KeyPoints
●TheCosmosTeamisstablenowafteralongtimeofturmoil.OriginalfounderJaeKwon,founderofTendermint,hasagainbecometheleader.●CosmosHub,theinformationcenteroftheCosmospublicchain,willtakeonamoresignificantroleafterATOM2.0,targetingsecuritybetweenchains,liquiditystakinginfrastructure,andMEVredistribution.●ThetechnicalcharacteristicofCosmosofeasydeploymentandqualityIBCcross-chainprotocolmakesapplicationscoexistnicelywitheachother,withoutresourcecompetition.●TheCosmosecosystemreliesonlowdevelopmentcostsandeaseofdeployment.However,thegapwithEthereum,BNB,andothertopecosystemsisstillevident.ItisclearthattheOneChianecosystemstilldominatesthemarket.●Cosmosecosystemsufferedduringthe2022TerraLUNAcollapseoveritsvalue,butitsecosystemisnotlargelyaffected,therearestillqualityapplicationsrunning.
1.Intro
Cosmos,themultichainnetwork,isoneofthehottopicsinthecryptonewsin2022.Thisuniquenetworkisofficiallydescribedas"anever-expandingecosystemofinterconnectedappsandservices".CosmoshasbeenprovidingarobustblockchainserviceformanyDAppssinceitsinception.ButwillCosmosbecomethecradleofDAppsandeventhe"Ethereumkiller"?Wehopeouranalysiswillofferyousomeinsightintothisinterestingnetwork.Ithasbeen6yearssincethelaunchoftheCosmosmainnet.Cosmoshubwasbuiltduringthelast6yearsfromscratch.2022sofarisamixedyearforCosmos.ThecollapseofTerraisdefinitelyaheavyblowtotheecosystem.ButwiththeannouncementofCosmoshub2.0,theCosmosecosystemhasofficiallyendeditsfirststage-Initiation,andentereditssecondstage-Integration.Attheturningpointoftheproject,wewouldliketorevisitthehistoryoftheprojectandhopetogainsomeinsights.
1.1.TeamHistory
Agoodteamalwayshasagreatleader,justlikeEthereumhasVitalikandBinancehasCZ.JaeKwonisthecaptainofCosmos.JaeKwonandEthanBuchmanfoundedTendermint.AndtheCosmoswhitepapercameintobeingtwoyearslater.Thecosmosprojectraised17millionUSDin2012throughICOwiththeassistanceofTheInterchainFoundationfromSwitzerland.However,threeyearslater,theCosmosteamhadafallout.JaeKownlefttheTendermintteamandfocusedonprojects,VirgoandGno.land.FormerCDO,PengZhong,tookthespotofCEOofTendermint,andtheboardmemberofTendermintincreasedtofive.Surprisingly,Tendermintseparatedintotwoentitiesinthemiddleof2022,IgniteInc.andNewTendermintInc.JaeKwon,founderorformerCEOoftheoriginalTendermint,willbetheCEOofNewTendermint.NewTendermintwillbefocusingonthecoretechnologyofCosmosandKwon’sotherprojects,Gno.Land,Tendermint,andCosmosSDK.PengZhongwillbetheCEOofIgniteInc.IgniteCLIandEmeriswillbetheirflagshipproducts.
1.2.Tokenocomics
以太坊二层交易协议DeGate资产桥功能正式上线Arbitrum One:9月17日消息，以太坊二层交易协议DeGate在Arbitrum网络正式部署了资产桥Beta版，该资产桥采用了稳定币AMM曲线来提高资金的利用率。DeGate表示，用户可以通过该资产桥实现跨层资产转移，且无需等待原生桥的挑战期。在Beta版本阶段，流动性注入仅向白名单合作伙伴开启，同时，DeGate将以免手续费的方式向社区提供资产跨层服务。[2021/9/17 23:32:44]
ATOMistheonlytokenissuedbyCosmosovertheCosmoshub,however,ATOMdoesnotcapturethevalueoftheCosmoschainverywell.ThatisthereasonwhyCosmosisaprojectthatisvaluedforitslong-termecosystemgrowthbutthepriceofATOMisactingweak.Let’sreviewthetokencomicsoftheoriginalATOMtoken.
