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

波卡生态DEX Mangata攻击者已转移1.17万枚KSM:10月10日消息，波卡生态DEX Mangata发推称，攻击者已从攻击地址转出1.17万枚KSM（约50万美元），并在Moonriver上兑换为USDC和ETH。Mangata正在与执法部门联系，并对攻击者的IP地址以及与中心化交易所的交互进行了记录。

据悉，Mangata于10月6日遭到治理攻击，攻击者通过控制治理投票权恶意转移部分KSM，但Mangata并未透漏损失金额。[2022/10/10 10:29:30]

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行情：GAS 24小时涨幅达426.82%:据Gate.io芝麻开门行情显示，截至今日11:15，GAS 24H最高涨幅426.82%，当前涨幅265.37%，24H最高报价22.727美元，当前报价17.377美元。近期行情波动较大，请注意控制风险。[2021/2/21 17:36:21]

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行情：CRV持续看涨 24H最高涨幅达43.31%:据Gate.io芝麻开门行情显示，Defi概念产品CRV、SUSHI、UNI持续看涨，截至今日13:50：CRV 24H最高涨幅43.31%，最高报价1.5048美元，24H交易量323.33万美元；CRV 24H最高涨幅29.35%，最高报价9.378美元，24H交易量503.85万美元；SUSHI 24H最高涨幅26.31%，最高报价7.816美元，24H交易量316.39万美元。近期行情波动较大，请注意控制风险。[2021/1/17 16:22:50]

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.

动态 | GateHub最终声明：攻击共影响了18473个用户的加密帐户:近日在钱包服务商GateHub发布最终调查声明称，安全团队对最近GateHub受到的网络攻击进行了深入的调查，已经确定了此攻击中的目标帐户以及受到攻击的信息，攻击者共访问了18473个用户的加密帐户。受影响的账户泄露了以下信息：电子邮件地址、散列密码、散列恢复密钥、加密的XRP分类帐钱包密钥（仅限未删除的钱包）、名字（如果提供）、姓氏（如果提供）。作为预防措施，GateHub正在生成新的加密密钥，并在下次登录时重新加密所有敏感信息。此前，有安全公司称，GateHub共有大约2320万枚XRP被盗，而且已经流入Bitfinex、Digifinex等交易所。[2019/7/20]

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

公告 | Gate.io将于4月23日14时上线ATOM交易:据Gate.io官方公告，Gate.io交易所将于4月23日14:00（下午2点）开通Cosmos（ATOM）交易，如果届时Cosmos主网转账不稳定，流通量不足，Gate.io将开盘时间每次顺延4小时，请注意交易区倒计时变化。[2019/4/23]

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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