Bessie Liu


<p>Automated market maker and decentralized cryptocurrency exchange Osmosis is preparing for its v16 Magnesium upgrade, set to bring about <a href="https://blockworks.co/news/supercharged-liquidity-pools-osmosis">supercharged liquidity pools</a>.&nbsp;</p>



<p>Supercharged liquidity is Osmosis’ take on concentrated liquidity, designed to equate to users specifying pool positions — and granting flexibility over the use of assets in the process.&nbsp;</p>



<p>“It allows for users to set positions in spot pricing intervals rather than percentages, this means you can set positions to $1.21.1 to $1.21.2,” contributor to Osmosis who goes by <a href="https://twitter.com/Flowslikeosmo?">Emperor Osmo</a> told Blockworks.</p>



<p>Liquidity providers will also have the ability to secure positions across an entire price range, Osmo said.</p>



<p>“The new model will allow for continued participation in Superfluid Staking pools without any interruptions,” he said. “This means that LPs can benefit from swap fees while also earning staking rewards using their OSMO tokens.”</p>



<p>The first supercharged liquidity pool set to be introduced alongside the v16 upgrade will be the DAI/OSMO pool.</p>



<p>The <a href="https://www.mintscan.io/osmosis/blocks/10517000">upgrade</a> will occur on July 13 at around 12 pm ET — if the <a href="https://www.mintscan.io/osmosis/proposals/556">proposal</a> passes — and is supposed to take approximately 30 minutes, with the network shut down over that half hour span.&nbsp;</p>



<p>Introducing supercharged liquidity pools have also enabled the protocol to revamp the tokenomics of its native token, OSMO.&nbsp;</p>



<p><a href="https://osmosis.zone/blog/unveiling-osmo-2-0">Osmo 2.0</a> is designed to reduce inflation and realign emissions to favor stakers over liquidity providers.&nbsp;</p>



<p>“The updated Tokenomics model serves to upgrade Osmosis from being an incentives-driven DEX to a volume-focused DEX,” Emperor Osmo said. “The reduced emissions, combined with the increased capital efficiencies, focus on volume and not liquidity depth. This is key, as the high emissions needed to curtail the liquidity to accommodate for large trades is no longer needed thanks to Supercharged Liquidity.”</p>



<p><em><em>Check out our Blockworks Research report on Osmosis <a href="https://app.blockworksresearch.com/research/osmosis-q2-update" target="_blank" rel="noreferrer noopener">here</a>.</em></em></p>



<p>Additional proposals are in the works. That push includes a <a href="https://commonwealth.im/osmosis/discussion/11694-taker-fee-implementation">proposal</a> aiming to provide stakers with a share in swap fees earned through Osmosis liquidity pools.&nbsp;</p>



<p>Although the protocol taker fee will accrue value for Osmo holders, an Osmosis community member that goes by Seppmos said “it should not come at the expense of traders and worsening of the UX.”</p>



<p>“Traders will eventually move to places where they face lowest swap fees and best price execution,” they said. “Should traders have to pay up to 0.45% on a swap on Osmosis, it won&#8217;t take much time and folks will migrate to alternative DEXes.”</p>



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The Osmosis revamp: New tokenomics and supercharged liquidity

Sam Martin

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>ATOM is up 36% over the past week despite the broader market sell-off</li>
                <li>The Cosmos network is set to thrive in 2022 with increased developer interest and the Theta upgrade</li>
            </ul>
    
</div>



<p>The Cosmos Network is home to nearly 50 protocols representing $151.8 billion of value.</p>



<p>Electric Capital&#8217;s <a href="https://medium.com/electric-capital/electric-capital-developer-report-2021-f37874efea6d" target="_blank" rel="noreferrer noopener">annual developer report</a> revealed that monthly active developers on Cosmos grew approximately 70% throughout 2021.</p>



<p>The rise of Osmosis, a DEX built on Cosmos, has driven significant traffic to the Cosmos ecosystem while attracting $1.2 billion of total value locked (TVL).</p>



<p>The Theta upgrade, scheduled tentatively for the first quarter of 2022, is another upcoming catalyst for ATOM and the Cosmos ecosystem as a whole.</p>