1.2.1.ATOM1.0
ThemainfunctionsofATOM1.0token:1.ParticipatinginPoSthroughstaking2.ATOMholderscanhelpwithCosmoshubgovernanceandreserveforputtingproposals3.Systemreward4.TradingfeesforCosmoshubtransactionvalidators.ApointworthnotingisthatyoucanpayfeesinothertokensandthisisoneofthereasonswhyATOMcannotcapturethevalueofthechainwell.ItisclearthatATOM,initsoriginalform,cannotcapturethevalueoftheCosmoschainverywell.ThevalueofATOM1.0mostlyreliesontheCosmosHubratherthantheentirenetwork.AndthedatatransferredonCosmosHubonlycountsforaverysmallportionoftheentirenetwork,whichdepreciatesthevalueofATOM.AccordingtothedataofMapofZones:Untilthetimeofwriting,30days(2022/11/08to2022/12/08)totalIBCtransfersis7,129,600:445,890timesofCosmosHub,ranked4ofallCosmoszones;turntoIBCvolumepart,30daystotalIBCvolumeis$2.72B,CosmosHubstillranks4andtransfer$318.75M,whichis17.52%ofthetotal.
1.2.2.ATOM2.0
OnSept.27,2022,SamHart,whowasresponsibleforCosmosstrategybefore,publishedanarticlenamed“ATOM2.0:AnewvisionforCosmosHub”inthecommunitywiththenewwhitepaperforCosmosHub.Althoughtheproposaldidnotpassthecommunityvote,theintentionforchangeforCosmosHunandATOMisclear.TherearefourkeywordsonATOM2.0:1.InterchainScheduler2.InterchainAllocatorTheinterchainschedulerandinterchainallocatoraretwopartsofthenewCosmosMEVmarket.Itallowsuserstocompeteinthepriceofonchainspace.3.LiquidStakingOriginalliquidityproviderswillhavethechancetoearnthroughstakingandotheropportunities.Cosmoswillprovideliquidity-stakinginfrastructureinthefuture,4.InterchainSecurityThezonewillbeabletorentvalidatorsfromCosmosHubtoprovideinterchainsecurity.CosmosHubalsomadechangesinATOMtokenreleasemechanismtocounterhighinflation.Thecomingtenreleaseswillbevotedbytokenholdersandthisshouldbeabletomanagetheconcernsoftokenholders.Ingeneral,thenewwhitepaperwillredistributetheMEVandguidesomeoftheincomestotheCosmosofficialvault,whichwouldallowtheteamtogainfromthenetworkdevelopment.CosmosHubwilltakeonabiggerroleinfinanceandtechnology,toallowATOMtocapturethenetworkvaluebetter.Finally,ATOM’sinflationproblemwillbeaddressedbygovernancevotingandabetterATOMwithhigherliquidityandbettervaluecaptureiscominginthenearfuture.
Gate.io将于3月1日开启Startup项目A5T:据官方公告，Gate.io将于3月1日9:00至17:00上线Startup项目Alpha5(A5T) 并开启认购通道，8小时内有效下单同等对待。用户参与认购时需要达到VIP1和以上级别。用户下单后到19点之前，请务必保证现货交易账户中有不低于认购金额的足够金额，金额不足将自动排除在有效订单之外。[2021/2/28 18:00:04]
2.TechnicalCharacteristics
Cosmosisadecentralizednetworkwithindependentparallelblockchains.EveryblockchainisconstructedwiththeBFTconsensusmechanism,thesamewithTendermint.Unlikemostpublicchainsonthemarketthatuseasinglechainstructure,applicationsonCosmosarealldeployedondifferentblockchains,allofwhichcommunicatewiththemainCosmossystemthroughcross-chaincommunicationtechnology.TheCosmosnetworkhasbeenthroughmultipleinteractionsandthefollowingdiscussionisbasedonCosmosHubv1.2.BlockchainTrilemmaisawell-knownissueintheblockchaindevelopmentcommunity.Everydeveloperwillhavetofacethetradeoffsbetweendecentralization,scalability,andsecurity.Cosmos’ssolutionisamultichainstructureframework.ThisstructureandunderlyingtechnologyoftheTendermintconsensusmechanism,CosmosSDK,andIBCinterchainprotocolmadeCosmosaflexibleandefficientnetwork.
