Gate.io Research: Cosmos - New Phase and New Era

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

比特幣礦企Marathon Digital終止與Silvergate的信貸安排:金色財經報道，比特幣礦企Marathon Digital宣布終止與加密銀行Silvergate的信貸安排，Marathon 表示，3 月 8 日，定期貸款預付完成，公司與 Silvergate Bank 的信貸額度終止，據悉該公司減少了 5000 萬美元的債務，并釋放了價值約 7500 萬美元的比特幣作為抵押品。Marathon Digital還表示一直在采取措施，通過償還部分債務和釋放被用作抵押品的受限比特幣來支撐其資產負債表。1 月，Marathon 表示已在 12 月完全還清了Silvergate 的 3000 萬美元循環貸款，釋放了 3,615 比特幣 ( BTC ) 作為抵押品。（coindesk）[2023/3/9 12:50:43]

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.

Circle：正在解除與Silvergate的部分服務:金色財經報道，美元穩定幣USDC發行方Circle在推特稱，Circle與多家銀行合作伙伴都保持聯系，目前也非常關注市場對Silvergate的擔憂，并且正在解除與Silvergate的部分服務。Circle表示相關進展會及時通知客戶，當前包括USDC在內的所有Circle服務都運轉正常，Circle擁有多個儲備和結算銀行合作伙伴，負責管理USDC的現金儲備，提供強大的流動性管理。[2023/3/3 12:39:44]

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.

摩根士丹利下調2023年加密銀行Silvergate Capital收益預期:金色財經報道，摩根士丹利本周五再次下調加密銀行Silvergate Capital（紐交所上市代碼：SI）2023年每股收益預期，認為這家專注于數字資產的銀行將面臨FTX破產帶來的“廣泛結果和風險”。 Silvergate Capital上周披露截至 11 月 15 日，其數字客戶存款已經下滑至98億美元（不包括FTX存款），摩根士丹利分析師Manan Gosalia認為，該指標將會進一步下降至50億美元，賣方分析師更是將Silvergate Capital明年每股收益預期從4.48美元進一步下調至1.58美元。（seekingalpha）[2022/11/26 20:46:41]

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 Startup 上線項目FLY:據Gate.io芝麻開門行情顯示，Gate.io Startup 首發項目Franklin（FLY）已于昨日正式開盤交易，上線后最高漲幅達13100%，最高價格0.6600美元，為Startup認購價格0.024美元的27.5倍，當前價格為0.30507美元，當前漲幅為6001.4%，當前現貨交易量近1500萬美元。近期行情波動較大，請注意控制風險。[2021/4/17 20:30:10]

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

動態 | 網傳gate.io將發行平臺幣 官方回應：確有類似重大計劃將公布:網傳gate.io將要發行平臺幣。對此，gate.io官方回應稱：gate.io近期確有類似的重大計劃即將公布，具體內容以官方公告為準。此外，gate.io官方特別提醒用戶：gate.io并無ICO或者私募，切勿轉賬給任何人，以免上當受騙。[2019/3/28]

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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