The Cosmic Melting Pot of Money, Space

EVM, Cosmos SDK, ERC, Kava, IBC, and Stablecoin.

Melting Pot of Money

Ever since the great fall of infamous UST, a number of new challengers have emerged to take its place. If we look at the Cosmos ecosystem alone, $117M of USDC, USDT, and DAI have been bridged over to the Cosmos ecosystem via Axelar and Gravity-Bridge.

The $117M is composed of $61M Axelar USDC, $30M Gravity USDC, $17M Gravity USDT, $5M Axelar USDT, and $4M Axelar DAI. On top of this, a significant amount of USDC, USDT, and DAI are being bridged over to Kava network via Multichain upon the launch of Curve, not to mention $90M BUSD liquidity already on KAVA defi. Those are already 9 distinct non-Cosmos stablecoins living under the same roof.

Source: mintscan.io

Hybrid Application Layer

On top of the EVM-born stablecoins, there are more than 7 Cosmos native stablecoins that are launching soon or launched already — $USDX, $IST, $ULTRA, $OSD, $CMST, $EEUR, and $USK. It seems like the Cosmos space could really use a stableswap.

The stableswap should be able to handle both the ERC20 tokens and the Cosmos native tokens seamlessly. That is why Money.Space stableswap is launching on Cosmos-EVM co-chain Kava as a Cosmos SDK module. Both IBC tokens and ERC20 tokens will be able to thrive on Money.Space stableswap protocol in their most natural form.

Stableswap Model

Unlike traditional AMM model DEXs, Space’s stableswap model doesn’t try to keep the number of stablecoins in a pool always equal, or proportional to each other. This allows Space to keep the exchange ratio of similarly priced assets close to 1:1. For example, there can be a 20% DAI, 40% USDC, 40% USDT pool where the exchange rate of DAI/USDC is not too far off from 1:1. But, in a traditional AMM model, the same pool would result in a 1:2 exchange ratio of USDC to DAI. Such design leads to a very low chance of impermanent loss for liquidity providers of Space pools, not to mention little slippage and fees for the traders.

Cosmic Liquidity

When $ATOM is staked on liquid staking protocols like Stride, Quicksilver, Supernova, and Neutron, it is exchanged for a liquidity token called $stATOM (et al.), which still accumulates staking rewards for the holder. Holding $stATOM means you have a right to withdraw $ATOM from the liquid staking protocols plus staking rewards.

The like-asset approach to AMMs isn’t limited to stablecoins. $ATOM and liquid staked $stATOM can also make up Space’s liquidity pools. Compared to a stablecoin, $ATOM is highly volatile, but $ATOM — $stATOM swap ratio can be very stable as long as the liquid staking protocols do not go wrong. On top of a simple $ATOM — $stATOM pair pool, there can be 3/5/n pools made of $ATOM & liquid staked $ATOM from Stride, Quicksilver, Supernova, and Neutron as well!

Space is the first interchain stableswap. EVM assets, Cosmos assets, and even Polkadot assets can mingle together in Space as if it’s their motherland. Just imagine swapping Multichain bridged $DAI, $USDC from Axelar, $USDT from Gravity Bridge, Kava native $USDX, and IBCed $USK from Kujira in a single protocol, Space. There’s an infinite potential for expansion of pools in Space.

Space in Q4, 2022

Space is the first ever interchain stableswap to unlock cosmic interoperability between the two most vibrant ecosystems in the crypto space: EVM & Cosmos. As more & more sovereign Cosmos chains are launching and getting connected through IBC & ICA, the need for interoperability of assets is increasing as well. Space is also speeding up with the development in Q4, 2022.

Q4, 2022

• Space official launch announcement
• Space tokenomics release
• Token airdrop announcement

Q1, 2023

• Testnet launch
• Mainnet live!

Stay tuned on Twitter and Medium for updates as we gear towards launch!