2.1.ZoneandHub
Cosmosnetworkconsistsofmultiplechainsandthemanagementandcommunicationofdifferentchainsisaquestionthatcannotbeavoided.Inshort,Cosmosassignsdifferenttasksfordifferentchains.Thechains,whereapplicationsarerunarecalledZone.Andthechains,wheredataiscommunicatedarecalledHub.
ZonesrelyonIBCtocommunicatewithHubfordatatransportation.ComparedtootherpublicchainswhereDAppsaredeployedonthesameblockchain,Zonecanofferalltheresourcesonthechaintoasingleapplication,avoidingthenetworkblockageproblemwhenmultipleapplicationsareactiveandneedtocommunicatewiththemainchain.Thecomputingpoweronasinglechainislimited,andgoodapplicationswillbecompetingforcomputingpowerovertime.Thiswillbeahugelimitationforthesingle-chainecosystem.Blockchaintrilemmawouldalsocomeintoplaywhereblockchainscalabilityisahugeliabilityifdecentralizationorsecurityarenotsacrificed,allofwhichwillcompoundthecomputingpowerissue.ZonesintheCosmosecosystemdonotcompetewitheachotherforcomputingpowerwhichgivestheecosystemahigherceiling.ZonesareoperatedunderthesupportoftheTendermintBFTsecurityconsensusengine,whichallowstheZonestofunctionevenwithintentionaltampering.Tendermintallowsdifferentprogramminglanguagesandconsensusmechanismstooperatewithinthesystem.ThisallowstheCosmosecosystemtoincludeZoneswithdifferentconsensusmechanisms,whichgivesdevelopersgreatflexibility.HubisverysimilartoZoneindesignbutitwouldtakemoreresponsibilityfordatatransportationandconnectZones,actingasthecenterformultipleZones.ThefirstHubintheCosmosnetworkwasreleasedbyCosmosofficialsandithasbeenagreatmediumfordata.InthelatestCosmoswhitepaperHubsaregivenmorerolesininterchainsecurityandliquidstaking.
Gate.io上线AAVE、KSM永续合约交易（USDT结算）:11月8日消息，Gate.io已上线上AAVE、KSM永续合约实盘交易（USDT结算），支持1-20倍做多和做空操作，杠杆率可以在下单时自行选择。Gate.io永续合约是全球最活跃的区块链资产合约市场之一，日交易量高达8亿美金，结算类型分为“BTC结算永续合约”和“USDT结算永续合约”两种。
Gate.io提示：项目是流动性挖矿产生，请用户务必在完全了解风险并能承担风险的情况下参与，Gate.io平台不对投资行为承担担保、赔偿等责任。详情点击链接。[2020/11/8 12:00:46]
2.2.Tendermint
TendermintisaconsensusmechanismdevelopedbyTendermintIncanditisthefirstprotocoltosupportBFT.IntheTendermintconsensus,everynodehasdifferentvotingrights,andnodeswithacertainamountofvotingrightswillbevalidators.Thesystemwillmakedecisionsbasedontheproportionsofvotingcountsnotnodecounts.Andvotingrightsarebasedonthenumberoftokensstaked.ThisdesignwillleadvalidatorstoownmoretokensandkeeptheeconomicinterestofmodenodesinlinewiththeCosmosnetwork.Tenderminthasaspecialdataport–ApplicationBlockChainInterface(ABCI),forconnectingtothedifferentblockchainswithdifferenttechnologicaldesigns.ABCIisresponsibleforconvertingblockchainswithdifferentprogramminglanguagesandconsensusmechanismstotheTendermintstandard,whichwillbetransferredandexecutedintheTendermintBFTprogramwheretheTendermintprotocollies.DuetotheversatilityofABCI,theCosmosecosystemcanbelinkedwithavarietyofblockchains.ABCIdividestransactionsintothreecategories:DeliverTX,CheckTX,andCommitTX.DeliverTXisresponsiblefortransportingtransactioninformationintheblockchain.CheckTXissimilartoDeliverTXbutismoreclosetotransactionvalidation.CommitTXisresponsibleforcalculatingencryptionpermissionforcurrentsoftwareandputtingitintothenextblock.Thegeneralmechanismisasfollows:Source：https://docs.tendermint.com/v0.34/introduction/what-is-tendermint.html#abci-overviewAlthoughTendermintisveryoutstandingincompatibility,thereisasignificantlimitation:validationspeedwillbeslowedwiththeincreaseofvalidators.ThisisthereasonthatCosmosputsalimittothemaxvalidatornumber.Thestartingnumberis100andwillgrowlinearlyto300in10years.Source：https://v1.cosmos.network/resources/whitepaper
