Thyborg
@Thyborg_
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@Cosmos Lead at @informalinc | Advisor @axelarnetwork | Curator-in-chief of the Interchain Reports
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Joined November 2021
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Happy to inform that I'm joining
@informalinc
to help onboard the next 1000 app-chain to
@cosmos
😎 DMs open for any dev & team interested in the most interoperable & scalable crypto ecosystem
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Major transition in 2023, MAJOR announcements coming up in 2024 from Informal's Comet & IBC teams
Do you think Informal is just a core dev business funded by the ICF?
Think again.
2023 was a major transition year for us 🧵
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A death spiral isn't the most likely scenario for $UST. Looking at the design of the Terra protocol and the economic incentives at play, the odds are $UST recovers. The why & how in this thread 🧵
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This is awesome
- Juno finds a bug
- Osmosis provides a fix
- the changes are upstreamed for all other Cosmos chains
The Interchain community is a real thing
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Like it or not, the Cosmos ecosystem is bound to become the ultimate MEV bots fun park
Interchain accounts, interchain security etc. are all making the playground space bigger & better
Let's kickoff a series of reasonably short Cosmos MEV threads with Part 1: the Basics
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$ATOM - the number thread
A complete breakdown of the key metrics of the Cosmos Hub's native token and King of the Interchains 🧵
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Hey
@coinbureau
, we appreciate your $ATOM coverage today, but couldn't help but notice a significant # of inaccuracies & an incorrect perception of what truly matters for the Cosmos Hub and $ATOM community 👇
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I did the math. If you had staked 25 $ATOM (i.e 150$) on 1-Jan-2021, you'd have 2400$ today. That's a 16x. The breakdown, and how it compares to other majors coins 🧵
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Unlike most (if not all) other L1s,
#Cosmos
doesn't have a core team ; yet over the last year, the ecosystem managed to ship ground-breaking tech after ground-breaking tech at a stunning pace. This is what decentralised software development looks like in the Cosmos 🧵
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Six years after the ICO..
Four years after mainnet..
$ATOM is about to get a taste of value-capture
The Replicated security is live on the Cosmos Hub 🥳
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With the advent of the multi-chain world, it has been harder & harder to deny the fundamentals of
#Cosmos
, and we've seen the critics focused on $ATOM instead: "bad tokenomics", "no utility", "no value-accrual", "inflationary" etc.
A thread to set the record straight 🧵
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Not sure what happens to the
#Lunatics
next, but it looks like
#SecretNetwork
now has the most engaged community on Cosmos
For proof, this comment by
@assafmo
reminding me that Secret also runs CW got 5x the likes of my entire thread
Gotta be on your toes w/ the
#Secret
agents!
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It appears to me that the crypto world hasn't priced in the fact that
@CelestiaOrg
,
@axelarcore
&
@agoric
are three of the most exciting & technologically-innovative projects in the entire space, and they've all made the decision to build on top of Cosmos
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Could IBC ever be hacked like
@nomadxyz_
yesterday,
@harmonyprotocol
in June,
@AxieInfinity
in March?
While it's early to claim anything in crypto is bullet-proof, let's review why IBC is as secure as an cross-chain protocol can get 🧵
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$USDD is a way for Justin Sun to offload his $TRON without crashing the price
1. Burn his $TRON for $USDD
2. Sell that $USDD to retail chasing the 20% APR
By the time $USDD has grown big enough that it isn't backed anymore, Justin is already out
That's Terra w/o the use cases
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Interchain security isn't launched yet & we already have 14 interested teams in the consumer chain leads spreadsheet - smells like product-market fit to me
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Cosmos isn't set up to sign partnerships like Ava Labs & Amazon
There's no single company to rep the ecosystem, no big investor w/ a massive % of the network lobbying web2 companies
What Cosmos does have is a set of working products & incredible word of mouth among devs 👌
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The price of $ATOM has taken a beating over the past couple of weeks, possibly because it somewhat lacks a clear utility. Let's see why the implementation of a Hub model is likely to change that for forever 🧵
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The BNB hack shows the value of being an active part of the Cosmos community
Big players like BNB, Polygon, Kava etc. forked big pieces of the stack & never looked back
They're foolishly missing on thousands of upgrades, patches, fixes & new features done by the core teams
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Turns out Cosmos has more than twice as many app-chains (49) as Polkadot has para-chains (22)
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Top 10 chains built with the Cosmos stack
Binance
OKEx
Cronos
Cosmos Hub
KuCoin
Thorchain
Oasis
Kava
Osmosis
Terra
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Both
@stride_zone
and
@TeamKujira
have less than 5 core devs and both shipped a brand new interoperable chain in a matter of months. Tell me again why you think Cosmos won't scale well?
