Cosmos ATOM IBC v2 Burn Mechanism | Celestia TIA Lands Noble + Ethena Integrations | Mantra OM News

Cosmos IBC went live. Now it's all about building out an application layer ecosystem of especially DeFi applications on the Cosmos app itself that will put IBC Eureka into motion and will start this flywheel of value accrual for Atom because with every IBC Eureka transaction, Atom gets burned. I don't think a lot of people realize that but I think the success of IBC at large scale, which is now what Interchain Labs, the main organization in Cosmos, is really rallying behind could turn the hub into a true router and make Atom an interesting and attractive asset again. So if you want to learn absolutely everything about IBC Eureka, then take 10 minutes of your time and watch this video from Sebmos. He did a full breakdown and walkthrough of IBC Eureka and also where you can see some IBC stats on range. And that's not all. He also did a quick tutorial on how to use Polaris that just went live built by the Osmosis team and you can also play around with right now. But as I mentioned, the DeFi layer is now being built out on the Cosmos Hub and one of the flagship applications that started off as a perp stacks on the Cosmos Hub is Illys Network that is now turning more and more into a full DeFi suite of products that is offering more products than just perps that will generate yield for the Cosmos Hub community and across the entire Cosmos ecosystem. Right. And they're also now heavily betting on IBC Eureka. This is an application that is powered by Eureka in coordination also with Interchain Labs. And it's all focused on yield, real yield, and also on user experience to make it as easy, seamless and intuitive to use as possible. So give Illys some love as well, share their content, use their products, provide user feedback as well. You can also leave comments under this video. But Illys is not the only one. There are more Cosmos Hub and Atom aligned products, DeFi products that are now coming back to the hub, back home one by one. There's new ones that are starting completely from scratch, but there's also existing ones that are migrating to the hub. One of the new ones is going to be Orbit Earn that have just revealed that they are going to deploy on the Cosmos Hub that is also focused on making DeFi yield available to everyone. You can read their full announcement here. To me, I don't know much about Orbit Earn. I don't know who is behind it, but this is definitely good to see that there's fresh new excitement about building on the Cosmos Hub. And remember that we're just a week or two in after IBC Eureka went live, which is V2 of IBC that makes Cosmos Hub compatible to Ethereum. And IBC Eureka itself will be built out more and more to make it compatible with other EVM chains as well. But also, one of the next big steps on the roadmap for the Cosmos Hub is going to be to deploy a permissionless virtual machine. And until a few weeks ago, it has always been around deploying permissionless CosmWasm, but I think now it is pretty obviously on the table that it will be the Cosmos EVM after FMOS basically open sourced their code base in alignment and coordination with the Indochain Labs team led by Mark and Barry. They're both co-CEOs. And I think once the permissionless EVM is on the Cosmos Hub, then it will be very interesting to see whether the hub can gain meaningful traction and attract quality applications that also generate real revenue. Mark also praising Cosmos builders for what they have gone through and that they're still standing, still around, and that I also would love to get in touch with them. And he's also making the case for Atom and the Atom community. And overall, I think Mark Barry and the new leadership now with ICL are filling the gap. That was wide open for a very long time and probably one of the main reasons to cause this infighting and drama and directionlessness, if that word even exists. But yeah, this unclear roadmap and where is Cosmos going from here? So that is all fixed. That is all left behind. That chapter is closed. Now we are in the new Cosmos era. That is all about alignment, about value accrual, about simplicity, massively decreasing complexities when it comes to IBC, when it comes to this ecosystem of layer one blockchains and make sure they're all in sync and also the builders on the back end. And with Cosmos, obviously, we're doing our best to get everyone in the same room and to boost those conversations. And I think over the years, Cosmos has always been a platform to accelerate or establish those connections and conversations. But now I think this year with new leadership and play, that Cosmos also will have a much larger impact when it comes to driving cohesion and also sharing announcements. Now, one of the things that they're also now doing, which is very refreshing, is the communications and marketing around it. So there is an ongoing campaign right