2.3.CosmosSDK
SDKreferstoasoftwaredevelopmentkit,acombinationofspecialapplicationsusedindevelopmentforsoftwareengineers,whichusuallycontainsAPIandDLL.TheCosmosSDKisaspeciallydevelopedopen-sourceframeworkforblockchainprojectdevelopmentontheCosmosnetwork.ManyfamousblockchainprojectsarebuiltusingCosmosSDK,thisisthereasonwhyCosmosSDKiscalledthemostwidelyusedblockchaindevelopmentframework.NotableprojectsbuiltusingCosmosSDKareBNBChain,Terra,CosmosHub,Cronons,Osmosis,andEvmos.ThroughCosmosSDK,developerscaneasilycreateacustomizedblockchainanddecideiftheblockchaincanlinktotheCosmosnetwork.Therefore,itisverysimplefordeveloperstocreateaZonefortheirapplicationandoptimizetheapplicationonitsownchainwithouttheworriesofcompetingwithotherapplications,whichisveryimportantforapplicationsecurityandfunction.
Gate.io调整FIL杠杆ETF管理费：FIL3S每日3%，FIL3L每日-3%:据官方公告，由于ETF产品在永续合约市场对冲管理，目前FIL/USDT永续合约资金费率已增长到约6%，原管理费已无法弥补每日巨额支出。因此Gate.io公布调整FIL杠杆ETF管理费：
1、FIL3S的管理费从每日0.1%调整为3% （从净值中扣除）；
2、FIL3L的管理费从每日0.1%调整为-3%（奖励到净值中）；
3、每日管理费在0点净值再平衡时扣除或者奖励，将影响净值，不影响用户ETF代币持仓。[2020/10/18]
2.4.IBC
Usually,cross-chaindatatransportationusesBrightprotocols,agroupofprotocolsdedicatedtocross-chaindatatransportation.Butduetothedifferenceintechnicalspecificationsandparametersfordifferentchains,theefficiencyandsecurityforcross-chainprotocolsareverylowandvulnerable,whichisalwaysaheavysecurityconcern.Cosmos,ablockchainwithamulti-chainstructure,usestheIBCprotocoltocombattheproblemsmentionedabove.InterBlockchainCommunicationProtocol(IBC)isareliableandsecureprotocolforinter-modulecommunication.IBCcanbeusedbyanyapplicationbuiltonareliableandsecuremodule.
Source：https://www.panewslab.com/zh/articledetails/6sznqfc7.htmlItisworthnotingthattheIBCprotocolisnotanormalprotocol,theIBCorganizationdefinitionisasfollows:1.IBCisnotanapplication-layerprotocol:ithandlesdatatransport,authentication,andreliabilityonly;2.IBCisnotanatomic-swapprotocol:arbitrarycross-chaindatatransferandcomputationaresupported;3.IBCisnotashardingprotocol:thereisnosinglestatemachinebeingsplitacrosschains,butratheradiversesetofdifferentstatemachinesondifferentchainswhichsharesomecommoninterfaces;4.IBCisnotalayer2protocol:allchainsimplementingIBCexistonthesame"layer",althoughtheymayoccupydifferentpointsinthenetworktopology,andthereisnotnecessarilyasinglerootchainorsinglevalidatorset.Traditionalcross-chainbridgeprotocolswilllockAtokenontheAchainandinformthesmartcontractontheBchainthroughanoracleandawaittheminersontheBchaintomintnewBtokensfortransfer.AndwhentheuserwantstomovebacktotheAchain,theBtokenontheBchainwillbeburntandreleasethelockedAtokenfortheuser.Cosmoscross-chaintransportationandtraditionalbridgeprotocolsasimilarinsomeways,butIBCusesHubastransportationmediaforvalidation.Asthefollowinggraphshows,Zone1willfirstvalidatethetransactioninformationonitschainandthentransporttheinformationtoHub.ThentheHubwillvalidatetheinformationthroughSPVandpasstheinformationontoZone3.Zone3willfirstvalidateifZone1proposedthetransferandaskHubtotransferassetsfromZone1oncetheproposedtransferisvalidated.WhentheHubreceivestheaskfromZone3,theassetwillbesenttoZone3fromtheHub.
