Cosmos SDK Club: Juno
The Cosmos Ecosystem has been growing exponentially since it launched the IBC. The first permissionless, smart contract platform for the cosmos was launched 1st October 2021 and is called Juno. Juno is the first smart-contract chain of its kind and is looking to rival some of the biggest plays in the blockchain space. 100% permissionless, decentralised and incredibly fast, Juno is set to be one of the top smart-contract chains in the world. It’s not often that a project launches with such incredible potential as Juno and getting a front row seat to these kinds of massive projects is often hard to find. All I will say is, don’t sleep on Juno.
Juno is lightning fast. Capable of an enormous number of transactions per second, Juno will be able to scale to meet the most demanding volume of network traffic. One of the biggest challenges currently with smart-contract chains like Ethereum is the incredibly high gas fees paid for transactions (Up to $300USD per transaction on Ethereum). Juno has addressed this problem and currently has very low transaction fees (about $0.05USD at the time of writing). Not to mention that Juno, being another Cosmos SDK chain, can interact with all the other chains connected with inter-blockchain communication (IBC). This opens up a whole new world of inter-operability and as the Cosmos ecosystem grows, Juno will have access to all chains across the IBC network.
The launch of Juno was also something completely different to most token launches. There was no pre-sale, no initial coin offering (ICO), in fact, there was no sale at all. More details can be seen in the chart below. Almost all Juno tokens were airdropped initially to stakers of the ATOM token, as a reward for securing the ATOM network but also in doing so, Juno’s chain will be secured with the knowledge that the holders of Juno will stake and hold for the long-term, creating good security and true decentralisation of the network. (26.6% of tokens are staked at the time of writing)
In less than 2 months Juno has captured nearly 400m in value and teams are lining up to release projects built on top of the Juno chain. This will happen very shortly as the Juno development team are currently porting smart contracts and dapp’s to cosmwasm 1.0 compatibility and testing these contracts on the uni testnet. They are also stress testing the uni testnet and testing upgrade procedures, as they move toward finalizing the rollout of their Moneta upgrade which is due to launch on December 15th 2021. Anyone who was around at the time of Cosmos Starport upgrade knows the value of staking to secure Cosmos SDK, proof of stake (POS) chains, at the time of a major upgrade. With so much value given in the form of airdrops this has become a bit of a no brainer. Excluding all other drops and just considering the value of Osmosis (OSMO) and Juno (JUNO), if you were staking ATOM on the 18th February 2021, then you know how lucrative staking can be on top of of the inflation rewards.
Juno’s tokenomics are also quite interesting, with a max supply set at 186M tokens. What is most interesting though is the timeline for inflation. Over a twelve-year period, Juno will have a series of yearly inflation drops. 40% for the first year, 20% for year two, 10% in year three and then dropping by 1% per year until the inflation rate reaches zero at which time no new Juno’s will be minted.
With so many projects set to launch on Juno once the Moneta upgrade goes live, you can be certain that along with the incredibly high staking rewards (currently approx. 120% APR which will reduce based on the total bonded rate and the inflation rate), you will be set to receive airdrops from new projects as they launch, so long as you are staking at the time of the projects chosen snapshot. If the CosmosHUB Starport snapshot is any indication of things to come for Juno, having tokens staked at time of the Moneta upgrade could be a very smart move.
Thanks goes to Bro n Bro validators and Kingnodes validators for their support in providing accurate up to date info on Juno and for just being amazing in general with their community interaction and support.
Juno stats - Grafana (bronbro.io)
I’ll be deep diving into more chains and aspects of the Cosmos ecosystem over the coming weeks and months so subscribe if you haven’t already to keep up to date with everything Cosmos
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Cosmos pools for Juno look real nice! If you have unstaked LUNA or unstaked ATOM..get it locked into a community pool ASAP and YGMI 👻
Really good article. Thanks for sharing all about Juno. Very exciting project indeed