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💥Cosmos Is ‘Forging a New ATOM’ Starting With Interchain Security💥
Cosmos community plans to revamp the way ecosystem blockchains work together with the Cosmos Hub
September 26, 2022
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💥Dinarian Note: My Supporters here at Locals, KNOW why this is Sooooooooooooo IMPORTANT!!! Hint: Being Persistant, WILL PAY! 💥

The Cosmos community has released its latest white paper for the Cosmos Hub, which has plans to radically revamp the tokenomics of the native atom token (ATOM).

The Hub will be at the center of a new feature known as interchain security, while multiple forms of liquid staking of atoms — as the preferred collateral — will provide new functionality in the ecosystem, according to presenters at the Cosmoverse conference in Medellín, Colombia, on Monday.

The Cosmos Hub doesn’t generate any protocol revenue in its current form, despite having a high market cap, nor does it accrue value to ATOM, said Zaki Manian, a Cosmos contributor and co-founder of Sommelier Finance.

That’s set to change; dramatically expanding the potential of liquid staking and turning on interchain security will allow ATOM holders to benefit from the growth of the Cosmos ecosystem, developers say.

“No one has ever attempted this level of economic rebuild of a large-scale cryptocurrency, and there’s a little bit of showmanship that’s required to make that all happen,” he said.

Liquid staking ramp up

Staked cryptoassets are often confined to the boundaries of their original chains — in Cosmos, sovereign chains use staking to provide for their own security, with delegators bonding tokens to validators. To reclaim their tokens, delegators typically endure a 21-day unbonding period.

💥Liquid staking solves this by creating a fluid market for exchange of staked assets💥With more liquid staked assets comes improved cross-chain composability, according to Manian.

“We’re trying to accelerate the growth of all the 💥liquid staking protocols💥 so they have a seamless [user experience] for onboarding users,” Manian said.

The updates coming to Cosmos’ liquid staking model will benefit protocols built for composability like borrowing and lending platform, Umee.

“Staking derivatives are the basis for how we can utilize proof-of-stake as a benchmark or reference rate for building out the term structure of interest rates for crypto,” Umee CEO and co-founder Brent Xu told Blockworks in an email.

“Proof-of-stake rates are also a good hedge against economic inflation as you have a yield bearing asset as the basis for the protocol. This same logic applies to Ethereum,” Xu said.

Umee plans to take advantage of liquid staking to more easily offer liquid short term loans, a feature that would have been harder to make work without the upgrade.

Uses cases like this should leader to higher staking rates for ATOM across Cosmos chains.

“If we’re able to then use the success of the liquid staking protocols to get the number of staked atoms to 80% to 90%, we’ll be in a good position to change inflation and new atom creation which will be allocated to the security budget,” Manian said.

The envisioned change in ATOM issuance may mirror the idea of the fee burn employed by Ethereum with its EIP-1559 in August 2021 — only more so.

“We’re trying to make EIP-1559 look like a joke,” Manian said.

Interchain Security

Another area of focus ahead for the Cosmos ecosystem will be the launch and development of interchain security. 

Until now, the Cosmos Hub can be seen as a model home inside a new housing development, Billy Rennekamp, Cosmos Hub lead at Interchain.io, said. In this metaphor, the “neighborhood” around the Hub began to grow based on the model. But the Hub’s position at the center is valuable and “can be transformed into an asset to the community,” Rennekamp said.

Cosmos pioneered the use of proof-of-stake (PoS) technology, predating Ethereum’s switch to PoS by three and half years. New blocks are composed and added to the chain by validators — network nodes that stake cryptoassets as a sort of collateral to ensure their honest work

Unlike Ethereum, which sports 435,000 staking validators and counting, there are a limited number of validators by design in Cosmos — 175 currently on the Cosmos Hub, and fewer on other chains. Individual token holders choose validators to which to delegate their stake.

The more tokens staked with a decentralized set of validators on a chain, the more secure it becomes, and the Cosmos Hub has been able to generate the most diverse set of validators with significant economic value at stake.

“Interchain Security basically allows the Cosmos Hub to run many blockchains in parallel, all with the same security attributes,” Jehan Tremback, Sommelier core developer and cofounder of Althea, explained in Medellín.

Another way of conceptualizing it is as “validator set replication,” added Rennekamp.

“You take the validator set of the Cosmos Hub, use IBC to send that set to other blockchains — so they don’t need to have their own staking token, they don’t need to have their own validator set — the same people get the validator set of the Cosmos Hub and the same security as ATOM,” he said.

In return, Cosmos’ sovereign chains will pay for that security in their own tokens to ATOM validators and delegators.

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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

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Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

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Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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