now for IBC Eureka from the Cosmos account on Twitter. There's a bunch of communities participating like Babylon, Injective, Seta Protocol as well. And what you can do here is you come here, you take a quiz, you answer all questions, you then visit IBC Eureka application. So you're actually onboarded to IBC Eureka. Then you discover your Cosmonaut personality. So you're basically doing a personality check in the half day. And you can share your results on Twitter. And a hundred winners are going to share a $10,000 USDC price pool. So participating here, I think the chances are quite decent that you can actually win some prize money here. And you're also demonstrating alignment and help increase the reach and visibility for IBC Eureka that just went live. And speaking of prize pools, we also have SETO Earn basically as a product vertical of SETO Zone, where you can earn either USDC or ATOM to create content. So we have these campaigns going on quite a bit. And we're also now going to launch a new one that will be announced in the next few days. And there will also be a tab on our SETO.Zone website. So we'll make that a standalone thing. And you should be checking that out as well. For SETO Plus members, we have a dedicated prize pool for every SETO Earn campaign that we're running that will be exclusively dedicated and be distributed to SETO Plus members that participate in new SETO Earn campaigns. But definitely keep an eye out for that, because I think it's a very nice way to incentivize and also compensate for content creators out there. And for those that are sharing and spreading the word, engaging with real products. And I think this is exactly what we want to do with SETO Earn. Now switching gears, we have a major announcement from Babylon, which is the SUI network, which is a multi-billion dollar chain, is going to be a Bitcoin secured network. They're going to be a BSN plugging into Babylon and basically leveraging Bitcoin security to further secure the SUI network. And SUI also commented on this saying that thanks to our partnership with Babylon, there are now multiple avenues to get BTC onto SUI, helping further expand and diversify SUI's already best-in-class suite of financial services. Considering their crazy TVL and also FDV, I think it definitely makes a lot of sense to boost chain security through Babylon. I think we'll probably see a lot more of that in the future. Overall, Cosmos as an ecosystem has always been and continues to be very Bitcoin aligned. Also, Cosmos account saying Cosmos lost Bitcoin applications. We also have Osmosis that is very much Bitcoin aligned. Obviously, Babylon being a full-on Cosmos SDK, blockchain and also IBC Eureka launch partner. It's also very Cosmos hub aligned and many more chains and applications that are native to Cosmos that are fully Bitcoin aligned. Well, one of the newer chains that is probably still flying under the radar for many people out there is Noble, that is currently a permissioned chain, a proof of authority chain. We succeeded. We are one of the validators, but there's currently no native token. But Noble is basically a permissioned layer one right now. They do have an ongoing point system where you can earn points for another two months or something, two and a half months, that might eventually translate into a token. That means eventually Noble will spin out and become a permissionless layer one blockchain with a native token. We'll keep you posted on that here on CryptoCito, of course, and the CitoZone. But another major announcement that Noble just did was introducing the Noble App layer, which is the native application layer on the Noble chain. And this is coming weeks after they have launched the native Noble dollar, the Noble USDN. And the way the tech is architectured is that this is going to be deployed as an EVM compatible rollup on Celestia using RollKit to build out that rollup. So this is very, very interesting. Also a big win for Celestia, making it also fully interoperable with the rest of Cosmos. And also they're going to integrate IBC Eureka, at least is what it mentions here. So definitely good to see Noble growing and expanding their product offering from the USDC chain to having their own stablecoin with $65 million already issued in that stablecoin. And now introducing their application layer, I think is very impressive. But also at the same time, obviously, it is a bit of a loss for the Cosmos Hub and Atom, because Noble initially was supposed to be an Atom secured chain. And now the native stablecoin and also native USDC is basically an independent sovereign blockchain that is more Celestia aligned, it seems. But maybe through IBC Eureka, Noble can also drive meaningful value for the Cosmos Hub and Atom. And also remember, a week or two ago, I shared this proposal that Noble was dropping about aligning with the Cosmos Hub. So there's definitely still alignment there. But I think the true spirit