A little bit of chit-chat
At ZKValidator, we wanted to share with the community our position regarding Proposition 82. We voted YES on this proposal because we believe in the vision presented and are strongly convinced that ATOM can and must be more aligned with the growth of the greater IBC ecosystem. Many aspects of the implementation are still to be discussed, but we view this as a vision statement. It will be subject to further discussion, adjustments, and, most importantly, community approval. Feel free to check our voting record here.
A new intergalactic stablecoin has been born.
The Inter Protocol (IST), a fully collateralised stable token native to the IBC ecosystem built on Agoric, launched on October 28th.Users can now mint IST with bridged USDC or USDT via either Axelar or Gravity Bridge.
According to the official analytics dashboard, 8.39% of the total mint limit had been used one week after its launch, meaning there was 419324.87 IST in circulation up to this point. The most popular collateral has been USDC, which has minted over 400,000 IST in both bridged denominations. It’s worth noting that in the first six days, the minting limits on USDC_axl and USDC_grv were almost completed, prompting an increase in the minting limits from 400,000 to 4,000,000 IST on both.
On the other hand, out of the 419,324.87 IST minted so far, almost 30% has been transferred out of Agoric. The majority has gone to Osmosis, where it’s currently available only on the Frontier version of the app.
Wait what? Yes, zkEvmos
One of the promises of Evmos is interoperability. And there are many interoperability solutions, but a growing number of them are adopting Zero Knowledge technology to guarantee security and scalability.
We will be hosting on November 10th an online event to explore what’s being done on Evmos on this front and what can be done with the participation of projects that could eventually launch on Evmos in the future.
Builders from zkIBC, Nil Foundation and Evmos will discuss how ZK could boost interoperability in the ecosystem.
The debate around decentralising some of the IBC chains has been a hot topic this year. As a result of the current split of voting power among validators on Juno, where the top 8% holds 33% of the staked JUNO, a discussion has been brought up by DAO Maximalist on Commonwealth.
The discussion is centred around the hypothesis that, by offering a “modest incentive” to token holders delegating to lower-ranked validators, the Nakamoto Coefficient of the network will eventually improve. Although there’s no official calculation on how much extra these delegators will get, an example was attached showing a conservative multiplier of 1.1 generating an APR difference of almost four basis points between the first and the last validator.
Here’s a list of upcoming airdrops.
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A little bit of intergalactic music for you