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The Cosmos Hub is only a few weeks away from the launch of replicated security and the introduction of the very first value-capture mechanism for $ATOM. Here's a brief description of what to expect after the interchain security module is (hopefully) approved by governance 🧵
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Another top project (3X the dYdX market cap) signalled early-stage interest for a potential migration to the Cosmos stack. This is starting to look like a trend to me
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We're starting a community effort to build an strong unbiased ranking of active Cosmos validators based on a set of agreed-upon quantitative & qualitative criteria
A statement of purpose and an invitation for all community validators to join the effort 🧵
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A bit of Cosmos history
2014: Jae Kwon invents TendermintBFT
2015: Ethan Buchman & Jae meet
2016: Ethan joins as co-founder
2017: ICF fundraiser
2018: New PoS concepts (slashing, staking etc.)
2019: Cosmos Hub mainnet launch
2021: First IBC transaction b/w the Hub & Osmosis
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Wallet n°8 of the recent Cosmos whales thread had me quite perplexed: who would leave 6.5M $ATOM un-staked since genesis, leaving on the table 3 years of staking rewards?
Here's how I got my answer and learned a few interesting IBC things in the process 🧵
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In the coming weeks, we'll launch AtomKraft, an open-source testing framework for Cosmos projects
Simply put, devs will be able to automatically & continuously run millions of tests against their code to uncover vulnerabilities
That's a game-changer for Interchain security
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The commonly-held belief that Tendermint-based chains are slow is currently being shattered by a number of high-throughput decentralised applications choosing to build on Cosmos instead of Solana or Ethereum roll-ups 🧵
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Not convinced Cosmos needs more "marketing"
Better focus on bizdev, tracking down the Tier 1 Ethereum, Solana & Cardano teams one-by-one to tell them about the rent-free interoperable & scalable Cosmos app-chains
dYdX gave the ecosystem more exposure than marketing can buy
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Interchain security, modularity, interoperability, dYdX, Delphi, Hub 2.0, Cosmoverse, VanEck report - Cosmos is going from narrative famine to narrative overdose this year
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Will the Tendermint whitepaper get the recognition it deserves at some point?
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The top 10 Cosmos Hub wallets control over 30% of the total $ATOM supply, out of which I believe:
- 11% are ICO wallets
- 10% are exchanges
- 7% are big validators
The breakdown 🧵
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The first sovereign chain to transition to $ATOM interchain security will be
@stride_zone
After that, several others have expressed interest in following through & getting closer alignment with the Cosmos Hub
One of them is
@ComdexOfficial
😎
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In the next IBC release, Cosmos users will be able to send $ATOM from the Hub and provide liquidity (or swap, stake etc.) on Osmosis or Crescent in the same transaction
That is, without switching chains, or taking any other step. Who said app-chains are not composable?
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I predict
#CosmosSummer
2022 to be the exact opposite of
#SolanaSummer
2021: teams putting out real products after years spent in build-mode, often w/o even a tradable token
One such Cosmos team is
@OnomyProtocol
who's getting ready for launch after a full 2 years of coding 🧵
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In the end $ATOM outperformed every other Cosmos token, out delivered them on airdrops, and continued to selflessly fund the development of the entire Cosmos stack this year
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Wait, Google is also hiring Cosmos devs? 👀
BREAKING:
@Google
IS HIRING SOLANA/RUST SPECIALISTS - AS
@googlecloud
X SOLANA NEWS DROP IS SEEMINGLY IMMINENT
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In 2023 Cosmos gets:
- Replicated, mesh & alliance security
- IBC expansion into other ecosystems
- The dYdX Cosmos chain
- Native USDC issuance
- Celestia's mainnet
Plus who knows how many new app-chains
So I'm feeling pretty good about my career choices last year 😎
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My general view is that $ATOM should become the least inflationary, most stable & predicable non-cash asset of the Cosmos ecosystem
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Interchain security recap
7 teams locked in: Neutron, Stride, Fair block, Simply Staking, Duality & Polymer
3 core chains: Asset issuance (Circle), Scheduler & Allocator
That's 10 consumer chains ready to work for the $ATOM community next year 💪
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Polygon has already signed partnerships with Disney, Meta (i.e FaceBook), Reddit, Stripe & Draft Kings. That's exactly the kind of bizdev hustle that we need for Cosmos
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$ATOM casually capturing other L1s market caps before it even starts to capture value
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Very much looking forward to the rest of the crypto world realising that IBC is not Cosmos token bridging tech but the base protocol of a new internet ⚛️
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.
