Cheers everyone and welcome back to another round of Updates on the Cosmos Ecosystem! I am trying to focus on data and limit the shilling as much as possible - should you feel the urge of joining the #IBCgang nonetheless, here is where you will want to start:
Interchain Wallet: Keplr (Browser Extention highly recommended, Mobile wallet)
Ecosystem Overview: Mapofzones.com
Access Points: Cosmos HUB / Terra Luna / Crypto.org
Main DEX: Osmosis.zone
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With that out of the way, let's get going: One month ago, I made this post. At the time, the #IBCgang had a volume of roughly 2 million interchain transfers per 30 days and ~150k on the daily. Today, only 1 month later, those numbers have tripled!
30 Day average IBC transfers: 2.000.000 in December up to 6.000.000 in January
7 Day average IBC Transfers: 750.000 in December up to 1.850.000 in January
24h average IBC Transfers: 150.000 in December up to 320.000 in January
Mind you, these numbers are growing so fast despite the january crash and a general downturn in user activity & capital inflow. Cosmos remained strong and that has also been shown in market price where Cosmos chains were reaching all time highs throughout the month of January.
Currently, there are 34 Chains connected to the Cosmos Ecosystem via IBC. With Gravity Bridge (Connecting Cosmos to Ethereum and vice Versa) joining in January and Nomic Bridge (IBC to Bitcoin) coming online within the next few weeks. Aside from these heavy hitters, Cosmos is seeing an inflow of chains going online & connecting to IBC each month and is expected to have a network of at least 200 chains by the end of the year.
How fast is Cosmos & how does it scale?
Cosmos is a Layer 0 Project meaning that it enables the infrastructure for the internet of Blockchains. Cosmos (For simplicity, I will only regard Cosmos SDK Chains for these parameters) is meant to scale horizontally, meaning that it is a web of interconnected, self-souvereign blockchains with their individual specifications in order to best fit their use case. The Cosmos SDK is capable of running with 10.000 tps per chain. With 34 connected SDK chains that equals almost 350.000 tps as of today. Even considering constraints due to validator numbers etc chains are running at an average of 5000 tps meaning that 175.000 tps can already be reached and is not just theoretical, with optimisations ongoing. Moreover, even if one chain does experience congestion, network instability or other issues, no other chain is being compromised as there is no single point of failure. Connected Chains are currently handling about 1.500.000 on chain transactions per day. This is also the reason why I have never experienced congestion beyond a daily reward payout window on osmosis.
IBC is being maintained and usable for 0 additional cost to the user or the connected chains and scales ad infinitum. There is no limit to chains that can connect to the ecosystem.
Future Upgrades & Outlook on the Ecosystem?
The Cosmos HUB is going to receive one big upgrade per quarter going forward, bringing interchain accounts, liquid staking, interchain security & chain naming services within the next 6 months. Roadmap
Osmosis DEX is bringing a similar form of liquid staking, called superfluid staking within the next 2 months to the ecosystem which will greatly expand liquidty and yield farming opportunities without sacrifising security for the chain.
EVMOS, the dedicated EVM L1 within the Cosmos ecosystem, is going live by February 28th and is expected to attract a lot of ETH Dapps & forks being deployed to market readiness.
Stargaze, the dedicated NFT HUB is processing it's genesis minting even on March 2nd. Artists can still subscribe to that event if interested.
Juno, the interchain smart contract HUB is on fire lately and has released Junoswap, as well as multiple other Dapps seeing more and more user activity.
Terra is Terra, not much to say about this one. It has got a lot of cool features but you all would know by now.
Secret Network, the Cosmos privacy HUB is going to release a privacy stablecoin called SILK within the next few months. This could be a gamechanger that I will cover in detail in a different post.
... and there is so much more.
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Airdrop season has kicked off and my fellow Cosmonauts will agree that it has been pretty great so far.
Fore more information & guides, pelase visit Cosmos or Cosmos Airdrops respectively.
EDIT: Removed all links because I could not figure out which ones were causing my post to get deleted by auto-mod.
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