<p>Cosmos&#8217; token ATOM market dominance is approaching an all-time high, currently hovering near 0.47%.</p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul class="wp-block-list"><li>S&amp;P 500: 4,677, -0.41%</li><li>NASDAQ: 14,935, -0.96%</li><li>Gold: $1,796, +0.26%</li><li>WTI Crude Oil: $78.97, -0.60%</li><li>10-Year Treasury: 1.773%, +0.04%</li></ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul class="wp-block-list"><li>BTC: $42,017, -3.00%</li><li>ETH: $3,222, -5.90%</li><li>ETH/BTC: 0.0767, -3.04%</li><li>BTC.D: 40.03%, +0.95%</li></ul>



<h3 class="wp-block-heading">Cosmos overview</h3>



<p>As previously <a href="https://cms.blockworks.co/scrt-osmo-and-atom-rally-as-cosmos-ecosystem-claims-center-stage-markets-wrap/" target="_blank" rel="noreferrer noopener">covered</a> by Blockworks, <a href="https://v1.cosmos.network/intro" target="_blank" rel="noreferrer noopener">Cosmos</a>&nbsp;(ATOM) is an ecosystem of blockchains that can scale and interoperate with each other. Historically, blockchains have been unable to interact with one another and had minimal transaction throughput with different programming languages, making it hard to attract developers to new chains.</p>



<p>The Tie released a <a href="https://research.thetie.io/a-journey-through-the-cosmos-atom/" target="_blank" rel="noreferrer noopener">research article</a> on the Cosmos network in July of 2021 describing the ecosystem&#8217;s vision: &#8220;To make it easy for developers to build blockchains and break the barriers between blockchains by allowing them to transact with each other. This vision is achieved through a set of open source tools such as&nbsp;<a href="https://tendermint.com/core/">Tendermint</a>, the&nbsp;<a href="https://v1.cosmos.network/sdk">Cosmos software development kit (SDK</a>) and inter-blockchain communication (IBC), designed to let people build custom, secure, scalable and interoperable blockchain applications quickly.&#8221;</p>



<p>Cosmos is home to nearly 50 protocols representing $151.8 billion of value. Twenty-eight of these protocols are linked via IBC, a protocol designed for interoperability between arbitrary state machines, according to the project&#8217;s website.</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="926" height="718" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-11.59.27-AM.png" alt="" class="wp-image-13654" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-11.59.27-AM.png?w=926 926w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-11.59.27-AM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-11.59.27-AM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-11.59.27-AM.png?w=331 331w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-11.59.27-AM.png?w=337 337w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-11.59.27-AM.png?w=282 282w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-11.59.27-AM.png?w=80 80w" sizes="(max-width: 926px) 100vw, 926px" /><figcaption>Source: cosmos.network</figcaption></figure>



<h3 class="wp-block-heading">Developer activity </h3>



<p>Electric Capital&#8217;s <a href="https://medium.com/electric-capital/electric-capital-developer-report-2021-f37874efea6d" target="_blank" rel="noreferrer noopener">annual developer report</a> revealed that monthly active developers grew approximately 70% throughout 2021. The Cosmos network is home to over <a href="https://cosmos.network/ecosystem/tokens/" target="_blank" rel="noreferrer noopener">$151 billion of assets</a>, and the third most active developers in all of crypto, behind only Ethereum and Polkadot.</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg" alt="" class="wp-image-13655" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=1920 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Electric Capital</figcaption></figure></div>



<h3 class="wp-block-heading">Osmosis: The DEX of IBC</h3>



<p>Osmosis (<a href="https://www.coingecko.com/en/coins/osmosis" target="_blank" rel="noreferrer noopener">OSMO</a>) is an advanced automated market maker (AMM) protocol that allows developers to build customized AMMs with sovereign liquidity pools. Built using the Cosmos SDK, Osmosis utilizes IBC to enable cross-chain transactions, according to the <a href="https://docs.osmosis.zone/overview/#what-is-osmosis" target="_blank" rel="noreferrer noopener">project&#8217;s website</a>, and has driven significant traffic to the Cosmos ecosystem. </p>



<p>The protocol aims to extend the use of AMMs within the Cosmos ecosystem beyond traditional token swap-type use cases. &#8220;Through the customizability offered by Osmosis such custom-curve AMMs, dynamic adjustments of swap fees, multi-token liquidity pools, the AMM can offer decentralized formation of token fundraisers, interchain staking, options market, and more for the Cosmos ecosystem,&#8221; reads the <a href="https://docs.osmosis.zone/overview/#what-is-osmosis" target="_blank" rel="noreferrer noopener">project&#8217;s documentation</a>.</p>



