We’ve been bullish on @cosmos for a while, having chosen it as the home for @delphi_labs incubated projects
The thesis is now starting to play out, with a bunch of exciting launches on the horizon that are likely to catalyze adoption
Thread👇
The thesis is now starting to play out, with a bunch of exciting launches on the horizon that are likely to catalyze adoption
Thread👇
@cosmos @delphi_labs 1) Native $USDC
Native USDC will finally come to Cosmos via @noble_xyz. It's hard to overstate the importance of this
Stablecoins are crypto's killer app and fuel the majority of all on-chain activity
Native USDC will finally come to Cosmos via @noble_xyz. It's hard to overstate the importance of this
Stablecoins are crypto's killer app and fuel the majority of all on-chain activity
@cosmos @delphi_labs @noble_xyz Every ecosystem needs native stablecoins as with >$2b in bridge hacks and counting no one wants to hold bridged assets
$UST filled this role for Cosmos and its demise left a massive hole in stablecoin liquidity
$UST filled this role for Cosmos and its demise left a massive hole in stablecoin liquidity
@cosmos @delphi_labs @noble_xyz Native USDC will be issued on Noble and bridged around the Cosmos using IBC, ensuring users only have to trust the validators of the chain they're interacting w
This means it can be available natively on any of the 60+ Cosmos chains
This means it can be available natively on any of the 60+ Cosmos chains
@cosmos @delphi_labs @noble_xyz 2) @dYdX v4 Launch
With ~$1T in all-time volume, dYdX is the most successful on-chain derivative DEX of all time
The team was early to the L2 thesis, selecting Starkware in 2020, and was early to the app-chain thesis too as in 2022 they announced the move to a Cosmos app-chain
With ~$1T in all-time volume, dYdX is the most successful on-chain derivative DEX of all time
The team was early to the L2 thesis, selecting Starkware in 2020, and was early to the app-chain thesis too as in 2022 they announced the move to a Cosmos app-chain
@cosmos @delphi_labs @noble_xyz @dYdX It's hard to overstate the boldness of this decision and the conviction it reveals. This is a team that already had one of the most successful dApps in the space doing 9-10 figs in daily volume
Yet they chose to rebuild from scratch using Cosmos SDK. Why did they do this?
Yet they chose to rebuild from scratch using Cosmos SDK. Why did they do this?
@cosmos @delphi_labs @noble_xyz @dYdX In the words of the founder @AntonioMJuliano, he's not interested in building a somewhat successful protocol. He wants to "win the entire market and actually change things"
He's tech-agnostic and believes an app-chain is the best way to achieve this goal
He's tech-agnostic and believes an app-chain is the best way to achieve this goal
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano Why? Firstly and primarily: sovereignty
The move means dYdX's product is no longer dependent on either the decisions or development speed of the Ethereum core team or of any particular L2
They can move at their own speed and customise the chain to suit their own use case
The move means dYdX's product is no longer dependent on either the decisions or development speed of the Ethereum core team or of any particular L2
They can move at their own speed and customise the chain to suit their own use case
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano This means being able to choose their own point on the scalability-decentralisation-security trilemma spectrum
While L2s are fast, they are orders of magnitude slower than what's required to run a DEX at scale. They also sacrifice decentralisation for speed
While L2s are fast, they are orders of magnitude slower than what's required to run a DEX at scale. They also sacrifice decentralisation for speed
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano App-chain customizability allows dYdX to maximise scalability by having validators run an in-memory orderbook (i.e. off-chain) where only matched orders are committed to consensus
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano It also means increased decentralisation compared to L2s, as everything (i.e. both on and off-chain components) can be run by a decentralised network of nodes rather than a single sequencer or other centralised point of failure (e.g. dYdX trading Inc)
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano While single sequencer isn't a security risk since users can withdraw back to L1, it is a liveness risk
Liveness is very important for a derivatives DEX since high leverage means even short outages can lead to users getting rekt and/or the protocol accruing bad debt
Liveness is very important for a derivatives DEX since high leverage means even short outages can lead to users getting rekt and/or the protocol accruing bad debt
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano App-chains also allow for a lot more stuff that dYdX will likely explore: sovereign MEV, mempool encryption, native oracles, validator-secured bridges, etc.
