Project Tracker — Issue 37
Cosmos
October was another huge month for the entire Cosmos ecosystem as the space digested the new proposed direction of the Cosmos Hub as outlined in the highly-anticipated new Cosmos Hub Whitepaper. The result was a contentious round of Proposals including #78 which outlined a perspective that the writers of the proposed plan were “trying to shift the Cosmos Hub in a new direction, while enriching themselves and setting up limited checks and balances for stakeholders.” Proposal #80 followed in a similar vain with an in-depth risk analysis of $ATOM 2.0 and Proposal #81 also tried to prevent the incoming changes with a proposal to require a two-thirds supermajority on any fundamental changes such as tokenomics, inflation, governance processes, or adoption of a constitution. All three proposals were rejected and the DAO is expected to vote overwhelmingly in favor of implementing the changes outlined in ‘ATOM 2.0: A new vision for Cosmos Hub.’ The DAO approved a 20k $ATOM giveaway for winners in the Game of Chains incentivized testnet set to begin in November, and $ATOM token price increased by 6.4% throughout the month to just under $14. Remaining as most important part of the ecosystem, in November, the Cosmos Hub processed 1.4 million transactions worth $17 billion.
Osmosis
$OSMO finished the month almost 40% up after the Binance listing announcement on October 28th, leading to a huge spike in trading activity peaking at $177 million daily and TVL increase of 22%. Osmosis remained one of the most active DAOs in the Cosmos Ecosystem with 15 proposals throughout the month, including the shifting focus of incentives between pools. Also major, Proposal #339 narrowly passed with a 54% Yes majority to upload the audited Apollo liquid staking contract and Proposal #341 passed to fund Skip to develop a module that enables Osmosis to capture arbitrage revenue as protocol revenue. On October 4th, Osmosis was temporarily down due to “a weird edge case that caused some non-determinism,” but patched very quickly, and on October 24th, the team released new-look art for the token swaps page. Osmosis processed $1.3 billion in IBC volume throughout the month ranking it at #2 behind the Cosmos Hub and #3 in MAU with 143k.
Evmos
Evmos adoption continues to rise, evidenced by ranking #2 in MAU with 167k and a number of new projects launching on the chain, including lending protocol Hadron Finance and SpaceFi launchpad. Throughout the month, $EVMOS increased by 20%, and the community pool grew by an additional 73 million tokens due to unclaimed rewards from the innovative Evmos Rektdrop 5 months earlier. The Evmos DAO was the 2nd most active community on Commonwealth throughout October and topped the charts as having the highest average participation rate from the past 20 governance proposals of 87.3%. Offline, Evmos was a major sponsor at DeFi Bogota, and the Momentum Hackathon, in collaboration with Huobi Ventures and Huobi, came to a close, naming Evmos StayKing House as the grand prize winner for their work in building a DeFi protocol on Evmos that allows stakers to maximize their yields and lenders to earn stable profit by lending their assets to stakers using leverage. Other prize winners included Rumble by Orbital Apes, Orbit Market V2, Omnisea, Evmos Tracker, Parachute Drop, PyEvmos, Soul Network, Neokingdom Dao, XDAO, ArbiSwap, Liquidation Protector, SpaceFi, Cora Protocol, and TokenQL.
Juno
October 24th marked the first Juno halving, successfully halving inflation and decreasing the emission of new tokens into circulation. The Juno v11 passed under Proposal #47 to implement bug fixes, changes to ICA configuration, the addition of a pruning command, and configuration to enable features available in CosmWasm v1.1. In addition, the Juno DAO voted 99% in favor of Proposal #44 to decrease the per-block gas limit to 10,000,000. More and more projects continue to launch on Juno, with Skip announcing their live deployment on Juno Testnet, as well as the P&E tower defense game Orben Wars, Zenith, and turn-based strategy RPG, Kelepar. Liquid staking is now available on Juno through Stride and Stakeeasy to increase economic activity and security, and Juno gained its first fiat on-ramp with Kado Money.
