Hi Cosmonauts! ⚛️
Welcome to the Cosmos ecosystem news roundup, here are the top stories in Cosmos in the 1st half of October:
BITCOIN GOES TO COSMOS:
Bitcoin holders will soon have at the end of October a new decentralized and permissionless option with Nomic’s nBTC to deploy capital in Cosmos DeFi and earn yield. In this episode we explain in detail why nBTC is more secure, permissionless and decentralized than wrapped BTC
DYDX V4 CHAIN LAUNCH PHASES:
As the mainnet launch of the dYdX v4 chain is approaching, there will be several phases of this launch including pre-genesis, genesis, and several post-launch phases, all the details are in this episode. Also, we cover additional important dYdX governance discussions related to the migration to the new v4 chain such as v4 incentives or migration of treasuries
KEPLR SWAP FEATURE:
A new useful swap feature has been added in the Keplr wallet greatly improving the UX
Focused sections about Osmosis, Injective, Secret Network, Persistence, Juno, Stride and Crypto regulations and compliance updates with MME
All this and much more in this episode, and now for today’s top stories
Summary & Timestamps:
- BTC holders can earn yield in Cosmos Defi with nbtc, a more secure and decentralized option than wrapped BTC. 00:07
- nbtc has decentralized custody of BTC, while wrapped BTC relies on a centralized custodian, bitgo.
- With nbtc, BTC holders can earn yield through Cosmos Defi instead of keeping their BTC idle.
- Native wrapped BTC on Osmosis provides non-custodial and permissionless ownership of Bitcoin. 02:45
- BTC holders see centralized custodians as a higher risk, leading to a decrease in BTC reserves.
- The nomic BTC side chain, called the Peg Network, is decentralized with 100 validators as signatories of the BTC reserves.
- nbtc brings BTC to Osmosis with security measures 07:36
- BTC reserves and Stak value will grow proportionately
- Different steps to get BTC into Osmosis with wrapped BTC and nbtc
- Security mechanisms for nbtc include stake tokens as collateral and checkpointing on Bitcoin blockchain
- Emergency dispersal process in Cosmos Atom Defi and the solution for safeguarding against attacks. 10:02
- Emergency dispersal only happens if no checkpoint has been created for a certain amount of time, BTC holders are unaffected.
- Stake locking ensures that an attacker cannot receive their stake until proof of a checkpoint is committed to the Bitcoin blockchain.
- Wrapped BTC in Cosmos Atom doesn’t interact with the main Bitcoin chain, it’s an ERC20 token.
- Namada is an anticipated project in the Cosmos ecosystem with a new useful feature added to the Kelper extension. 14:38
- The new swap feature on Kelper allows for easy token swapping in just one click, choosing the tokens and networks for the swap.
- NTRN token has gained liquidity with its listing on Binance, and other exchanges are likely to follow suit.
- The launch of dydx V4 chain is approaching, with several phases including Genesis and post-Genesis alpha and beta phases for network security and stability.
- dydx V4 chain launched on Cosmos with trading enabled 17:00
- Completed audit of dydx V4 code by informal systems
- Discussions on migration of community treasury and requesting $20 million in dydx tokens
- Native USDC on Osmosis and Osmosis Revenue 21:16
- The addition of native USDC on Osmosis could bring significant liquidity.
- Noble currently has over $5 million native USDC supply on Osmosis, compared to $1 million on Polkadot and $2 million on Near.
- Gas required for transactions increase significantly, but will be resolved by proposal 829. 23:22
- Official Secret Network channel launched on Obnx Network TV for interactive educational content.
- Injective and Google Cloud launching the Injective Illuminate Global virtual hackathon.
- Bis report highlights crypto’s role in bank failures 27:39
- The report identifies three trends contributing to bank failures: non-bank intermediation, concentration of crypto assets in a few banks, and faster fund movements due to digitalization.
- The failure of Saure Bank and Signature Bank of New York were specifically attributed to their significant client concentration in digital assets and poor governance and risk management practices.
- BIS to consult on disclosure requirements for Banks crypto asset exposures 29:38
- Prioritizing work to strengthen supervisor effectiveness and identifying issues for additional guidance
- Pursuing follow-up analytical work on specific features of the BZO framework and assessing policy options over the medium term