<p>The Osmosis DEX has logged 1.22 million IBC transfers over the last 30 days, more than double that of Cosmos itself and nearly 10 times more than Terra, according to data from <a href="https://mapofzones.com/?period=720&amp;testnet=false&amp;tableOrderBy=totalIbcTxs&amp;tableOrderSort=desc" target="_blank" rel="noreferrer noopener">Map of Zones</a>.</p>



<p>Osmosis has grown to $1.2 billion of liquidity and over $100 million in daily trading volume, according to its <a href="https://info.osmosis.zone" target="_blank" rel="noreferrer noopener">stats page</a>. Some of the main drivers for growth are:</p>



<ul class="wp-block-list"><li>Incentivized pools paying out very attractive yields to liquidity providers; the ATOM/OSMO pair currently pays out 102.29% APR according to the <a href="https://app.osmosis.zone/pools" target="_blank" rel="noreferrer noopener">application</a>;</li><li>High staking rewards on the OSMO token, currently yielding 95.1% rewards the popular <a href="https://wallet.keplr.app/#/dashboard" target="_blank" rel="noreferrer noopener">Keplr wallet</a>;</li><li><a href="https://twitter.com/0xkrane/status/1478275712444416000?s=20" target="_blank" rel="noreferrer noopener">Airdrops</a> for LP&#8217;s and stakers of OSMO for up-and-coming projects in the Cosmos ecosystem;</li><li>The upcoming integration of CosmWasm smart contracts and <a href="https://defitimes.io/defi-101/superfluid-staking-simply-explained/" target="_blank" rel="noreferrer noopener">superfluid staking</a></li></ul>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="375" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png" alt="" class="wp-image-13662" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png?w=1156 1156w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Info.osmosis.zone</figcaption></figure>



<h3 class="wp-block-heading">Theta upgrade</h3>



<p>The Theta upgrade, scheduled tentatively for the first quarter of 2022, is another upcoming catalyst for ATOM and the Cosmos ecosystem as a whole. Highlights of the upcoming upgrade, <a href="https://hub.cosmos.network/main/roadmap/cosmos-hub-roadmap-2.0.html" target="_blank" rel="noreferrer noopener">per the project&#8217;s documentation</a>, include:</p>



<ul class="wp-block-list"><li><strong>Cosmos SDK v0.45</strong><ul><li>Groups module: Enables higher-level multisig permissioned accounts, e.g., weight-based voting policies</li><li>Meta-Transactions: Allows transactions to be submitted by separate accounts that receive tips</li><li>Governance module improvements: Execution of arbitraty transactions instead of just governance proposals and will enables much more expressive governance module</li></ul></li><li><strong>NFT module</strong><ul><li>Enable simple management of NFT identifiers, their owners, and associated data, such as URIs, content, and provenance.</li><li>An extensible base module for extensions including collectibles, custody, provenance, and marketplaces.</li></ul></li><li><strong>Tendermint v0.35</strong> — the Cosmos consensus engine</li><li><strong>Interchain accounts</strong><ul><li>A requirement in order to manage accounts across multiple blockchains.</li><li>Aims to provide locking/unlocking mechanisms across IBC-enabled blockchains.</li><li>Allows custody providers to service any IBC connected blockchain through a common interface on the Hub.</li></ul></li><li><strong>Liquid staking</strong><ul><li>Frees secure and low-risk delegations for use in other parts of the Cosmos ecosystem</li><li>Features include enabling transfer of rewards and voting rights</li></ul></li><li>Other potential upgrades still being discussed such as a Cosmos-to-Ethereum gravity bridge as well as budget and farming modules.</li></ul>



<h3 class="wp-block-heading">ATOM dominance</h3>



<p>ATOM is nearing all-time highs in terms of market dominance over the total cryptocurrency market. It currently accounts for 0.47% of the entire crypto market capitalization, according to data from <a href="https://www.tradingview.com/chart/5GPs0hRQ/?symbol=CRYPTOCAP%3AATOM.D" target="_blank" rel="noreferrer noopener">Trading View</a>.</p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="1000" height="683" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ATOM.D_2022-01-07_14-04-28.png" alt="" class="wp-image-13666" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ATOM.D_2022-01-07_14-04-28.png?w=1000 1000w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ATOM.D_2022-01-07_14-04-28.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ATOM.D_2022-01-07_14-04-28.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ATOM.D_2022-01-07_14-04-28.png?w=376 376w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ATOM.D_2022-01-07_14-04-28.png?w=382 382w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ATOM.D_2022-01-07_14-04-28.png?w=321 321w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ATOM.D_2022-01-07_14-04-28.png?w=80 80w" sizes="(max-width: 1000px) 100vw, 1000px" /><figcaption>Source: Trading View</figcaption></figure></div>



