Cosmos ecosystem news: Osmosis Stableswap pools, WYND DEX, Juno Constitution, ibc-go v7, Gno.land & MORE!
Hi Cosmonauts! ❄️⛄️🎄
Some of the news covered in this blogpost are the Osmosis launch of Stableswap pools, the migration from Junoswap to WYND DEX, the Juno Constitution, the upcoming ibc-go v7.0.0 release to extend IBC interoperability to non-tendermint based chains, the upcoming incentivized Gno.land testnet called ‘Game of Realms’ and many other exciting news and educational in-depth assessments!
Tech
While since the launch of IBC the Cosmos ecosystem has shown an important growth, IBC supports chains that are tendermint based. However, if IBC could also support interoperability for chains that are not tendermint based the growth could accelerate further. This is expected in Q1 2023 with the release of ibc-go v7.0.0, which will incorporate the 02-client refactor work. The refactor will simplify light client development that can track different consensus algorithms or data structures, hence extending IBC interoperability to non-tendermint based chains as well. In particular, functionality will be moved from the 02-client submodule level to the specific light client implementations. For further technical details, we have added the link to the main article.
The Interchain Name Service (ICNS) was announced and there will be a bootstrapping phase for around one year during which users could claim their ICNS names by verifying their Twitter handles. After this bootstrapping phase, there will be a new system with auctions, fees, distribution and more that will be developed in collaboration with the community. For the name resolution, initially it will happen on Osmosis, but it is expected that later each chain’s namespace will be native to itself. This will allow local resolution by contracts on each chain and it will also promote better UX for cross-chain routing.
Praetor provides a simplified UI for cloud providers to become Akash providers and receive payments in AKT token. Praetor also provides a dashboard in real time to calculate earnings as an Akash provider and also information and the status about all Akash providers. Another project, Cloudmos, facilitates the deployment of applications to Akash and they have a price comparison of Akash versus AWS, GCP or Azure. Moreover, through their SDL builder form it is possible to request resources from the Akash network.
Currently Solidity is the main programming language for smart contracts, however it is limited to EVM-compatible chains, moreover it lacks the completeness of a more general-purpose language since Solidity is designed just for writing smart contracts and it is limited also by the limitations of the EVM. In contrast, Go is widely used among web2 developers, easier to learn and more general-purpose. Gno is around 99% identical to Go, and while currently Gno.land is the only blockchain that supports Gno, soon there will be many chains. In Q1 2023, an incentivized Gno.land testnet called ‘Game of Realms’ is expected and it will be similar to the ‘Game of Stakes’ on the Cosmos Hub.
DeFi/Staking
IST, a fully-collateralized stable token built on Agoric, has now DAI added as a collateral to mint IST. Previously, USDT and USDC were used in the Peg Stability Module (PSM) and now DAI is included as well. In Q1 2023, with the launch of Vaults, higher decentralization will be achieved by allowing users to deposit over-collateralized IBC assets such as ATOM to mint IST.
Juno news
The Juno Constitution was announced with 3 initial articles, however the constitution doesn’t act retroactively. The first article indicates that only with a voting supermajority of two thirds of the voting power it would be possible to propose new articles or make amendments to the constitution.The second article is as follows ‘No private account on the Juno ledger shall be deprived of liberty or property, nor shall private property be taken from private accounts for public use’. It is further clarified that accounts created and administered by Juno Governance are not considered private accounts and additionally the Appendix 2.1 and 2.2 further clarify the second article. Finally, the article 3 indicates that social consensus achieved with on-chain governance is the standard for decision-making related to the Juno distributed ledger.
Proposal 64 called Juno Open Source Funding Policy passed. It indicates that projects receiving funding must open source their smart contracts before they are deployed on-chain. Additionally, wallet projects where users store their private keys and interact with the chain are required to be open source in order to receive funding.However, it is also mentioned that existing contracts before this proposal would still be honored.
A proposal is being discussed in the Juno commonwealth forum about making Core-1 an official Juno SubDAO. For context, Core-1’s mission is to fund and lead development of Juno. The official members proposed are Wolf, Dimi, Jake, Block, Jack, Maxjuno and The-frey. Governance will be able to elect future members or remove existing members.Regarding the funding, the existing Core-1 multisig will transfer any liquid funds to the new official SubDAO. In a future software upgrade, the vesting funds remaining in the existing Core-1 Development Fund multisig will be then transferred to the Official Core-1 SubDAO.