Source：https://www.panewslab.com/zh/articledetails/6sznqfc7.htmlTherearetwoimportantpremisestousingIBC:1.TheblockchainisdevelopedusingCosmosSDK2.LinkedtotheIBCprotocolmoduleAllthepremisesmustbemet.Anon-CosmosSDKblockchaincannotbeeasilylinkedtotheecosystem.AblockchaindevelopedwithCosmosSDK,butchoosenottobelinkedtotheCosmosnetwork,cannotbeeasilylinkedtotheecosystemaswell,likeBSC.3.Ecosystem
动态 | 完成4000万美元IPO之后，Silvergate CEO押注加密市场高波动性:加密友好银行Silvergate Bank正从本月的IPO中支出现金，以扩大发行规模。Silvergate首席执行官Alan Lane在接受采访时表示，IPO为新产品提供了新的资金，以满足机构对完整的加密货币借贷和存款解决方案不断增长的需求。Lane表示，更大的价格波动可能给加密市场带来更多的价差和获利机会。这将导致交易者增加在Silvergate的美元存款。Lane补充称：“我们不预测这种情况何时会发生，但我们知道可能还会有一段时间，到时波动性会推高交易量。我们希望确保在这种情况发生时能够帮助客户……根据我们的经验，这与资产的绝对价格没有太大关系，而是与价格的波动有关，我们看到了一些客户行为的潜在变化。”Lane指出，一个潜在的催化剂可能是明年比特币区块奖励减半，其它事件可能包括监管机构批准加密货币ETF、硬分叉产生新币，或者交易所受到黑客攻击影响市场情绪等。据悉，11月7日，Silvergate在纽约证券交易所上市，交易代码为SI，并于11月12日完成了4000万美元的IPO。（CoinDesk）[2019/11/22]
3.1.Majormodules
Cosmosisthelargestcross-chainecosystemwithamarketcapofaround59.56billionUSD.ThetotalassettransferredonitsIBCprotocolisaround8.79billionUSD.Thereare51ZonesintheIBCnetwork.Althoughthemacroeconomicenvironmentisnotoptimalin2022,theCosmosnetworkisnotquiteaffected.
3.1.1.CosmosHub
CosmosHubisthefirstofficialCosmosecosystemwithATOMasitstoken.ThemainfunctionofCosmosHubistoprovidedatatransportationforZonesconnected.BecauseCosmosHubisofficiallyoperated,thefollowingadjustmentsfortheCosmosnetworkstructurewillsoonbeapplied,andthenewtoken,ATOM2.0,maytransformCosmosHubintoacenterofcross-chainsecurityandliquidity.Weareveryexcitedabouttheupcomingchanges.
3.1.2.Osmosis
OsmosisisatthecenteroftheCosmosecosystembecausethetotalassettransferredismorethanthatoftheCosmosHub.ThemainapplicationthatrunsonOsmosisiscalledOsmosisDEX,whichutilizestheIBCtoachieveinterchaintransactionswithintheCosmosecosystem.TheliquidityonOsmosisreached$1.8billioninMarch2022.Atthetimethisarticleiscomposed,OsmosiscansupportIBCinterchaintransactionsfor45differentnetworks,whilethetotalnumberofnetworkslinkedtoIBCis51.