of Cosmos, sovereignty and interoperability, that's what Cosmos is all about. Noble is going on their own path. And yeah, it's big enough to also have their own ecosystem, liquidity, rails and all these kind of things. Yelena announced that at Biddle Asia in Korea this week, that is a conference that is going on right now in Seoul. As mentioned, you can still earn Noble points on points.noble.xyz for another 78 days. This is incentivized and it leads to a boosted APY of 13.6% if you deposit your USDN here. So you deposit a stable token and then you get boosted 13.6% APY. As also mentioned, Noble's circulating supply of USDN crossed $65 million. And this is, I think, just within a month or something after the Noble dollar formally launched. So that's a big win. And I think this is very, very bullish for the entire Cosmos ecosystem. Also, IBC or RECA because that means that we do have stablecoin liquidity rails being built up. Noble's USDN is native to IBC, is native to the Cosmos ecosystem and is finally filling the gaps that have been for a very long time unfilled. Now, another chain that is a big win actually for Celestia is Converge. And Converge is the layer one blockchain of Athena that has a 7 billion plus TVL with Securitize. That is the underlying, I guess, RWA partner of Athena. So, 7 billion dollars in TVL. Athena, one of the most successful projects out there right now, which I think is deployed on Ethereum, is now launching their own L1 with Arbitrum and Celestia. So they're going to be fully Celestia compatible. We'll use Celestia for data availability. And they've shared more about the technical architecture of that chain. We mentioned it here, I think, two or three weeks ago when Converge was first announced. But back then we didn't know about technical architecture. Well, now we know it's going to be Celestia aligned, which also kind of means it is Cosmos aligned. And another project that popped on my router a couple of weeks ago, actually already, because a friend of mine is now working there. And he mentioned that to me a couple weeks ago is Optimum. And Optimum just announced an 11 million dollar seed round. And that is interesting for Cosmonauts as well, because Optimum is also built on a tenement fork or a Comet BFT fork, which means they're kind of also a Cosmos chain underneath. And I think we'll continue to see more and more chains choosing at least elements of Cosmos technology to build their projects on. Optimum, I don't really know a lot about it, to be honest. I'm not invested. I don't have anything with them, at least for now. Maybe in the future we'll have some sort of partnership, media partnership. Hopefully they will come to Cosmos. But Optimum is a project that was founded by a MIT professor, which is very interesting, I think, from this academic route, similar to how Babylon was started from Stanford professor David, who has been here on the channel also a couple of times. So Optimum may be something for you to bookmark and to keep track of. And they just announced an 11 million dollar seed round from quality VCs. That is very, very impressive, especially in this market environment. Switching over to DODX, they have shared their short term roadmap, or basically the 2025 roadmap to improve the indexer reliability to make sure that the website remains stable during volatile market movements or aggressive market movements like we had many times over the past couple of months. The chain itself is working smooth, but I think on the front end there has been some bugs here and there. So that will be fixed. Faster deposits and withdrawals as well, with a skip integration, we're basically now in the chain labs, and also new mobile interface and new trading features that are coming. And then the larger goals are also around integrating IBC Eureka and being also a place for spot trading and multi collateral, which is very, very interesting because that means DODX is basically expanding the product offering from a perp stacks to a spot decks as well, which is very, very good news, I think. And overall for Cosmos Define in general, but also for IBC Eureka, which also means for Atom. And yeah, that's the 2025 roadmap. We'll hopefully also hear more about them at Cosmos this year. We do have this ongoing media partnership with also a VIP affiliate partner of DYDX. So if you want to trade and save on fees big time, you can use the top link in the description and trade on DYDX. Now the mantra story has obviously been huge, not only in crypto, but even outside of crypto, like even mainstream media was reporting on that. And that was a huge, huge crash. We've seen 92% within one hour. Since then, things have calmed down a little bit, but we're still waiting for the official post-mortem. It did share a chronological sequence of events basically on what actually happened the other day. So they have shared that, but we're still waiting for the official post-mortem to come