Tag: Cosmos

Cosmos Hub Introduces New Liquid Staking Module and Dashboard Features

by Blockchain News

Cosmos (ATOM) Hub, an integral blockchain within the Cosmos Network, announced the successful completion of its v12 upgrade. The update introduces the Liquid Staking Module (LSM) that allows ATOM token holders to bypass the previously mandated 21-day unbonding period for unstaking their assets.

As per the official announcement on 13th September at 9:30 pm, the new LSM facilitates users to “directly liquid-stake their already staked #ATOM without waiting for the unbonding period.” This innovation aims to enhance the dynamics of the ATOM Economic Zone by enabling the staked ATOM to integrate seamlessly into the Cosmos decentralized finance (DeFi) ecosystem without undermining the staking returns. 

However, it’s essential to note that there are governance measures in place to ensure the security of this feature. Cosmos Hub tweeted a reminder emphasizing an initial limit where “the total amount of ATOM that can be liquid-staked is set at 25% of all staked ATOM.” This cap is flexible and subject to future changes through governance processes. In addition to this, for heightened security, the LSM requires validators keen on receiving delegations from liquid staking providers to self-bond a specific quantum of ATOM.

On another note, just 8 weeks following their initial launch, the team at NumiaData unveiled an enhanced dashboard for Cosmos Hub. This updated version, termed as “Data Lenses v2,” was spotlighted on 14th September at 2:50 am. It showcases an array of features including monitoring “On-chain Transaction Flows,” “Liquid Staked ATOM,” and “AEZ APR & Revenue Flow.” The dashboard, which can be accessed at http://datalenses.zone/chain/cosmos, is a product of user feedback and is designed to provide better user experience with improved UI/UX elements.

The shift from a 21-day unbonding period was notable as ATOM, the native token of the Cosmos network, required its holders to undergo a locking period of three weeks to transfer their funds post-unstaking. The recent v12 upgrade, named “Gaia 12,” became operational at 1:00 pm UTC on 12th September, recorded at block height 16985500. 

This development is a testament to the evolving blockchain space and how the integration of user feedback can result in advancements that streamline processes while safeguarding user interests.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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USDC will integrate into Polkadot, NEAR, Base, Cosmos’ Noble, and Optimism this September

by Blockchain News

Circle, the company behind the USDC stablecoin, is set to expand its digital dollar to six new blockchain ecosystems. The move comes as part of Circle’s “Stable September” initiative and aims to provide developers and businesses with a more versatile and secure stablecoin experience. The expansion will increase USDC’s native availability from nine to fifteen blockchain ecosystems.

Multi-Chain Expansion of USDC

Circle has announced that it will extend the reach of its USDC stablecoin to five new blockchain ecosystems in September, including Base, Cosmos via Noble, NEAR, Optimism, and Polkadot. A sixth addition, Polygon PoS, is slated for October. This expansion follows Circle’s recent launch of its Cross-Chain Transfer Protocol (CCTP) on mainnet and the introduction of its Web3 Services pillar and Programmable Wallets.

According to Circle, “the expansion of USDC to six new blockchain ecosystems enables developers to build on a stable foundation with a fully reserved digital dollar they can trust.” This move is expected to offer businesses and their users a “faster, safer, and more efficient way to send, spend, and exchange value around the globe.”

Supporting Blockchains Detailed

Base

Base is an Ethereum Layer 2 solution designed to onboard the next million developers and billion users. It is built on OP Stack in collaboration with Optimism and is currently incubating at Coinbase. Base aims to serve as an easy-to-use bridge for Coinbase users.

NEAR

NEAR is a high-performance blockchain that offers frictionless user onboarding and a unique scaling solution built on sharding technology. The integration of USDC into NEAR aims to “empower developers to integrate stablecoin payments flows into JavaScript or Rust-based decentralized applications.”

Noble

Noble is an appchain in the Cosmos ecosystem focused on simplifying asset ownership and transfer within the Inter-Blockchain Communication (IBC) ecosystem. USDC issued on Noble will be accessible to dozens of appchains via a seamless IBC integration.

Optimism

Optimism is an Ethereum Layer 2 solution that utilizes Optimistic Rollup technology to improve transaction throughput. The integration is expected to result in “significantly faster and lower-cost USDC transactions.”

Polkadot

Polkadot aims to facilitate an internet where independent blockchains can exchange information in a trustless manner. Circle plans to bring USDC to Polkadot via the Asset Hub parachain.

Polygon PoS

Polygon PoS complements Ethereum’s decentralized security and aims to appeal to the general public while maintaining decentralization.

Conclusion

The expansion of USDC to six new blockchains is a significant step in Circle’s commitment to delivering a stablecoin with the “widest reach, developer optionality, and the simplest, most secure user experience.” With this move, Circle continues to solidify its position as a leader in the stablecoin market.

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Cosmos’ Osmosis Sees 43% Decrease in Trading Volumes in Q2 2023, Reported Messari

by Blockchain News

According to Messari, in Q2 2023, the Osmosis Protocol, a decentralized exchange (DEX) within the Cosmos ecosystem, experienced a decrease in volumes and users, each down over 25%. Despite this, Inter-Blockchain Communication (IBC) transfers remained a bright spot, bringing in nearly half a billion dollars in inflows to Osmosis.

The quarter saw a 43% quarter-on-quarter (QoQ) decrease in trading volumes, with ATOM volumes falling to 15% of total volume, its lowest share ever. “USDC made up 14.9% of volume in Q2, its lowest in the last four quarters,” which is expected to change with the introduction of native USDC to the Cosmos network.

Average daily liquidity on Osmosis has been trending lower since Q1 2022, with a 17.9% fall from the previous quarter in Q2 2023. Despite this, “depositors remained patient in Q2, as average daily yield from trading fees fell to 3.8% (daily fees per unit of TVL, compounding daily) from 5.6% in Q1.”

Transaction counts of every type fell in Q2, with governance-related activity seeing the largest QoQ decline. Voting and Osmosis staking transactions were down 71% and 55%, respectively, accounting for nearly a third of the fall in transactions counts in the quarter. However, transactions related to the core product, with IBC transfers and swaps, fell only 21% and 23%, respectively.

Despite a year of subdued value flows, “over $466 million was transferred to Osmosis via the IBC network in Q2.” Total IBC transfer volume on Osmosis fell 4% from the previous quarter to $2.1 billion transferred.

On June 19, Osmosis unveiled its next development phase, OSMO 2.0, which includes a revised tokenomics model aimed at improving the sustainability of the protocol and better aligning incentives. Key changes include a halving of the inflation rate, an extension of the emission timeline, a shift in emission allocation to incentivize long-term stakers, the introduction of a protocol revenue burn mechanism, and a fee share mechanism.

Despite the decrease in key metrics, the network continues to adapt and implement new strategies for its growth. The introduction of OSMO 2.0 demonstrates an ongoing commitment to sustainability and better alignment of incentives, which could set the stage for a potential rebound in the coming quarters.

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Solana Apps May Soon be Ported to Cosmos Ecosystem

by Blockchain News

Developers of Solana Web3 apps may soon be able to port their apps to the Cosmos ecosystem, creating new opportunities for users and providing a greater variety of uses for Cosmos blockchains. This information has been made available as a consequence of a recent announcement made by Injective (INJ), a developer of a network based on Cosmos. The Injective team has reportedly launched a layer-2 testnet that makes use of Solana’s Sea Level Virtual Machine, as stated in the announcement that was made on the 30th of March (SVM). Because of this new advancement, certain Solana developers are now able to test their applications for usage in the Cosmos environment without having to switch either the programming language they use or the tools they use.

This marks a significant advancement for the Solana community as well as the Cosmos community. Developers can now reach a new audience and provide users with more opportunities to engage with their apps by porting Solana Web3 apps to the Cosmos ecosystem. This allows developers to expand their potential user base. In addition, the Cosmos ecosystem is able to capitalize on the benefits of Solana’s high-speed and low-cost transactions, which positions it favorably in comparison to other blockchain ecosystems.

