Noble Comes Out of Stealth To Solve Cosmos Liquidity

Blockworks exclusive: Noble aims to help deepen liquidity across the Cosmos DeFi landscape

article-image

Immersion Imagery/Shutterstock modified by Blockworks

share

Token protocol Noble wants to establish what it says are building blocks missing in the Cosmos ecosystem.

It’s now coming out of stealth mode after six months of development, setting its mainnet launch for Monday.

Cosmos needs a native stablecoin to deepen the liquidity of the Cosmos ecosystem, Jelena Djuric, Noble CEO, told Blockworks. Stablecoins like USDC and DAI can already be ported to Cosmos appchains (layer-1 networks launched to power a single app), through bridge protocols Gravity and Axelar.

Having liquidity split across so many appchains can slow interoperability, as tokens must be manually swapped between networks for use across Cosmos. There can also be security concerns associated with network bridges

“We are very much laser-focused on this one very specific application,” Djuric said. “Within the Cosmos ecosystem, I think it became very apparent that there are certain building blocks or fundamentals that were missing, and one of those things is a native stablecoin to the ecosystem.”

Noble doesn’t consider itself a decentralized finance (DeFi) protocol, as in something like Uniswap. Those platforms don’t support token issuance, but they do allow cryptocurrencies to be freely listed and sold peer-to-peer.

Built using the Cosmos software development kit (SDK), Noble instead helps issuers manage their tokens: burning, minting, blacklisting and other functions.

Noble wants to inspire token issuances to port liquidity from other layer-1 ecosystems by being their token factory, in a sense. “We’re looking to facilitate the native asset issuance by working with protocols and institutions,” Djuric said. 

By staying neutral in the ecosystem, Noble hopes it can “provide something that everyone can get behind,” per Djuric. Beyond stablecoins and the like, tokenization of real-world assets was also floated.

Noble evaluating ‘Interchain Security’

The Cosmos Hub — the primary validator set of the Cosmos mainnet — allows upstart networks to borrow its validators for a fee, part of its recent Interchain Security (ICS) push. 

A properly secure blockchain network should have a measurably decentralized validator set, which consumer chains can struggle to put in place. ICS is intended to help with that, opening the door for more startups to launch their own chains on Cosmos.

Noble’s mainnet will launch as a “proof of authority chain” with a permissioned set of validators, all of which are also Cosmos Hub validators, but it’ll run ICS once it can evaluate how the software handles slashing.

Djuric tells Blockworks this decision is only temporary. “There was this last-minute design chain around slashing which we haven’t formed an official opinion on whether it is positive or negative.”

“We still intend to launch with ICS. We just want to see how it plays out in production,” she said.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders

article-image

Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume

article-image

DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit

article-image

The Boston Globe reports that lawyer John Deaton is weighing a possible bid

article-image

Ethereum’s Dencun upgrade will enable Uniswap v4 to optimize smart contracts for complex functionality