Stargaze
$STARS followed the rest of the ecosystem’s green month with a 60% gain (still -93% from ATH) ahead of the move to v2.0. Included in this upgrade, the Launchpad NFT Minter upgrade allows artists to set an optional trading start time with a max offset set by governance, signal a collection as explicit, and reduce royalties. Also new, the Vending Minter allows for non-sequential mining, the Vending Factory Contract will allow governance to control collection creation parameters, and the Whitelist Contract adds compatibility for launchpad v2 minters. Contentious Proposal #57 barely passed with a 42% Yes vote to fund the Levana Rekt Dragons Airdrop with 3,837,000 $STARS (approx. $200k) with the intention of engaging active NFT communities on Ethereum to migrate them to Stargaze. On October 28th, Stargaze released details of Stargaze Name, a Cosmos NFT-based name service for the entire IBC ecosystem which discourages name squatting and encourages sales at a fair price.
Akash Network
The team powering Akash Network, Overclock Labs, spent much of October preparing for Akash’s Mainnet 4 and Overclock Console launch expected for November. Akash Head of Community attended Devcon 22 in Bogota, and the team released part 2 of their in-depth discussion about the challenges in web3 infrastructure, ‘Building the Open Cloud, Part 2: Re-Imagining the Cloud With Akash.’ At the beginning of the month, both memory leased and disk storage leased spiked to 4.8k GB and 54k TB, respectively, before returning to normal levels. As of the end of the month, the Akash Network now supports 329 TB of storage and has serviced a total of over 103k leases. Throughout October, Akash handled 18k IBC transactions worth a total of $3.7 million with 12k MAU.
Regen Network
On October 18th, the Regen Marketplace officially went live. The Marketplace is a place to buy, sell, and retire on-chain carbon and ecological assets. As leading innovators in the field of ReFi, Regen Network allows individuals and organizations to offset their carbon emissions by supporting the preservation and conservation of natural habitats around the world. To promote the ReFi message, Regen Network founder Gregory Landua spoke at Socap22 in San Francisco, and Executive Director Revathi Kollegala joined MCSocialVenture’s 1st Twitter Space to talk about the intersection of climate and crypto. The value of $REGEN grew up 40% throughout October and was added to the Regen Marketplace allowlist for use on the platform.
Umee Network
October was a huge month for Umee as it processed 26 million transactions, the 2nd highest number in the Cosmos ecosystem, and Umee celebrated the mainnet launch of its IBC-compatible native lending and borrowing module on October 18th. Founder and CEO Brent Xu spoke at I.D.E.A.S by CoinDesk about debt markets in DeFi, and Proposal #22 passed to fund a community DAO. The DAO will be used to incentivize and reward community members who submit valuable contributions such as educational content, community support, and translations. The Umee Blockchain was also upgraded to v3.1.0 with newly added support for GravityBridge messages. Despite these developments, the $UMEE token continues to drop, down 35% on the month and -97% from ATH.
Sifchain
Leading on from the popularity of the Sifchain Margin Trading v1.0: The Long Game, Sifchain recorded the most transactions in the Cosmos ecosystem this month, with 39 million and an IBC volume of $22 million. The DAO also voted in favor of upgrading to v1.0.14-beta to allow the parameterization of the swap fee, Proposal #134 to update community tax parameters to 80.50% and to revive the Terra classic IBC client by upgrading from 07-tendermint-42 to 07-tendermint-190. $EROWAN increased by 40% across the month despite TVL dropping by -64% after Osmosis voted in favor of removing incentives on the OSMO/ROWAN pool.
Canto
The Canto EVM continues to grow in popularity, with TVL growing by 142% over October to $151 million, accounting for 9% of all TVL on Cosmos. Despite this, the project remains relatively undervalued with a marketcap/TVL ratio of 0.67 even after the $CANTO token pumped 215% over the month. The DAO voted in favor of Proposal #26 to fund rewards for the three-week-long Canto online Hackathon with 300k $CANTO rewards and the v4.0.0 upgrade to implement the govshuttle patch. Following the success of the hackathon ending on October 25th, the project team have proposed launching a second season to give builders the chance to build alongside DeFi-native mentors and judges, and launch the next wave of Canto applications and infrastructure.