Migrating bonded liquidity from Junoswap to WYND DEX will be a simple process without the need to unbond from Junoswap LPs. Those LPs without a RAW pair will be 1:1 transferable from Junoswap. For the LPs with a RAW pair migration will still be possible, however the RAW will be burned and WYND will be airdropped to the corresponding pool on WYND DEX. For this migration, there will be a 60 days period once WYND DEX is live There will be liquidity mining incentives to bootstrap liquidity and to reward early participants of the WYND DEX. Moreover, WYND DEX introduced the concept of Liquidity Gauges as shown here in the diagram for a decentralized system of incentives allocation.
Lava Network announced that it now offers RPC for Juno, and they also announced support for Osmosis. This is great news because Lava is building a decentralized infrastructure layer for blockchain RPC to improve decentralized API access to blockchains and to create a market of consumers and providers of blockchain data.
The JUNO token is now supported on Omniflix.market to use with NFT auctions. This means that now creators can list NFTs for sale in JUNO token and also the JUNO holders are able to use their JUNO to trade NFTs directly.
Osmosis news
With Osmosis v13 Fluorine upgrade several important new features have been added. Firstly, Stableswap pools allowing stablecoin trading with minimal price impact, including for large trades. A new category for incentives is proposed as Stable/Stable, however both stable assets need to be pegged to the same currency. Stableswaps are an important addition for Osmosis since in DeFi they are the most popular pools. They offer deep liquidity and no impermanent loss in addition to yield. Moreover, another feature of v13 is IBC rate limits which we mentioned and explained in our previous video. In addition, IBC has been upgraded to v3.4.0 to include IBC memo fields that allow cross chain swaps to be carried out via IBC transfers. Another feature of v13 is called Force unlock, allowing Governance to specify addresses to permit instantly unlocking bonded liquidity.
The Osmosis Support Lab (OSL) put a proposal for the funding round of December 2022 — February 2023 with a total of around 300k OSMO requested. Recently, the OSL absorbed some key community initiatives from the Osmosis Ministry of Marketing (OMM) since it was recently dissolved. The expenses for the OSL staff are $4k monthly for Admins, content managers and accounting, $6.5k for graphic designers and $500 for OSL multisig signers.
Mekatek partnered with Numia to analyse execution quality in Osmosis in the period September 2021 to November 23rd, 2022 . They estimated that the net loss in sandwiched slippage of 27.5K OSMO is higher than the revenue generated for LPs of 13.4K OSMO, and therefore overall sandwich attacks generate net negative value for the Osmosis ecosystem.
Previously, 78% of the ION supply was approved to be transferred from the Community pool to the ION DAO Treasury. Proposal 375 is to initially transfer 33% of the ION tokens for safety before transferring the remaining ION tokens.
Evmos news
The Nomad bridge was previously hacked, since this was the main bridge between Evmos and Ethereum, this hack had an important impact on Evmos. Recently, Nomad announced that ‘In order to access recovered funds, all users must successfully complete the KYC/AML verification process and link their wallet address(es) to their Coinlist account’. Some well-known developers in Cosmos, such as Christopher Goes who led the development of IBC, had concerns about this and questioned how permissionless the bridge is. Some community members also indicated and were concerned that Nomad disabled replies in their twitter post.
Persistence news
Persistence announced a new Foundation delegation program, the deadline to submit applications for the Round 1 is the 30th December 2022. There are baseline and bonus criteria. The baseline criteria involves several parameters such as governance participation, uptime, voting power, commission or self-stake. The bonus criteria is divided into 4 categories, mainnet contributions such as dashboards or wallets, testnet contributions, community contributions such as educational content, and other contributions such as contributions to Persistence github or documentation for example.
Abhitej Singh released a twitter thread about the XPRT Tokenomics. He reminded also that Persistence was a pioneer by launching the first StakeDrop campaign in the Cosmos ecosystem. He also emphasized that information about Tokenomics and the released schedule was public before the token launch in March 2021, and that at the genesis 100M tokens were minted with a 9.1M initial circulating supply.
Osmosis co-founder Dev gave a shoutout to Persistence and said that it would be cool if there were indexed incident reports across all cosmos chains similarly to Persistence, in order to share learnings more easily.
Drama/hacks
It was announced in the Cosmos Hub forum that a retrospective on both Dragonberry and Elderflower, including details about the exploits, was scheduled to be published on 15th December 2022. In addition, it was mentioned in the forum post that those who applied an official public patch release for Dragonberry already are also patched for Elderflower and therefore no action is required.
Project launches & network upgrades
The OmniFlix Hub upgrade to v0.8.0 was successful and it brought new features such as Timed Reserve Auctions which are part of the marketplace module. Also the minimum validator commission was set at 5% and there were additional security updates.
With HUAHUA tokens it is now possible to buy, sell or bid for NFT Auctions at the OmniFlix Market.
The Secret Network Shockwave Omega Upgrade was passed. Some highlights from the upgrade are changes to base gas prices or the fix to node registrations.
The Stride v4 Lyra Release proposal was passed.
The Comdex proposal 25 upgrade to v6.0.0 was passed. Some of the features included are lend module bug resolutions or improvements in test cases coverages.
The Desmos v4 upgrade proposal was passed. among the new features is support to signing authz transactions using a Ledger device.
The Crescent Core Upgrade v3 includes adding a marketmaker module among other features.
Governance
The Cosmos Hub proposal 88 to increase the Community pool tax from 2% to 10% was well received with a majority of support. The increased tax will decrease the rewards for stakers approximately from 21% to 19.4%. In the proposal it is indicated that the community pool of the Cosmos Hub compared to its market cap is small at around 0.41% compared to other projects like Polkadot where the community pool is around 3.4% of its market cap.
The community asked about the 10k ATOM left from the HackAtom Seoul and asked whether it is going to be returned to the community pool. Jelena explained that this was because not all of the prizes were allocated since some tracks didn’t have contestants. Jelena also mentioned that the 10k ATOM should be returned to the community pool.
Airdrops
Axelar announced the AXL airdrop site and we have included the link below. Axelar mentioned that there is a planned airdrop for Robot NFT holders and early users of Satellite.
The Sei Network testnet mission Act 4 is currently accepting submissions and it will contribute to the SEI airdrop. The link with information about the Act 4 missions and the link to the submission form is here.
Events/conferences
The India Cosmocon 2022 event was a success as can be seen in this photo. OmniFlix Network, one of the organizers of Cosmoverse Lisbon and Medellin along with Cryptocito and Frens, helped also to coordinate Cosmocon India as a partner of the event.
The 3rd episode of Citizen Cosmos Interchain Debates featured Ethan Frey from Tgrade, Sunny from Osmosis and Dean from Agoric.
Sistla and Daya, co-founders of OmniFlix, spoke at DevFest 2022, which was organized by the Google Developer Group Hyderabad.
The first annual San Francisco Cosmos Holiday Party on December 8th was announced.
General crypto news
Ethereum’s developers are prioritizing enabling Ethereum stakers to withdraw their ETH with the Shanghai upgrade instead of the proto-danksharding, also called The Surge which is the first of Ethereum’s two-part process to implement full sharding. The Surge is expected to significantly improve the network’s performance and cut transaction fees. The Shanghai upgrade is expected to go live during the second half of 2023.
Circle, the issuer of USDC, was planning to go public in Q4 2022 through a SPAC deal. However, Circle has terminated the plans to merge with Concord Acquisition Corp, a publicly traded SPAC.
Conclusion
If you enjoyed this blogpost you can show your support by subscribing and clicking the like button, also don’t hesitate to leave us a comment with your feedback! Moreover, you can also support us by staking ATOM or JUNO tokens with our validators. Additionally, you can support us by voting yes in the Cosmos Hub proposal #89 where we ask for a small Community pool spend and for a limited time to help us continue producing these blogposts, videos and twitter threads. Thank you again so much for reading, the Cosmos ecosystem news are not stopping even during the Christmas & New Year’s holidays because the Cosmos ecosystem also doesn’t stop! So, I wish you a lovely Christmas with your family and friends, and stay tuned for the next episode, the first of 2023! Merry Christmas and Happy New Year 2023!
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