Partner of Delphi Ventures: Inventory of the key projects that promote the ecological explosion of Cosmos

Original author: Jos Maria Macedo, partner of Delphi Ventures

Original compilation: Shenchao TechFlow

Cosmos ecology has shown the outside world Strong growth momentum and technological innovation.

Delphi Ventures partner Jos Maria Macedo took stock of some driving events in the Cosmos ecosystem: dYdX launched the v4 version, Neutron and Sei two permissionless chains Ground launch, Metamask support, etc., will bring a lot of new users and dApps. In this article, these developments are dissected in more detail. The following is the original text:

We have always been optimistic about Cosmos and chose it as the home of the Delphi Labs incubation project. Now this point of view is gradually being verified, and there are many exciting projects on the horizon.

1) Native $USDC on Noble

Through Noble, native USDC finally entered Cosmos. The importance of this stablecoin cannot be overstated.

Every ecosystem needs a native stablecoin because with today's $2B+ cross-chain bridge attacks and counting, no one Want to hold non-native assets for a long time. $UST once filled this role in Cosmos, but its demise has left a large stablecoin liquidity void.

Native USDC will be issued on Noble and circulated on Cosmos through IBC, which means that in more than 60 Cosmos chains Any chain of , can use native USDC.

2) dYdX v4

dYdX is the most successful on-chain derivative in history Brand DEX, the total trading volume is about 1 trillion US dollars.

The team has long embraced L2 and selected Starkware for 2020. Similarly, their research on the application chain is also very early, announcing that they will move to the Cosmos application chain in 2022. The decision was bold and full of conviction.

This is a team that already has one of the most successful dApps in the space, with 9-10 figure transaction volume per day. But they still chose to rebuild from scratch using the Cosmos SDK.

Why are they doing this?

In the words of founder Antonio, he is not interested in building a relatively successful protocol, he wants to "win the entire market and seek real change /innovation". He believes that Lisk is the best way to achieve this goal.

Why?

First and main reason: Sovereignty.

This move means that dYdX's products are no longer dependent on the decision-making or development speed of the Ethereum core team or any particular L2. They can go at their own pace and customize the chain to suit their own use cases.

This means being able to pick your own spot on the scalability-decentralization-security trilemma. While L2s are fast, they are orders of magnitude slower than needed to run a large-scale DEX. They also sacrifice decentralization for speed.

The customizability of Liskchain allows dYdX to maximize scalability by having validators run an in-memory order book (i.e. off-chain) where only matching The order will reach a consensus.

This also means increased decentralization compared to L2, as everything (i.e. on-chain and off-chain components) can be decentralized by nodes The centralized network operates instead of a single orderer or other centralized point of failure.

While a single coordinator does not pose a security risk because users can get back to L1, it is a liveness risk. Activeness is very important for derivatives DEXs, as high leverage means that even brief outages can result in user losses and/or bad debts on the protocol.

Lisk also allows dYdX to explore more: sovereign MEV, mempool encryption, native oracles, etc. All of these help reduce external dependencies and capture additional value for stakers/users.

In short, the launch of dYdX v4 will:

Bring many new users and liquidity to Cosmos;

Demonstrate the power of the Cosmos SDK technology stack and diversity;

Set an example for other teams interested in building customized application chain products.

3) Neutron

Neutron is the first one powered by the Cosmos Hub (ie $ATOM) Secured general-purpose, permissionless cosmwasm SC chains.

As the name suggests, Neutron positions itself as a "neutral" hub for developers to deploy dApps on Cosmos without permission

While a universal Lisk may not fit the narrative, not every dApp needs to be a Lisk. Starting an application chain is more expensive and time-consuming than deploying SC. For many dApps that do not benefit from customizability, this investment is clearly not worth it.

Juno and Terra have attempted to fill this role, but neither is as credible as Neutron's neutrality given that there is no $ATOM behind it to support its security Spend. Aside from the highest economic security in the universe, perhaps more important benefits are narrative/meme value and philosophical alignment.

Neutron makes it easier for dApps to start by including modules into their chain binaries. With this move, it also aims to be a governance and staking hub for cross-chain dApps, such as Mars Protocol/Astroport, etc. This is a smart move, as it means that the cash flow from the various outposts in Cosmos will flow back to Neutron, boosting its internal GDP.

Finally, Neutron is built by the P2Pvalidator team, the founders and core contributors of Lido Finance. Not only does this mean that one of the strongest building teams in the crypto space is focusing on Cosmos, but it also promises to solidify Neutron’s position as the LSD liquidity hub.

4) Sei

Sei is also a permissionless SC chain. But unlike Neutron, it does not intend to position itself within the universe, but on a larger scale than the universe.

Sei aims to be the fastest L1, competing with Solana, Aptos and Sui etc.

Unlike the biased focus of its competitors, Sei recognizes and accepts the fact that the current driving force in the crypto space is speculation and attempts to build a Optimized chain.

This means speed and throughput (Sei has achieved 500ms finality + 22,000 TPS on testnet), but also order book matching engine infrastructure , oracle price feeds protected by native validators, front-running prevention, and more.

But good technique is only half the battle.

Sei understands that becoming a winner in the DeFi space requires not only good technology, but also a thriving ecosystem that facilitates and drives speculation< /b>.

Sei takes lessons from other L1s and has the best growth/BD I've seen in crypto. This is rare in the cryptocurrency space, and even rarer in Cosmos.

As a result, they have amassed a strong ecosystem through social media in less than a year, with 375,000 followers on Twitter and 440,000 followers on Discord . While it is unclear how much of this will translate to actual on-chain usage,  The launch of Sei will likely bring a large number of new users and dApps to Cosmos.

5) Metamask Snaps