What does it mean that the Cosmos founders are forking the Cosmos Hub?

2023-11-27 09:17:28

John Galt, Head of Strategy, Stride, 0xjs

Cosmos founder Jae Kwon has announced that he will lead the fork of the Cosmos Hub. If the fork happens, it could lead to the largest ATOM airdrop ever. It will resolve years of community tensions – which is very beneficial for Cosmos Hub.

Here’s what you need to know:

The first is the airdrop.

Jae refers to the new chain as AtomOne (ATOM1). The majority of ATOM1’s distribution will be distributed proportionally to ATOM stakers. It is unclear if staking ATOM is included. Obviously, those who voted yes on Prop 848 (note: the ATOM halving proposal, which sets the maximum inflation rate of ATOM at 10%, passed, but Jae Kwon opposed) will receive a reduced amount of ATOM1.

Is ATOM1 valuable?

Yes. Keep in mind that Jae is a genius and is still held in high esteem by many. He invented IBC and the appchain. Also, consider the Bitcoin fork BCH. In 2017, BCH came close to disrupting BTC a few times.

ATOM1 COULD BE THE JUNO OF THIS CYCLE. In the last cycle, JUNO was airdropped to ATOM in a 1:1 ratio (with a maximum threshold). Due to speculation, the value of 1 JUNO even exceeded the value of 1 ATOM at one point. Jae’s ATOM1 can do something similar.

What does the fork mean for Cosmos Hub now?

The fork will be very bullish. Over the years, community tensions have hampered the growth of the Cosmos Hub. Most notably, the ATOM 2.0 proposal was rejected in the fall of 2022. Without Jae’s conservatism, Cosmos Hub could have been much more innovative.

The fork will also be positive for Cosmos DeFi. DeFi is driven by speculation, and the Cosmos Hub chain fork can trigger huge speculation.

Osmosis will see a significant increase in trading volume between ATOM and ATOM1.

Is forking a good idea?

After all, the ethos of Cosmos is sovereignty and experimentation. If this fork results in a new Cosmos chain with a unique identity and culture. Then that’s a good thing. The more chains, the better!

It’s unclear if Jae will actually complete the fork. In addition, there is no sign of any schedule. If it does happen, I think it will be very positive for the entire Cosmos ecosystem.

AtomOne Github地址:

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