Project Tracker — Issue 34
Cosmos
After a tumultuous month with the evaporation of nearly $50b as a result of the collapse of Luna and UST, the Cosmos Network emerged united and driven to build. As some of the biggest recent news in the world of DeFi, on June 22nd, decentralized derivatives exchange dYdX announced that dYdX V4 would be developed as a standalone Cosmos-based blockchain, marking ‘the full decentralization of the dYdX protocol.’ HackATOM is also back for 2022 and will be held in Seoul from July 29–31. Organized by Interchain in collaboration with KryptoSeoul, this year will be the first offline hackathon since 2019, with Cosmonauts gearing up to share in up to $500k worth of token prizes. Despite the market cool down, DeFi on Cosmos continues to heat up with an 85% Yes vote passing proposal #72 to fund smart contract applications that are looking to leverage Interchain Security and the liquid staking feature and to fund P2P’s mission to launch a DeFi Hub consumer chain, set to host the Lido liquid staking protocol.
Osmosis
On June 8th, a critical bug was discovered that allowed liquidity providers to earn an extra 50% when adding and withdrawing liquidity on Osmosis. Following the report, the Osmosis chain was halted for emergency maintenance and restarted the following day after exploiters made off with $5m worth of tokens. This exploit happened during the Osmocon 2022 expo in Austin, Texas, which celebrated the first anniversary of the mainnet launch and was attended by key developers and project founders from around the world. On June 20th, the Osmosis ‘Thirdening’ resulted in the annual yield of Osmos tokens being reduced to 34.52% — each June, the ‘Thirdending’ reduces annual emissions as part of the structured token release schedule. As the most widely-used AMM in the ecosystem, Osmosis also recorded the highest number (1.2 million/30 days) of successfully relayed IBC transfers worth a total of $263m in value.
Evmos
The Evmos team has been beefing up community participation in recent weeks as part of an aggressive drive to attract quality developers. Currently, the project’s official Twitter account (Evmos is Hiring) has passed 100k followers and hosts a weekly community catch-up call to keep people in the loop about the latest developments. Evmos has also partnered with Huobi Incubator to organize the first ever Evmos Momentum Hackathon with up to $500k of prizes to be won. Popular Web3 dashboard application, Zapper, added Evmos integration, and the new Cosmostation wallet shows Evmos next to Ethereum as an EVM network. Transaction volumes on Evmos are also growing rapidly, moving up three spaces to #5 in terms of IBC volume with 211k transfers worth $27m over the past 30 days.
Juno
Juno entered the ‘multiverse’ at block 3851750 with the Juno v8 upgrade to enable ICA (Inter Chain Accounts) Host functionality, allowing Controller Chains to interact with Juno Native functionality and core SDK modules, Smart Contract store, Smart Contract instantiate, and Smart Contract execute. As the unofficial home of CosmWasm, the Juno Network remains the Layer 1 of choice for application builders in Cosmos. Since the beginning of June, Juno has helped launch and re-home an impressive variety of DeFi protocols, games, DAO tools, and infrastructure projects, including Eclipse Pad, skip.money, Junochess, Talis, Loop Finance, Juicer Protocol, SubQuery, The Graph, TFM, and many more.
Stargaze
As the place for NFTs on Cosmos, Stargaze has seen a load of new interest from Cosmonauts, with over 150 NFT projects now minted and available for trading on the Marketplace. Although the Marketplace remains in Beta, it was recently audited and revealed only minor issues to fix. Moving forward, the team has plans to release a new Launchpad v2 with upgraded frontend visuals and functionality, including collection bidding and implementing steps to require DAO governance-based project verification before launching new NFT projects to ensure higher quality standards. With the STARS token retracting 97% from ATH, many community members remain focused on building with proposal #35 to create a community-run pool to fund the creation of scripts and programs to enable automatic distribution of staking rewards from validators based on NFT holdings narrowly being rejected due to an overly vague description.
AKASH Network
The Akash Network has been gaining huge traction in recent weeks, evidenced by consistently hitting new records of adoption, resource utilization, and AKT expenditure throughout July. Currently, all-time lease count sits at 93k after a surge in demand due to a partnership to support the Chia Network whilst onboarding new providers has been made easier with the help of the Praetor App, now leveraging 45 active providers. On July 13th, Akash recorded the highest monthly IBC volume for a non-financial Web3 network (excluding DeFi and Layer 1s they are hosted on) and finalized ICA integration. The Sienna Network now supports Akash, meaning users can convert $AKT to $sAKT and interact with privacy-preserving DeFi on the network. From July 20th, the Akash Network is running a bounty program to connect all PoweredByAkash dapps, sites, nodes, and more with 3500 $AKT to give away.
Regen Netwok
Championing ReFi on Cosmos, the Regen Network is gaining more recognition from the entire blockchain industry, with Co-founder Gregory Landua invited to speak at the Polygon Green Blockchain Summit 2022 held on July 13th. On July 16th, the Regen Network released details of a partnership with Humanity Cash to drive the adoption of community dollars and digital dollars designed to keep wealth recirculating locally to support community banks, small businesses, and regional supply chains. Passing with 99.71% approval, proposal #12 plans to provide the regenerative media non-profit Branch Out with 400k $REGEN to launch Climate Wiki. On June 24th, the project team also posted a 6-month recap of the Regen Network’s Community 2022 Funding Program, which awarded $1.5 million in funding to positive action projects ranging from micro-model farms to DAO tooling and has since proven to make significant progress.
Umee Network
The Umee Network has been making waves in the world of DeFi recently, appearing and speaking at both Consensus and Osmocon. Additionally, Umee partnered with the world’s first decentralization solution delivering real-time intelligence on security, Forta, and industry-leading cybersecurity advisory firm, Halborn to safeguard Umee users’ assets, perform a comprehensive audit, and ensure Umee can swiftly respond to technical issues in a timely manner. On-chain, the Umee Validator DAO was established following a 98.23% Yes vote to increase decentralization and let 11 members of the Umee validator community process all matters related to Umee Validators and Umee Foundation delegation decisions. Finally, Umee recently released details of Orion, the first IBC price oracle to accurately determine the token prices of various Cosmos-native tokens across various chains in the ecosystem.
Sifchain
The Sifchain DAO has been a major focus for development in recent weeks with 23 proposals being voted on over the past 60 days. Of these, the DAO has voted to reset pools to a 50:50 ratio, adjust the voting periods, quorum, and minimum deposits for voting, as well as removing the 7-day unbonding period, and raising minimum commissions for validators to 5%. After building the first bridge between ETH and Cosmos, the Peggy 1.0, Sifchain have announced plans for the Peggy 2.0 Cardano to Cosmos bridge also capable of connecting to any EVM chain with four independent audits being conducted. Additionally, the DAO has created a token listing council to adjudicate on listing matters in a decentralized environment.
Provenance
Including $3.9 billion worth of native Hash utility tokens, the total on-chain value of Provenance reached $8.3 billion as of writing. On July 12th, shared digital workspace and entertainment workflow optimizing tool, Storyline announced their flagship product would be launching on Provenance due to the chain’s superior ‘trustless trust’ and instantaneous settlement resolution capabilities. Provenance now supports the latest version of CosmWasm smart contracts and passed proposal #38 to implement the mango — v1.11.1 upgrade with 100% approval. Following the listing of the Hash token on Okchain, the Provenance chain is becoming increasingly decentralized, recording growth in validators up to 67, 23 of which command at least 1% of the voting power.
