A little bit of chit-chat
In a landmark decision, the on-chain governance proposal to adopt Replicated Security in the Cosmos Hub has been passed. The new feature is expected to enhance the Cosmos Hub’s security and extend it to other blockchains known as ‘consumer chains’. The Replicated Security mechanism will enable consumer chains to benefit from the Cosmos Hub’s strong security without the need to maintain their own validator sets. The mechanism works through the Inter-Blockchain Communication (IBC) protocol, which enables consumer chains to receive periodic updates of the Cosmos Hub’s validator set, effectively replicating it. In return for this service, consumer chains are expected to send a portion of their fees and inflation to the Cosmos Hub validators and delegators, which will be included in the Cosmos Hub’s staking rewards.
Limit orders and stop losses
A proposal has been made in the Osmosis community forum to add limit orders and stop losses to Osmosis. This would enable the platform to truly compete with centralised exchanges, as it would allow users to match all the features they offer. The necessary code has already been deployed on the testnet with a testable UI at Osmosis AutoSwap, with the ultimate goal being to merge it into Osmosis’ UI natively. The proposal is a huge step forward for Osmosis and its vision of becoming a leading decentralised exchange.
The proposal is based on the Autonomy Network, which is a decentralised automation protocol that allows people to request specific actions to be taken under certain conditions in the future. A Registry smart contract stores requests, and a network of bots monitor the registry for outstanding requests. Once a request is executable, a bot executes it and is paid a small fee by the user, covering the gas cost and 30% extra on top of the gas cost as an incentive. The bots don’t know anything about tokens or prices, nor do they need oracles. They just simulate whether executing a certain request would revert or not. This ensures that the correct trade takes place with the correct amounts.
The proposal opens up the possibility for other use cases in the future, such as automatically repaying a loan when getting near the liquidation threshold, delta-neutral LPing, and more advanced trading features. Autonomy is fully generalised and can already automate any on-chain action with any on-chain condition. Autonomy has been live for over a year on both EVM and non-EVM (Solana, Osmosis, Terra2 soon) and is currently focusing on DEXes as an initial use case, with plans to expand into other areas over time.
The Tweet of the Week
One VM for all
Axelar has introduced the Axelar Virtual Machine, a programmable layer that simplifies interchain development. The Virtual Machine is powered by Cosmwasm and enables developers to write smart contracts on Axelar, scale interchain deployments, and program the cross-chain networking layer. The Axelar Virtual Machine also supports two new products: Interchain Amplifier and Interchain Maestro. Interchain Amplifier allows anyone to create a connection to the Axelar network and all its interconnected chains, while Interchain Maestro is an orchestrator that developers can use to deploy and manage their multi-chain dApp instantiations.
Interoperability has become increasingly critical in the blockchain space, with Axelar aiming to streamline connectivity across heterogeneous systems. The Axelar Network maintains visibility into networks across the Web3 space, allowing developers to build on any chain and allowing users to interact with any asset or application on any chain with just one click. To expand the interchain, Axelar is launching a $5 million developer grant program to encourage developers to build using the Virtual Machine.
Axelar’s VM is designed to enable faster and more seamless expansion of new connections, customization of the interop layer, and simplified interchain deployments. The Interchain Amplifier is a permissionless service that allows developers to establish connections between new ecosystems or existing chains to add new network properties, such as improved security or better delivery and availability. The Interchain Maestro orchestrator enables developers to build once and run everywhere.
Here’s a list of upcoming airdrops.
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A little bit of intergalactic music for you