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

Silvergate股价收报5.72美元，单日跌幅达57.72%:3月3日消息，据新浪财经行情显示，加密友好银行Silvergate股价收报5.72美元，单日跌幅达57.72%，较240美元附近的盘中历史最高点（2021年12月31）已跌去约97.61%。

金色财经此前报道，Silvergate此前的客户Coinbase、 Tether、Circle、Paxos、 Crypto.com、Bitstamp、Cboe Digital Markets、LedgerX、Galaxy和Gemini纷纷表示他们将暂停与该银行的业务，Circle也表示正解除与其的部分服务，MicroStrategy也澄清与Silvergate的关系。[2023/3/3 12:40:10]

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.

今日恐慌与贪婪指数为34，恐慌程度有所下降:金色财经报道，今日恐慌与贪婪指数为34（昨日为30），恐慌程度较昨日有所下降，等级仍为恐慌。

注：恐慌指数阈值为0-100，包含指标：波动性（25%）＋市场交易量（25%）＋社交媒体热度（15%）＋市场调查（15%）＋比特币在整个市场中的比例（10%）＋谷歌热词分析（10%）。[2022/10/29 11:55:19]

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.

Uniswap社区提议创建Uniswap基金会，并要求7400万美元资助:金色财经消息，Uniswap社区Devin Walsh在Uniswap治理论坛发帖提议创建Uniswap基金会，其使命是支持Uniswap协议及其支持的生态系统和社区的去中心化增长和可持续性，向建设者、研究人员、组织者、学者、分析师等提供赠款，以发展协议并规划其未来。

该提案提出，计划组建一个12人的团队，并向Uniswap社区要求获得总共7400万美元资助，其中1400万美元为运营预算，用于覆盖整个团队3年，6000万美元用于将Uniswap赠款计划(UGP)预算扩大至3年以上。首笔付款为2000万美元。同时，该提案还要求250万个UNI参与治理，主要是通过授权。通过使用新的智能合约原语The Franchiser，该UNI可以被DAO随时撤销，并且不能用于治理之外的任何目的。[2022/8/5 12:03:12]

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将今日中午12:00开启Startup项目Meter认购:据官方公告，Gate.io将于7月15日（今日）中午12:00-14:00上线Startup项目Meter并开启认购通道，两小时内有效下单同等对待。用户达VIP1和以上级别即可参与。Gate.io根据14天平均持有GT总量设置参与认购额度，持有GT量越大认购额度越高。[2020/7/15]

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 | Emurgo发布Cardano区块链数据导入器Tangata Manu:Emurgo最近宣布发布Cardano区块链数据导入器Tangata Manu，这是ADA区块链浏览器Seiza发布后的第三个产品。根据最新消息，新产品旨在取代Icarus Importer项目。（Today’s Gazette）[2019/9/12]

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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