Eclipse, a company that offers specialized zero-knowledge and optimistic rollups for software developers, was enlisted to assist in the development of the brand new layer-2 testnet. Eclipse has been instrumental in the creation of this new layer by utilizing their expertise to develop a safe and effective layer-2 solution that enables the seamless integration of Solana Web3 applications into the Cosmos ecosystem. This solution was made possible thanks to Eclipse’s contribution to the development of this new layer.

This brand new development is currently going through the testing phase, but it shows a lot of promise for the future of the Cosmos and Solana ecosystems. Because there will be more opportunities for cross-chain compatibility, developers will be able to create applications that are even more robust and innovative, and these applications will be able to take advantage of the distinctive characteristics of both Solana and Cosmos. As a consequence of this, the prospects for the future of the blockchain technology are more encouraging than they have ever been.

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Interchain Foundation to Spend $40 Million on Cosmos Ecosystem Development

by Blockchain News

According to an announcement made by the Interchain Foundation (ICF) on February 20 in a Medium post, the nonprofit organization that was responsible for the creation of the Cosmos (ATOM) interblockchain communications (IBC) ecosystem has committed to spending approximately $40 million in 2023 to develop its core infrastructure and applications. Around fifty different blockchains, such as Tendermint Core (which has since been renamed CometBFT), Cosmos SDK, Cosmos Hub, and the IBC protocol, all make use of the Interchain Stack.

“Throughout the course of the year, we plan to engage additional teams to offer more manageable tasks that are more specifically defined within each area of work. These contracts will be used either to augment the work of the teams listed below or to serve the requirements of those teams as they develop over the year.

CosmWasm and Ethermint are two technologies that, according to the company, have become the “foundations of smart contract and Ethereum Virtual Machine (EVM) compatible blockchains.” The Internet Commerce Foundation (ICF) is helping to fund the development of both of these technologies.

The International Community Foundation (ICF) will provide funding for initiatives that, in addition to fundamental infrastructure, encourage the adoption and use cases of Cosmos. These include integration with other blockchain technologies such as Polkadot and Hyper Ledger, as well as initiatives such as the Interchain Developer Academy, the Cosmos Developer Portal, and the Interchain Builders Program. Other similar programs include the Cosmos Developer Portal.

A “large backlog of applications” led to the suspension of the ICF’s public Small Grants Program in 2018, however the organization has said that it has every intention of resuming operations of the program in 2023.

It intends to restart the program in due time and is inviting teams to seek out to the Builders Program for mentoring and help in areas unrelated to finances. For the time being, the ICF advises software developers to make use of its ATOM delegation program in order to get access to contribution benefits.

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Injective Launches $150 Million Ecosystem

by Blockchain News

Layer-1 blockchain technology Injective, which was established in 2018, has announced the introduction of a $150 million ecosystem fund to help developers that are developing on the Cosmos network.

The so-called ecosystem group is supported financially by a large consortium of venture capital and Web3 companies. These companies include Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, IDG Capital, Gate Labs, and Flow Traders.

According to Injective, the consortium has amassed the most members out of all those that have been formed inside the greater Cosmos ecosystem.

According to Injective, developers who are chosen for the fund will get help in the form of “bespoke token and equity investments”, in addition to mentoring, technical assistance, business growth, and marketing.

The greatest attention will be given to projects that are developing decentralised financial infrastructure (DeFI) and interoperability infrastructure.

The construction of trading platforms, scalability solutions, and proof-of-stake infrastructure are all initiatives that will benefit from the allocation of these funds “

In terms of stage, the organisation is generally interested in early-stage enterprises (seed to Series B), but it is open to the possibility of considering follow-on investment on an individual basis as well.

The amount of financing that is granted to each project will vary according to the stage it is currently in and the requirements it must meet in order to achieve the overall aim of ensuring that each project is successful.”

Injective is a decentralised smart contracts platform that was constructed using the Cosmos SDK, which is a development kit that encourages speedier and more cost-effective infrastructure than Ethereum. Injective is also known as the Injective Protocol.

According to Chen, in comparison to other blockchains, Cosmos has more adaptability, opportunities for customisation, and horizontal scalability.