out. But what we know for sure right now is that they're working on a buyback program. JP is forfeiting his own team allocation. Not that this is his own team token allocation, not for the entire mantra team. I guess he's not talking about those coins, but his own tokens. And I genuinely believe that he wants to get it right with everyone. He wants to set the record straight and he's not shying away and he's not hiding or disappearing. So as more information gets public, I will obviously keep you posted here. And there have been multiple other interviews where he was also on CoffeeZilla, did an interview, and JP just shared more context there. But so far we have no major, at least no major breaking news. Maybe by the time you're watching this video, there's some news, but as of right now, there's no other news. Well, Akash Network is a sleeping giant in my book, at least, currently having it around $1. Well, it was at around 20 cents like two years ago, but now it's at $1. It went as high as $4 or $5 a couple of months ago. So it came down a lot, but still up over the past two or three years. But in my view, still huge upside potential. I think AI compute the niche that Akash is operating in being one of the OG Cosmos chains, that they're going to be around for a very long time. They've been early adopters. They have weathered through an entire bear market already. So I think they understand how the game works. And they're going to host their second conference, the Akash Accelerate, on June 23rd in New York City. There's also going to be a virtual component to it. There's a full day event. And if you're in New York, then you should definitely check that out. Now, getting back to Polaris, the application built by Osmosis, the way they call it is the token portal, but it's basically a DEX that is multi-chain, also connected to the Solana version machine. So to be honest, I don't know how much that is going to compete with other DEXs and also with the Cosmos hub eventually. Now that the Cosmos hub will have its own application ecosystem or with Noble, they also have their own application ecosystem. So there's probably a new wave of competition around the corner in Cosmos. I hope that we're not ending up in drama and accusations here and there, this and that. But yeah, we're definitely entering a new phase of competition within Cosmos on the application layer. And I think in the end of the day, it is definitely healthy to have more products to choose from, also from a user's point of view, but from a builder's point of view, I think it also hardens the code and drives innovation if there's healthy competition. But yeah, that is Polaris, play around with it. And also ABC Eureka as shown by Sebmos in the introduction. Now, we also have an update from Shane, the founder of Stargaze, on the future of the STARS token, because there have been a bunch of questions and the STARS token is just underperforming like crazy. I think it's just a few million dollars in FTV. And I think the big issue for Stargaze has been that they have built an amazing product that does have strong product market fit, but the economics just have not played out at all. Also, in their defense, I think NFTs and Cosmos have gone through a lot, especially NFTs as a vertical, but also Cosmos as an ecosystem has gone through a lot, a lot of drama infighting. NFT season has just not happened at all. And still, Stargaze is there. And they still manage to attract and launch quality collections like the Celestine's Lost Society, Bad Kids, obviously the OG one, Mad Scientist, right? Unchain Omies, Whale Sharks from Union, right? They also have Intrigaze that are going to deploy on Initia, that is by the way imminent to launch. And they're launching on Binance Launchpool on April 24th. I think that is next Wednesday or Thursday. Initia mainnet launch is confirmed and with it also the init token airdrop. But getting back to STARS, I think it will be interesting to see maybe if Intrigaze has an impact on the STARS token price. But yeah, Shane dropped some ideas here on STARS as money, as Gas, introducing a loyalty program for STARS takers that will also give benefits like reduced marketplace trading fees and so on and so forth. So check that out. Let me know if you're still holding STARS. It's been brutal. I have still held all my STARS over the years. I think, yeah, I'm just down very, very bad. But yeah, that's what we stand up for. I was always saying crypto, right? Like any coin can go to zero like this. There's other coins that just do not attract or accrue value because the economics are not right because there's not enough people buying the token. As simple as that, right? We're still a very young, immature and early industry. Anyways, that's all for today. Now I'll send you over to Seb Moss to watch his tutorial on IBC Eureka and also Polaris. I'll see you here very soon on Crop to C2. Happy Easter. Until then, stay safe and be good.