3.1.3.Evmos
Evmosisascalableandhigh-volumePoSblockchainthatiscompletelycompatiblewiththeEthereumnetwork.EvmosallowscertainapplicationsonCosmostorunontheEthereumnetworkwhichgivesthedevelopersaccesstotheEthereumnetwork.SinceEvmosisbuiltusingtheCosmosSDK,italsoofferstheabilitytotransactwiththeCosmosecosystemthroughIBC.AsthepublicchainthatiscompatiblewithEthereum,EvmosiscompatiblewithprojectsoperatedontheEthereumnetwork,includingfamousprojectslikeCMC,DeBank,andAutofarm,inatotalof25projectsaccordingtotheofficialwebsite.Currently,themonthlytradingvolumeonEvmosisranked6thintheCosmosecosystemanditwillbeagreatstartforCosmosinthefuture.
3.1.4.Terra
Terraisthemostcontroversialchainin2022,whichisthepublicchainknownforstablecoins.Thepopularchainstartedadownwardspiral,beginningwiththeUSTdepeginMay2022,whicheventuallyledtothetotalcollapseoftheprojectwithaTVLof$20.77billion.TerrausedtobeatapivotalpositionintheCosmosecosystem,itisthesinglechainwiththemostvaluestored.
3.2.EcosystemComparison
After6yearsofdevelopment,therearealargenumberofqualityprojectsonCosmos.However,themarketstillpreferssingle-chainecosystems.ThedirectcompetitionofCosmosisnotEthereumorAvalancheatthemoment,butPolkadotwhichsharesasimilarstructure.WewillcloselyexamineCosmosandPolkadotfirstandthenbrieflydiscussEthereuminthecontext.
3.2.1Polkadot
OftencalledLayer0,CosmosandPolkadotarethemostcomparedprojectsduetotheirsimilaritiesinconcept.ButCosmosandPolkadotarebuiltwithdifferentphilosophies.Wewillmainlydiscusstheframeworkandgovernancebetweenthetwo.FRAMEWORK
UnliketheHub-ZoneframeworkofCosmos,PolkadotisaRelaychain-Parachainsmode.1.TheRelayChainisthecoreofPolkadot.Itsroleistotransferdatabetweendifferentparachains,recordandvalidatetheresultofthetransaction,andthusensurethesafetransportationoftheentirePolkadot.2.TheparachainissimilartothezoneinCosmosandfocusesonapplicationscenarios.3.ThebridgechainisaspecialdesigntoconnectotherblockchainsthatdonotcomplywithPolkadot'sgovernanceprotocols.Forexample,whenPolkadotconnectstoEthereum,thedatafromEthereumisfirstprocessedthroughthebridgechaintostandardizethem.ThentheyaretransmittedtootherPolkadotparticipants.ComparedtoPolkadot,thehubintheCosmosnetworkisusedasthemainchaintoconnectdifferentzones,butitisnottheonlyhubintheCosmosnetwork.OtherchainssuchasOsmosisandEvmoscanalsoserveashubstoconnectzones,butinPolkadotthereisonlyoneofficialtransmissionmethod,therelaychain,andotherchainsthatwanttoaccesstherelaychainhavetoparticipateintheauctionslotsbasedontheirnativetokensDOTandcanonlyaccessafterwinningtheslot,whichisalsoabiggaptoCosmos'almostfreeflexibleaccessway.GOVERNANCEInthePolkadotecosystem,governancemustbediscussedbymultipledepartmentsbeforeanideabecomesarule,andvotingrightsaredeterminedbythenumberoftokensDOT.Soifparticipationinthepollislow,thefinalexecutionoftokenallocationandprizesmaybeskewed.Cosmosismoreflexibleatthispoint,primarilythroughtokenvoting,butsincenotallhubsareofficiallyrun,otherhubscanusetheirnativetokensasthebasisforvoteallocationwithouteveryonehavingtogothroughATOMtoexercisegovernance.
