cosmos, followed by Kava, which is the new EVM chain that replaces Canto (for now).

IBC Metrics

Next, let’s take a look at the Cosmos IBC metrics to see if there’s any trends ongoing within the Cosmos ecosystem.

Top 10 chains (By Transaction Count)

Based on the transaction count, we see that the top 10 from this month, is the same few that were on the charts last month. Kujira still maintains their position above Osmosis in the top 10 chains by transaction count — however, one thing to note here is that these high transaction counts do not equate to economic contributions, which we can see more clearly in the next chart.

Top 10 chains (By IBC Volume)

When we look at the IBC volume of all the chains, we see that Osmosis is at the top, and one new zone that has been rising, is Cresent Network.

Wrapping it all up

That will be it for the updates for Cosmos this month! Now that Interchain Security is out, we are really excited to see what is about to come for the rest of the ecosystem.

So, stay tuned for next week’s check-in, and as usual, let us know what you think about this month’s report! Until then, see you in our next Cosmos update.

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