According to CoinMarketCap, Cosmos is the 20th biggest blockchain network due to its market value of over $3.7 billion.

The term “decentralised finance” first appeared in public discourse in the summer of 2020, at the same time when a number of noteworthy projects initiated a bull market in cryptocurrencies not long after Bitcoin’s quadrennial halving.

Even though decentralised finance (DeFi) activity has slowed down over the course of the last year, the industry as a whole has been mostly immune to the problems that have been afflicting centralised finance (CeFi) platforms.

According to Chen’s additional explanation, “the decentralised structure of DeFi protocols provides for better transparency and actual control over assets,” which will always be a fundamental benefit over centralised finance.

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Cosmos Hub Postpones Vote Date On New Security Model Proposal

by Blockchain News

After two respective postponements, the Cosmos’ vote date to approve proposed changes to the network’s Hub has now been fixed to October 31.

Cosmos2.jpg

The proposed changes by the Cosmos developers are said to mark Cosmos Hub’s transition to the next phase as an infrastructure service platform and a renewed role for ATOM as preferred collateral within the Cosmos Network.

According to the proposal document, the Cosmos Councils, formed by domain-specialized entities, would be in charge of the proposed plan and also be responsible for the execution of development and operations.

The proposal on-chain voting was initially scheduled for October 3, prior to the project’s updated version of its white paper, which the initial version was introduced in September. 

The whitepaper proposed the project’s plan to rebuild its Hub to be more interoperable and secured with a mechanism called interchain security. This mechanism allows application-specific chains in the Cosmos ecosystem to secure themselves using the Cosmos Hub.

The whitepaper also included critical changes to the Cosmos token (ATOM), with a new issuance model focused on striking an improved balance between growth and interchain adoption of the ecosystem while still maintaining the security provided by the original regime – according to the whitepaper.

Another sector the whitepaper centers on are two functionalities, namely Interchain Scheduler and Interchain Allocator, including a new optimized issuance regime for liquid staking.

Cosmos is an interoperability ecosystem of several blockchains that can scale and interact with one another using the Inter Blockchain Communication (IBC) protocol via the Cosmos Hub. 

The Cosmos Hub is the first blockchain built in the Cosmos ecosystem; it initially acted as an intermediary between other interconnected blockchains.

Coupled with Cosmos’ updated version of its white paper, the ecosystem has so far proved to be a developing one. It has a total of 14 chains inhabiting the ecosystem, with Cronos chain being the most dominant with a total value locked of roughly $810.71 million, according to data from DeFiLama.

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Secret Network Announces Partnership with Modular Settlement Layer dYmension

by Blockchain News

Secret Network, which provides data privacy for smart contracts, announced a partnership with dYmension, which will provide the tools and infrastructure to network and aggregate Cosmos ecosystem layer 2 data, reducing the pressure on on-site traffic and expanding derivability.

dYmension’s blockchain platform is the first settlement layer supporting enshrined rollups in the Cosmos ecosystem. An enshrined rollup is a scaling solution that is embedded in the protocol logic, resulting in dramatic improvements in scale and cost.

Yishay Harel, CEO of dYmension, expressed his hope to find innovative scaling solutions so they can continue to grow.

Secret Network is the first blockchain with data privacy by default, allowing users to build and use both permissionless and privacy-preserving applications. This unique functionality protects users, secures applications, and unlocks hundreds of new use cases for Web 3, using Tendermint’s Byzantine fault-tolerant consensus algorithm of Proof of Equity (PoE).

Guy Zyskind, CEO of SCRT Labs, said about the partnership that “Secret Network’s user base has grown astronomically in the past few years, and the blockchain becomes more complex with that kind of growth. We want to continue to be the platform people use to build on Cosmos and to do that, we must ensure our platform keeps operating flawlessly.”

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Analyst Says One Altcoin Primed To Skyrocket, Gives Update on Ethereum (ETH), Terra (LUNA) and Avalanche (AVAX)

by Dailyhodl

The anonymous host of cryptocurrency channel InvestAnswers is listing one altcoin that he expects to “skyrocket.”