@EvmosOrg
had one of the best
@CosmoverseHQ
presentation yesterday. The idea of an IBC router b/w the EVM & Cosmos worlds is brilliant
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This is your Cosmos Hub team at the Informal retreat. Everything may look peaceful, but this was the stage of some intense debates that led to some serious breakthrough in how we envision the Hub future ⚛️
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The $ATOM economic zone has a smart-contract platform, a liquid staking provider and hopefully soon enough a cutting-edge DEX
Still missing a key DeFi primitive: a money-market
To remedy that,
@Umee_CrossChain
is joining the list of potential new consumer chain candidates ⚛️
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The battle for Cosmos liquid staking market shares has been seriously heating up over the past couple of months
In today’s thread I’m running the new contender
@stride_zone
through my usual project quality checklist 🧵
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Celestia's mainnet is going to be massive catalyst for Cosmos. Even if some devs choose to build a Celestia's roll-up over a Cosmos app-chain, the sheer number of new IBC apps they'll bring will largely outweigh that
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Feels good to have my bias validated by
@Delphi_Digital
10,000 words long systematic review of the trade-offs between Cosmos, Ethereum, L2s, Avalanche, Solana, Polkadot, Near 🤝
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A Thyborg exclusive: an upcoming Cosmos L1 with solid backing is in the process of bringing a dozen of disillusioned Solana protocols to their permissioned smart-contract Cosmos chain 🧵
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There's so many reasons for Cosmos to outperform the rest of the crypto market that it's hard to know which is making $ATOM pump
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Had a new surge of degen energy after listening to the
@DonCryptonium
/
@deadrightdove
interview
Put up stATOM as collateral, minted $USK, lent it at 10% APR and bid some liquidated $KUJI at a 6% discount
Probably the most DeFi fun I've had since the UST crash
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For the Cosmos ecosystem, connecting Ethereum to IBC would be a win of the same magnitude than the dYdX migration
A new Ethereum research post by
@garvitgoel03
outlines a technical solution for that
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BNB hack summary:
The issue was with the IAVL RangeProof code
It was never used in the IBC Go module, or anywhere else in the Cosmos stack
It was removed from the IBC specs & replaced with a better standard
It was only used by Binance for a custom bridge implementation
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Just to clarify the ICS timeline
Aug: Working product
Sept: Private testnet
Oct: Bug fixing
Nov: Public testnet
Jan: Launch
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Great visual from
@Delphi_Digital
to understand the differences between monolithic chains, Ethereum roll-ups, Cosmos sovereign chains &
@CelestiaOrg
. Missing interchain security & consumer chains though!
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Another top project will join the $ATOM economic zone as consumer chain 😎
@polymerDAO
is betting on IBC becoming the open-source industry standard for cross-chain communication
Their ZK IBC infra will route packets b/w chains, including non-Cosmos chains
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The Cosmos Hub doesn't need to do a million different things
Get Interchain Security right
Layer a couple of useful services on top
Help the Interchain grow
The rest will sort itself out
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Finally met the Osmosis core team, now I see why everyone likes them 🤝
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We've listed & categorised no less than 75 projects building across the ecosystem in the Interchain Reports
The new table includes a lot of the live & upcoming app-chains & dApps across Juno, Osmosis, Secret & Terra
The Cosmos is teeming with life!
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If bear markets really separate the legit projects from the rest, $ATOM should pump non-stop throughout this crypto winter
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Yesterday
@DeanTribble
&
@zmanian
introduced $IST at the
@Gateway_Conf
in Prague. Difficult to imagine a better timing to present an over-collateralised IBC-native stable 🌕 here's my summary of the mechanics of the Inter protocol 🧵
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So our contact at the BNB chain casually told me that the team is launching another Cosmos chain in a couple of months 😎 It's called BNB Greenfield & its purpose is to provide decentralised storage for the existing BNB chain
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iPhone: there's an app for that
Ethereum: there's a dapp for that
Cosmos: there's an appchain for that
A list of the best IBC-enabled appchains in the Cosmos-store 👇
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With interchain security, most new Cosmos Hub features can be deployed as consumer chains
That means the speed of releases may increase considerably, and the Hub could simultaneously become the most secure & the most cutting-edge zone in the ecosystem
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The upcoming Wormhole Cosmos chain is a pretty big deal - their Portal token bridge protocol has a higher TVL than dYdX
Wormhole's Portal $500M
dYdX $380M
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The list of former Tendermint Inc employees - I'm gonna guess this was a rather stimulating workplace!
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For anyone looking to get a crypto job, can't think of better place for that than
@JunoNetwork
: come in, make yourself useful to the community for a while, then start a sub-DAO & get a budget approved by that same community to keep going
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Poor Helium
They could have built their own Cosmos app-chain and remain forever unaffected by any host L1 problem
Instead they chose to migrate to Solana just two months before the FTX meltdown nuked the entire ecosystem 🤷
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Couldn't find an exhaustive list of Tendermint-based chains so I'm preparing my own & I expect the cumulative TVL sitting on top of these to surprise quite a few
@jaekwon
invented that titan pre-Ethereum & I can't think of a more under-appreciated crypto builder than him
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