3.2.2.Ethereum
Ethereum,asthedominatoroftheBlockchain,hasalreadyperfecteditsownecologyandiscurrentlythemostsuccessfulecosystem.BycomparingCosmostoit,wecanassesshowfarthemulti-chainecologyisfromthecurrentmainstreammarketmodel.Technically,EthereumhasbeenexploringnewwaystoexpandEthereumitselfinrecentyears,suchasconvertingETH2.0toPoSandslicing,whichisessentiallyexploringabreakthroughintheimpossibletriangleofblockchaintechnology.ComparedtoDAppsonEthereum,Cosmoshasmoreaccesstoapplication-specificchains:suchasthecross-chainDeFiprotocolUmeeandthecross-chainliquidityOsmosis.Theapplication-specificchainapproachprovidesmoreflexibilityforDAppsandavoidsthesituationwheredifferentDAppscompeteforresourcesononechainIfwetakethecomparisonbacktothesinglechainlevelandcompareCosmosHubwithEthereum,thefollowingpictureemerges.
Accordingtothedata,itisobviousthatCosmosHubisasinglechain,itscurrentvaluationandvaluestoragearedifficulttocomparewithEthereum.ThisisalsorelatedtothecharacteristicsofCosmosHubitself:1.CosmosHubmainlyperformsthefunctionofdatatransferbetweenthezonesandisnotthemainchainoffirstchosenbyecologicallyrelevantapplications;2.ATOMtokenhasalowabilitytocapturevalueintheprotocolinthefirstversion.AlthoughtheCosmosnetworkitselfhasgreaterpotential,themarketdoesnottrustthetoken,whichindirectlyleadstothesubsequentadjustmentofthehubfunctioninthenetworkandthemodificationoftheATOMtokenbyCosmosofficials.
3.3.CurrentEcosystemSituation
Accordingtoofficialdata,thevalueoftheentireCosmosnetworkisaround$63.07billion,withmostofitfromBNB(~75.11%);thetopfiveprojectsaccountfor94.72%ofthetotalvalue.However,thetwochainswiththehighestvalue,BNB,andOKB,arenotlinkedtothenetworkthroughtheIBCprotocol.WewilluseMapofZone'sdataasareferencetomeasurethetotalvaluationoftheentireCosmosnetwork,$10,047,000,000,andthelargestcontributortothisfigureisCosmosHub'snativetoken:ATOM($2,820,592,754),suchamarketcapleveliscurrentlyonlyranked28thintheentiremarket.Asyoucansee,theCosmosNetworkhasanimaginativefuture,butcomparedtoothersingle-chainecosystems,it'snotthereyet.ItisfortunatethatCosmosandotherblockchainscanbealliesratherthancompetitors,butthisneedforCosmosNetworkcanfurtherimprovetheoverallvalue,andprovidemorefunctionalandpowerfulapplicationmodulestocomprehensivelyimprovethefinancialvaluecoveredbyIBC.WehopethatthefutureofCosmosisnotastoryfullofbattlefire,butapatternofuniting.
Disclaimer
*Thisarticlerepresentsonlytheviewsoftheobserversanddoesnotconstituteanyinvestmentsuggestions.*Gate.ioreservesallrightstothisarticle.RepostingofthearticlewillbepermittedprovidedGate.ioisreferenced.Inallothercases,legalactionwillbetakenduetocopyrightinfringement.
Reference
.TheCosmosHub,V1.2.https://www.coindesk.com/business/2022/05/25/jae-kwon-returns-to-newtendermint-to-battle-for-the-soul-of-cosmos/.https://www.coindesk.com/business/2020/02/04/what-is-going-on-with-jae-kwon-and-cosmos/.https://mapofzones.com/.https://v1.cosmos.network/resources/whitepaper.https://ibcprotocol.org/.https://hub.cosmos.network/main/hub-overview.https://docs.cosmos.network/main.https://ibc.cosmos.network/.https://docs.evmos.org/.https://osmosis.zone/ecosystem
GatewaytoCryptoTradeover1,400cryptocurrenciessafely,quicklyandeasilyonGate.ioSignuptoenterthecryptogatewayandget40%commissionfromreferralsDownloadiOS/AndroidApprightnow.Reachouttous!Twitter:https://twitter.com/gate_ioGateVIPTwitter:https://twitter.com/GateioVIPTelegram:https://t.me/gate_ioAPITelegram:https://t.me/gateioapiInstagram:https://www.instagram.com/gateioglobalMedium:https://gateio.medium.com/Podcast:https://gateio.buzzsprout.com/?ch=buzzsGate.ioTeamDecember22th,2022
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