A proposal for the upcoming Aether EVM chain to Integrate into AEZ and Cosmos Ecosystem as a consumer chain has been posted on the Cosmos Hub forums, found, here.
It’s a dense read, so we figured it would be helpful to summarize and breakdown the post in digestible terms.
Find our overview of the Aether post below, then head over to the forums to weigh in if you have additional thoughts or questions!
Aether Proposal:
– Requesting support for Aether EVM to become part of the AEZ with interchain replicated security.
– Deploying an Atom stake holder aligned EVM that requests no sunk time or capital cost from Atom community pool.
Integration with Cosmos Hub:
– Aligning the development with the Cosmos Hub and the Cosmos Community.
– Deploying established EVM DeFi primitives to strengthen the utility of ATOM and its liquid staking derivatives.
Aether’s Vision:
– Aether aims to expand the activity of users on the Cosmos Hub via the integration of Aether EVM in the wider interchain ecosystem.
– Creating a core public utility and good for Atom stake holders, expanding the use of FOSS and free public infrastructure.
Governance Votes:
– Summary of the voting options and their significance for the proposal.
– Including options for YES, NO, NO WITH VETO, and ABSTAIN.
Reasons for Choosing Cosmos:
– Highlighting the competitive advantage of Cosmos in the crypto currency ecosystem.
– Emphasizing the decentralized techno-social slack and the future potential of the Cosmos Hub.
Aether’s Role in Onboarding New Teams:
– Aether’s goal to onboard new teams to the AEZ via EVM culture.
– Focusing on attracting new actors without an established reputation in the Cosmos.
ATOM’s Utility in Aether:
– Expanding the utility of ATOM across the Cosmos Ecosystem with Aether’s DeFi primitives.
– Positioning ATOM as the benchmark in the interchain ecosystem.
Aether Terminal and Long Term Alignment:
– Introduction of Aether Terminal for users to interact with all Aether Apps.
– Details about the long term staking rates and unclaimed airdrop distribution.
ATOM as Benchmark Asset:
– ATOM acts as a benchmark asset in the ecosystem, serving as a security provider and facilitating the discharge of debt in the interchain.
– Aether is designed to host an ecosystem of CoFi, TradFi, and DeFi around Atom, driving demand for the benchmark asset and enabling stakeholders to use native and liquid staked ATOM for various purposes.
Aether A Fresh Start:
– ATOM’s role as a benchmark asset brings both benefits and challenges, as projects funded with ATOM must strive to produce value for stakeholders.
– Aether aims to adhere to the principles of proper capital formation and open-source licensing for the Cosmos ecosystem to succeed.
Chain Symbiosis:
– The interconnection of consumer networks with appchains can increase costs for validators, leading to more sell pressure and counteracting the scale of economies.
– Aether’s replicated security and permissionless access to smart contract utility aim to reduce bloat for the Cosmos Hub and provide a solution for multiple projects to utilize the power of Solidity.
FOSS:
– Aether will utilize the latest open-source version of the Ethermint module, emphasizing the importance of adherence to FOSS for the success of any chain as a general smart contract platform.
– Adherence to FOSS is seen as crucial for security and to dissolve legal moats, making developer interaction easy and free from counter party claims.
Developer Language Preference:
– The focus on EVM development is seen as necessary for the Cosmos ecosystem to gain market share over other EVM-focused ecosystems.
– Aether will have primitives upon launch, aiming to demonstrate quick deployment of DeFi projects and attract attention and utility to the new Hub EVM.
High Value Use Cases and Security:
– Aether strives to become the most secure EVM on Cosmos, aiming to attract more attention and utility to the new Hub EVM.
– The need for liquidity sinks in ATOM is highlighted, and launching an EVM consumer chain is considered a pressing concern for ATOM stakeholders.
Increasing the Use of Liquid Staking Derivatives:
– Aether aims to launch major DeFi primitives and absorb the majority of LSD supply, offering risk off opportunities and evaluating the possibility of a multi collateral stATOM backed stablecoin.
Aether’s Mission and Focus:
– Aether is launching all major DeFi primitives on its chain to increase composability for ATOM, allowing users to pool tokens, lend LP tokens, and create stablecoins.
– Aether aims to address the immature and fragmented ATOM DeFi market, providing polished products and easy UX.
Learning From The Past:
– The observation of other EVMs like CANTO, Kava, Bera, and Evmos has taught Atom Stake holders the importance of addressing short-term volatility and focusing on long-term stabilization of organizational corpus.
– Aether aims to bring EVM capabilities to Cosmos, with a focus on improving Cosmos side UX and ensuring smooth interaction for Cosmos ecosystem users.
Key Takeaways:
– Launching the EVM chain with core primitives is crucial as it ensures the ability to lift free public infrastructure and offers better property rights and access to protection of purchasing power.
– Aether’s goal is to align stakeholders with a more predictable and lower issuance policy, avoiding high inflation and soft money policy.
Aether’s Approach and Proposals:
– To ensure maximum alignment, Aether plans to launch a new token and enforce a lock time for Aether airdrop recipients, enforcing a capital formation strategy.
– Aether aims to create value capture mechanisms for AEZ and the Cosmos Hub, focusing on open-source development and cultural and economic sovereignty.
The Hub Needs to Create Momentum Now:
– Aether aims to bridge the gap between the cosmos ecosystem and the rest of crypto by adapting popular ETH products to ATOM, creating hedging and yield markets for ATOM.
– Developing an EVM consumer chain on the Cosmos Hub is seen as the most productive use of interchain security and will increase ATOM’s product market fit within the Cosmos Ecosystem.
Aether’s Roadmap:
– Aether’s roadmap includes improvements in UX and gas fee payment, the development of a DEX focusing on ATOM, ATOM-backed stablecoin, and NFT platform, and porting the most popular EVM primitives.
– Aether plans to integrate with p2p DeFi/CoFi lending markets, create new DeFi primitives leveraging the unique capabilities of the cosmos SDK, and establish MEV extraction tools for EVM.
Token Distribution:
– 71.50% of tokens are allocated for Community Share, including 40% for airdrop, 20% for LP rewards, and 10% for the community pool. Additionally, 1.50% is reserved for validator incentives.
– 28.50% of tokens are designated for Team Share, with 15% for long term development, 5% for mid term development boost, 7% for founders, and 1.50% for liquid tokens for early expenses.
Aether Airdrop:
Aether Airdrop – Aether team is proposing airdropping 40% #Aether to ATOM holders. Per the team, this would be the largest community ownership of any Interchain Security (ICS) chain. There are no asks for funding from the community pool and no VCs or investors involved, in turn allowing ATOM holders to generate most of the rewards instead of VCs.
Aether Project Timeline:
– Private Aether test net is currently running, with a proposal posted on the forum and multiple weeks allotted for community feedback.
– During the community feedback time, binaries will be published and a public test net for Aether is launched. A signaling proposal is then initiated on the Cosmos Hub, and after its approval, the code will be published on Github with open source licensing. Following a stable public test net, a deployment proposal on the Hub will be posted, with an estimated ‘ready to launch’ timeline of 2 months since the forum proposal is posted.
You can also find more information, and interact with Aether Team on twitter below:
