Gm, gm! This week’s cosmos update covers developments on Initia, Akash, Regen, Stargaze, Archway, Persistence, Cosmos Hub, and Omniflix.
Initia
After launching its public testnet just over a week ago, Initia saw an increase in several core metrics. These included 12,250,000 transactions, 775,000 active wallets, and 6 intervowen rollups.
With the launch of the open testnet, minitias rode the wave and offered their services to the wider public. Some highlights included Blackwing, a modular blockchain for margin trading, reaching $500 million in trading volume, and InitiaAI’s interwoven rollup testnet processing 444,500+ transactions.
You can see a full testnet recap here.
Simply Staking is happy to be supporting Initia as a validator.
Akash
In their efforts to marry blockchain with AI, Akash launched a limited public beta for their AKASH Chat API. Developers can now run inference on Llama 3 powered by Akash GPUs. This means that the Llama 3 large language model can be used to make predictions or generate text, and the computational power needed for this task will be supplied by GPUs available through the decentralized Akash Network.
The Akash Chat API can be accessed for free, with funding provided by the, with all funding provided by the Overlock Labs.
Right after the limited public beta went live on May 16, tao.bot, an all-in-one Telegram bot for Bittensor – a trading and interaction terminal, has successfully integrated with Akash.
Before, tao.bot relied on centralized providers like OpenAI as a fallback version for the nascent and volatile Bittensor TAO token. Now with Akash’s, tao.bot decentralises computing tasks, and reduces power costs and risks associated with one point of failure, thus fostering scalability of computational resources in the long run.
Stargaze
On May 16, Stargaze announced a partnership with Union, a modular ZK interoperability layer. This partnership utilizes Union’s zk-IBS bridge to bring Ethereum and Polygon NFTs like CryptoPunks and y00ts to Stargaze, and vice versa. The partnership aims to break down silos between ecosystems, and the transfer of NFTs between IBC and Ethereum would be the first step toward this goal.
Following the announcement, Stargaze and Union teams set up a space to discuss the partnership and announced a plan to launch an NFT collection, so keep your eyes open and make sure you have your Ledger wallet ready to securely store your assets!
Archway
In its aspiration to make cross-chain swaps between EVM and Archway effortless, Archway went live on Galaxy Exchange. Users can now swap any token from Ethereum, Polygon, Arbitrum, and more for ARCH, USDC, ATOM, and OSMO on Archway.
On the community side, Archies, a popular NFT project on Archway, has opened elections for the Archies DAO council.
To vote for a holder, users need to:
- Join the Archies Discord
- Claim EggHeads role
- Go to the DAO Voting Channel
- Cast your vote
Stay tuned as the elected holders will be announced today!
Persistence
Proposal 104, which creates a new WBTC/XPRT Weighted Pool on Dexter has been successfully voted in.
Proposal 104 makes up for the configuration error in Prop 99, which failed to create a WBTC-XPRT pool. With the fix of the underlying smart contract, the WBTC-XPRT proposal has been submitted under number 104.
Pool Parameters are defined as follows:
- Pool Type: Weighted PoolPool
- Tokens: WBTC & XPRT
- Weights: 50.00% WBTC, 50.00% XPRT
- Liquidity: 0.008010 WBTC, 2250.000000 XPRT
- Swap Fee: 0.30%
The WBTC-XPRT pool does not only build liquidity for BTC, create additional trading routes and yield opportunities on Dexter but also positions the Persistence chain to be soon secured by Bitcoin.
Cosmos Hub
Proposal 924, aiming to update Gaia software to V17, is up for voting until May 31, 2024.
The proposal updates Cosmos Hub software to include Partial Set Security (PSS) features such as Opt-in chains, Top N security, and customisable validator set settings. The Gaia V17 update has been conceptualised in Comos Hub’s Q2 roadmap, which we covered here.
On a different note, the Solana ecosystem has just entered the interchain, via the Picasso Netowork. Picasso implemented the Inter-Blockchain-Communication (IBC) on Solana, thus launching the trust-minimized connection between Solana, Cosmos, Ethereum, and Polkadot.
You can read more about the Solana IBC launch in this blog post.
Omniflix
On May 21st, proposal #37 was passed to list FLIX on the MEXC exchange and enhance liquidity and accessibility for FLIX holders.
By swapping ~27,500 OSMO and ~2700 ATOM to USDT, a transfer worth 50,000 USD will be initiated to the MEXC USDT address, meaning that approximately 91,500 FLIX will be available on the exchange. These funds primarily come from the revenue generated by the StreamSwap fees and the community pool.
After the transfer, the listing process will be initiated on MEXC, empowering creators and sovereign communities in managing, distributing, and monetizing their content.
Disclaimer: This article contains affiliate links. If you click on these links and make a purchase, we may receive a small commission at no additional cost to you. These commissions help support our work and allow us to continue providing valuable content. Thank you for your support!
This article is provided for informational purposes only and is not intended as investment advice. Investing in cryptocurrencies carries significant risks and is highly speculative. The opinions and analyses presented do not reflect the official stance of any company or entity. We strongly advise consulting with a qualified financial professional before making any investment decisions. The author and publisher assume no liability for any actions taken based on the content of this article. Always conduct your own due diligence before investing.
