State of the Cosmos

January 2022

Welcome to the first edition of State of the Cosmos. In this episode we’ll be looking at the most recent updates and additions to the Cosmos ecosystem. Everything from new IBC connections, chain upgrades, airdrops, new projects, news and more, so grab yourself a coffee and get yourself up to date on the State of the Cosmos.

NFT’s entering the Cosmos universe

Stargaze is a the first interoperable NFT marketplace that is IBC enabled. The token was listed on Osmosis via a liquidity bootstrapping pool (LBP) on the 19th of December 2021. A massively generous airdrop went live on the 17th of January. Anyone who was a part of that is smiling from ear to ear. The marketplace will be launched in early February and is looking to be a very exciting project indeed. Stargaze has applied to Terra for a grant to setup an IBC channel directly to Terra from Stargaze to be used for the transfer of NFT’s between the two chains. Groundbreaking stuff, very exciting times ahead for Terra and Stargaze NFT’s

Kava 9 joins the IBC gang

With the Kava 9 upgrade, Kava will become fully IBC interoperable across the Cosmos ecosystem. With an Osmosis listing imminent and huge incentives being offered on Kava Lend exciting times are ahead for Kava.

Juno Moneta upgrade is massive

Juno implemented its first major network upgrade on December the 15th 2021. The upgrade named Moneta opened up the ability for permissionless minting of CW-20 tokens via Junomint. Governance approved a payment to Keplr to provide ongoing support for the next 12 months including Keplr mobile app support. Just a few days ago Juno also launched Junoswap, the first decentralized exchange on Juno. The number of projects set to release on Juno in the coming months is far too many to list in a short article such as this but, suffice to say, Juno is growing at a break-neck pace. Not to mention the snapshot taken at the time of the upgrade secured early adopters an airdrop of NETA token, which will be a store of value token for the Juno network. Juicy!!

Osmosis is pumping!!

Anyone who has been a part of the last six months of Osmosis’s growth has seen an incredible project evolving. Not only is Osmosis fast, cheap, and extremely user-friendly, it is quickly screaming up the charts to become one of the biggest DEX’s in the blockchain space. With well over a billion USD total-value locked (TVL) and over 100 million USD in volume daily, it is easy to see that Osmosis is here to stay and will continue to be the go to DEX for the Cosmos ecosystem. Recently upgraded to allow the Cosmwasm module to function on the Osmosis chain, other projects can now launch smart-contracts on the Osmosis chain. Governance also approved for the clawed-back Ion tokens unclaimed in the airdrop last year to be moved to the Ion community pool, so the Ion community now has the funding to create their own DAO and begin developing a use-case for Ion.

Listed on Osmosis in December/January so far is Terra (LUNA), TerraUSD (UST), Stargaze (STARS), Lum Network (LUM), Desmos (DMS), Bitsong (BTSG), Dig (DIG), Vidulum (VDL), Comdex (CMDX), Bostrom (BOOT), Ki Foundation (KI), Secret Network (SCRT) and Chihuahua (HUAHUA).

Desmos. Social Media Revolution?

Towards the end of last year Desmos sent out an airdrop to Atom stakers which for most, left us scratching our heads. The airdrop was messy and left a bad taste in a lot of recipients’ mouths. However, slow as they may have been to get things up and running, Desmos have now listed on Osmosis. What on earth is Desmos? Desmos is a blockchain setup for social media platforms to build on and connect to. To create fairness across social media through decentralization and to give back to users through giving back the funds to users that advertisers spend to reach their audiences, rather than one centralized app reaping all the rewards. Big goals and a positive concept. Let’s hope they can realize their dreams.

Chihuahua. Just another useless dog coin?

Pretty much. Chihuahua (Huahua) is toted as being just another useless meme coin. Will it do anything? Probably not. Does it have a use case? Not yet. Is it gaining a massive following? That would be a very big yes. Cosmos’s first useless meme coin has taken the ecosystem by storm and has been performing surprisingly well since launch. Considering that it is built on its own chain and is not ‘dogged down’ by fees, which are next to nothing, it definitely has a ‘leg-up’ on other dog coins. With ridiculous staking and liquidity provision rewards it is no wonder that the FOMO has kicked in hard for Cosmos moonbois and girls. Sleep on Huahua? Well, I’ll leave that up to you to decide.

Crypto.com hacked!!!

Anyone using the CRO app woke up two days ago to find that their access had been restricted and withdrawals unavailable. Several accounts made complaints to CRO in the day prior that suspicious activity was occurring on their accounts and for some funds had disappeared entirely. To their credit CRO moved swiftly to lock all accounts and within hours were requiring that all users verify their accounts and add 2FA as default. Investigations are still on-going as to how the chain was hacked and fortunately very little was lost before CRO moved in to thwart the hackers.

The attack is speculated to have occurred after the attackers found a way to bypass the 2FA security measures on the exchange. This has prompted Crypto.com to alert users to reset their 2FA information, as well as having to log back into the platform to regain access to their accounts. The crypto exchange announced that this update will be rolled out gradually to users. Upon completion, withdrawals will then be enabled and users will be able to send their funds out of the exchange. “We understand this may be an inconvenience, but security comes first,” the exchange said.

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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