All of these serve to reduce external dependencies and capture additional value for stakers/users
All of these serve to reduce external dependencies and capture additional value for stakers/users
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano In summary, the launch of dYdX v4 will:
- bring a lot of new users and liquidity to the Cosmos
- show off the power and versatility of the Cosmos SDK stack
- act as an example for other ambitious teams who may want to build out customized app-chain product experiences
- bring a lot of new users and liquidity to the Cosmos
- show off the power and versatility of the Cosmos SDK stack
- act as an example for other ambitious teams who may want to build out customized app-chain product experiences
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano 3) @Neutron_org launch
Neutron is the first generalised, permissionless cosmwasm SC chain secured by the Cosmos hub (i.e. $ATOM)
As its name implies, Neutron is positioning itself as the 'neutral' hub for developers deploying dApps permissionlessly on Cosmos
Neutron is the first generalised, permissionless cosmwasm SC chain secured by the Cosmos hub (i.e. $ATOM)
As its name implies, Neutron is positioning itself as the 'neutral' hub for developers deploying dApps permissionlessly on Cosmos
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org While a generalised app-chain may seem like narrative violation, not every dApp needs to be an app-chain
Launching an app-chain is more expensive and time-consuming than deploying SCs. For many dApps that don't benefit from customizability, the juice isn't worth the squeeze
Launching an app-chain is more expensive and time-consuming than deploying SCs. For many dApps that don't benefit from customizability, the juice isn't worth the squeeze
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org Juno and Terra have tried to fill this role, but none are as credibly neutral as Neutron given its $ATOM-backed security
In addition to the highest economic security in Cosmos, arguably the more important benefit is the narrative/meme value and philosophical alignment
In addition to the highest economic security in Cosmos, arguably the more important benefit is the narrative/meme value and philosophical alignment
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org We've already seen the power of this with Ethereum L2s, and Neutron seeks to leverage this to become the schelling point for permissionless dApp deployment on Cosmos
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org Neutron is leaning further into this narrative by including modules into its chain binary that make it easier to launch dApps such as token factory, cronjobs and more
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org Through this, it also aims to become the governance and staking hub for cross-chain dApps such as @mars_protocol / @astroport_fi
This is a smart move as it means that cashflows from outposts across the Cosmos flow back to Neutron, boosting its internal GDP
This is a smart move as it means that cashflows from outposts across the Cosmos flow back to Neutron, boosting its internal GDP
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org @mars_protocol @astroport_fi Finally, Neutron is built by the @P2Pvalidator team, founders and core contributors to @LidoFinance - crypto's largest dApp by TVL
Not only does this mean one of the strongest builder teams is focussing on Cosmos, it's also likely to cement Neutron as a hub for LSD liquidity
Not only does this mean one of the strongest builder teams is focussing on Cosmos, it's also likely to cement Neutron as a hub for LSD liquidity
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org @mars_protocol @astroport_fi @P2Pvalidator @LidoFinance 4) @SeiNetwork launch
Sei is also a permissionless SC chain. But unlike Neutron, it doesn't look to position itself within Cosmos but instead far beyond it
Sei aims to be the fastest L1, putting it in competition with the likes of Solana, Aptos and Sui
Sei is also a permissionless SC chain. But unlike Neutron, it doesn't look to position itself within Cosmos but instead far beyond it
Sei aims to be the fastest L1, putting it in competition with the likes of Solana, Aptos and Sui
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org @mars_protocol @astroport_fi @P2Pvalidator @LidoFinance @SeiNetwork Unlike its competitors which have a more general focus, Sei recognises and embraces the fact that speculation is crypto's killer app rn and seeks to build a chain that's entirely optimised for trading
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org @mars_protocol @astroport_fi @P2Pvalidator @LidoFinance @SeiNetwork This means speed and throughput (Sei has achieved 500ms finality + 22,000 TPS on testnet), but also things like orderbook matching engine infrastructure, native validator-secured oracle price feeds, front-run prevention, etc
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org @mars_protocol @astroport_fi @P2Pvalidator @LidoFinance @SeiNetwork But good tech is only half the battle. Sei recognises that being the winning DeFi L1 requires not just good tech but a thriving ecosystem to both facilitate and fuel speculation