InvestAnswers tells his 409,000 YouTube subscribers that Cosmos (ATOM), a network of many independent but interconnected blockchains known as zones, is slated to surge by about 40% in a month or less.

“It’s pretty clear to me that we will hit $45 in probably a month or less. It [ATOM] just looks absolutely perfect and set to skyrocket as we go forward. Not much selling pressure on the horizon and we should be able to get to that level [of] $45 which it hit four or five times in the last couple of months.”

ATOM is trading at $31.08 at time of writing.

Next up, InvestAnswers says that Ethereum (ETH) is currently at the 0.5 Fibonacci level, a key Fibonacci retracement level that represents the halfway mark of a prevailing trend.

The crypto analyst adds that ETH could hit a new all-time high if it manages to break above the 50 and 200-day moving averages.

“We’re now getting close to the 0.5 Fibonacci level, about $3,300. Notice as well we need to break through the 50-day moving average. And then the next is to break through the 200-day moving average. And then we’ll get to hopefully $3,700. After that, $4,150. After that, new all-time high $4,800.”

ETH is trading at $3,146 at time of writing.

Next up is the native token of Terra (LUNA), a blockchain protocol consisting of a suite of decentralized stablecoins.

The crypto analyst says that LUNA is eyeing the $65 price level after bouncing off the 200-day moving age.

“This one [LUNA] is making a nice recovery too…

We are heading back towards the 0.386 Fibonacci level of $65. And then after that, you know LUNA can move very very fast when it wants to.”

LUNA is trading at $55.55 at time of writing.

Next up is the native token of Avalanche (AVAX), a smart contract-enabled blockchain. The crypto analyst says that AVAX is in an overbought zone based on the Relative Strength Indicator (RSI). The RSI indicator ranges from 0 to 100 – where 70 or higher indicates overbought conditions, and potentially the end of a rally, while 30 or lower indicates oversold conditions, and potentially the end of a sell-off.

“Avalanche did get rejected off the $95 level. It’s now at about $87 and the RSI is quickly approaching overbought…

Avalanche chart might be running a little bit out of steam, we’ll see. But hitting $95 was a clear selling point.”

AVAX is trading at $88.85 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Solana (SOL), Avalanche (AVAX) and Two More Altcoins Will Survive ‘Crypto Winter’: Morgan Creek’s Mark Yusko: Report

by Dailyhodl

Morgan Creek Capital Management’s Mark Yusko is naming four crypto assets that he believes could withstand a market downturn relatively well.

According to a Business Insider report, Yusko says that the native tokens of smart contract-enabled blockchains Solana (SOL), Avalanche (AVAX), Cosmos (ATOM) and Polkadot (DOT) are among the crypto assets capable of surviving a bear market.

In the case of Solana, the Morgan Creek founder says that the seventh-largest blockchain by market cap is a “great protocol.”

“There’s probably still some potential volatility in the price ahead. But long term, I think it’s a great protocol.”

According to Yusko, cryptocurrencies will be in a bear market for the next 12 months or so before the next Bitcoin halving event kicks off a bull cycle.

“What you’re seeing is crypto is definitely in a bear cycle. It’s going to struggle for the next 12-ish months then we’ll go back to the next bull cycle triggered by the next halving event.”

The last Bitcoin (BTC) halving event occurred in May of 2020. The next one is expected to take place during the first six months of 2024.

Yusko also says that Bitcoin is not correlated to stocks though it might appear to be so on shorter time frames. For instance, Bitcoin is down 7.77% year-to-date compared to the tech-heavy Nasdaq which has fallen 9.89% year-to-date in the wake of the Federal Reserve’s intentions to hike rates.

“You can’t calculate correlation over the short-term. Just the math doesn’t work. And so yes, it is true that in times of stress, ‘all correlations go to one.’

Zoom out, the correlation of Bitcoin to equities is 0.15 for long periods of time. Some weeks, some months, it goes higher, but over the long term, it’s still 0.15 and to bonds, it’s 0.”

Correlation can take a value of between -1 and 1. The higher the value, the stronger the correlation, and the lower the value, the weaker the correlation.

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