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org @mars_protocol @astroport_fi @P2Pvalidator @LidoFinance @SeiNetwork Sei has learned the lessons from other L1s and has had some of the best growth/BD execution I've seen in crypto
This is rare in crypto and even rarer among Cosmos teams
This is rare in crypto and even rarer among Cosmos teams
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org @mars_protocol @astroport_fi @P2Pvalidator @LidoFinance @SeiNetwork As a result, they've managed to build up a strong ecosystem while achieving some pretty ridiculous metrics on socials w/ 375k followers on Twitter and 440k on Discord
All in <1 year and w/ minimal funding compared to competitors
All in <1 year and w/ minimal funding compared to competitors
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org @mars_protocol @astroport_fi @P2Pvalidator @LidoFinance @SeiNetwork While it remains to be seen how much of this converts to real chain usage, Sei's launch is likely to bring significant new users and dApps to Cosmos
It'll also serve to showcase the upper limits of Tendermint scalability and act as an inspiration for other ambitious teams
It'll also serve to showcase the upper limits of Tendermint scalability and act as an inspiration for other ambitious teams
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org @mars_protocol @astroport_fi @P2Pvalidator @LidoFinance @SeiNetwork 5) Metamask snaps
Metamask has 30m monthly active users, multiples more than any other wallet
Next to native stables, MM integration is arguably the biggest boost to adoption by allowing users to interact w/ new chains without having to learn new UX patterns
Metamask has 30m monthly active users, multiples more than any other wallet
Next to native stables, MM integration is arguably the biggest boost to adoption by allowing users to interact w/ new chains without having to learn new UX patterns
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org @mars_protocol @astroport_fi @P2Pvalidator @LidoFinance @SeiNetwork You can think of MM snaps like an app-store of sorts, allowing developers to write plug-ins that users can then add to their MM
A few Cosmos OGs are working on a snap that'll allow users to sign Cosmos transactions with their MM
A few Cosmos OGs are working on a snap that'll allow users to sign Cosmos transactions with their MM
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org @mars_protocol @astroport_fi @P2Pvalidator @LidoFinance @SeiNetwork This will dramatically lower the barriers to entry for users to interact with Cosmos
Rather than installing a new wallet, managing a new seed phrase, and learning a new UX pattern, MM's 30m users will be able to access Cosmos seamlessly
Rather than installing a new wallet, managing a new seed phrase, and learning a new UX pattern, MM's 30m users will be able to access Cosmos seamlessly
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org @mars_protocol @astroport_fi @P2Pvalidator @LidoFinance @SeiNetwork This thread is already far too long, but there's A LOT more I didn't mention:
- privacy chain launches of @anoma @namada @penumbrazone which, in addition to @SecretNetwork are likely to make Cosmos the leading ecosystem for privacy
- privacy chain launches of @anoma @namada @penumbrazone which, in addition to @SecretNetwork are likely to make Cosmos the leading ecosystem for privacy
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org @mars_protocol @astroport_fi @P2Pvalidator @LidoFinance @SeiNetwork @anoma @namada @penumbrazone @SecretNetwork - @osmosiszone launch of conc liquidity + orderbook, making it some of the most advanced DEX infra anywhere
- @Injective_ launching Project X, one-click launchpad to fundraise/launch projects on Cosmos
- ABCI++ launch will further expand the customizability enabled by Cosmos SDK
- @Injective_ launching Project X, one-click launchpad to fundraise/launch projects on Cosmos
- ABCI++ launch will further expand the customizability enabled by Cosmos SDK
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org @mars_protocol @astroport_fi @P2Pvalidator @LidoFinance @SeiNetwork @anoma @namada @penumbrazone @SecretNetwork @osmosiszone @Injective_ If you're interested in getting involved in Cosmos, there's no better place than the @delphi_labs hackathon. Build alongside us and Cosmos OGs like @sunnya97 , @zmanian , @0xSpaydh , @ericinjective , and many others
Submission period ends today
delphilabs.devpost.com
Submission period ends today
delphilabs.devpost.com
@cosmos @delphi_labs @noble_xyz @dYdX @AntonioMJuliano @Neutron_org @mars_protocol @astroport_fi @P2Pvalidator @LidoFinance @SeiNetwork @anoma @namada @penumbrazone @SecretNetwork @osmosiszone @Injective_ @sunnya97 @zmanian @0xSpaydh @ericinjective If it's too late for you to join the hackathon, you can still apply to join Cohort 1 of the @delphi_labs accelerator here: #apply" target="_blank" rel="noopener" onclick="event.stopPropagation()">delphilabs.io
Disclaimer: Delphi Ventures is a proud investor in dYdX, Sei, Neutron and Anoma. I also personally hold $INJ and $OSMO
Disclaimer: Delphi Ventures is a proud investor in dYdX, Sei, Neutron and Anoma. I also personally hold $INJ and $OSMO
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