<p>ATOM was last trading near $41.50, up 36.3% over the past seven days, with a market cap of $11.76 billion, according to data from <a href="https://www.coingecko.com/en" target="_blank" rel="noreferrer noopener">CoinGecko</a>. </p>



<p>For more information on what else is coming to Cosmos in 2022, refer to their recent <a href="https://blog.cosmos.network/whats-coming-to-cosmos-in-2022-ce8e48d383ab" target="_blank" rel="noreferrer noopener">blog post</a>.</p>



<h3 class="wp-block-heading">NFTs</h3>



<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found below:</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="854" height="662" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-08-at-00.20.31.png" alt="Top Ethereum and Solana projects" class="wp-image-13682" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-08-at-00.20.31.png?w=854 854w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-08-at-00.20.31.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-08-at-00.20.31.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-08-at-00.20.31.png?w=332 332w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-08-at-00.20.31.png?w=337 337w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-08-at-00.20.31.png?w=283 283w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-08-at-00.20.31.png?w=80 80w" sizes="(max-width: 854px) 100vw, 854px" /></figure>



<p>If you made it this far, thanks for reading! I am looking forward to catching up on Monday.</p>



<hr class="wp-block-separator"/>



<p><strong>Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.</strong></p>



<hr class="wp-block-separator"/>


ATOM Splits From Market as BTC, ETH Bomb: Markets Wrap

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>The Cosmos ecosystem helps secure over $130 billion of assets</li>
                <li>SCRT, OSMO and ATOM all rally 15% or more </li>
            </ul>
    
</div>



<p>The Cosmos ecosystem continues to mature and now helps secure over $130 billion of assets. </p>



<p>Secret Network (SCRT) and Osmosis (OSMO) explode higher due to upgrades and increased usage.  </p>



<p>Non-fungible tokens (NFTs) stall amid Osmosis rally. </p>



<p>Other notable news includes Indian lawmakers are attempting to make digital assets more accessible to their citizens; Do Kwon explained why he is suing the US Securities and Exchange Commission (SEC), and <span style="font-size: revert; color: initial;">US regulators are exploring how they could allow banks to hold digital assets</span>. </p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul class="wp-block-list"><li>S&amp;P 500: 4,574, +.06%</li><li>NASDAQ: 15,235, +.04%</li><li>Gold: $1,793, -.83%</li><li>WTI Crude Oil: $84.44, +.81%</li><li>10-Year Treasury: 1.61%, -.032%</li></ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul class="wp-block-list"><li>BTC: $60,786, -3.27%</li><li>ETH: $4,175, -.22%</li><li>ETH/BTC: .0693, +3.67%</li><li>BTC.D: 44.16%, -2.13%</li></ul>



<h2 class="wp-block-heading">Cosmos Ecosystem Takes Center Stage</h2>



<p><a href="https://v1.cosmos.network/intro" target="_blank" rel="noreferrer noopener">Cosmos</a> (ATOM) is an ecosystem of blockchains that can scale and interoperate with each other. Historically, blockchains have been unable to interact with one another and had minimal transaction throughput with different programming languages making it hard to attract developers to new chains. </p>



<p>&#8220;The end goal is to create an Internet of Blockchains, a network of blockchains able to communicate with each other in a decentralized way. With Cosmos, blockchains can maintain sovereignty, process transactions quickly and communicate with other blockchains in the ecosystem, making it optimal for a variety of use cases,&#8221; <a href="https://v1.cosmos.network/intro" target="_blank" rel="noreferrer noopener">according</a> to the Cosmos website.</p>



<p>This vision is achieved through a set of open source tools like Tendermint, the Cosmos SDK and IBC designed to let people build custom, secure, scalable and interoperable blockchain applications quickly.</p>



<p>Cosmos secures more than $137 billion of assets and is arguably the most developed ecosystem outside of Ethereum. Despite the success of the project, Cosmos&#8217; native token, <a href="https://coinmarketcap.com/currencies/cosmos/" target="_blank" rel="noreferrer noopener">ATOM</a>, is just the 24th largest cryptocurrency by market capitalization ($9.137 billion). As of reporting, ATOM was trading near $41, up 16.5% over the last 24 hours. </p>



<h3 class="wp-block-heading">The market awakens</h3>



<p>&#8220;The market is finally beginning to wake up to Cosmos, which is arguably the most developed ecosystem outside of Ethereum. Almost like the Cosmos ecosystem being home to $100BN+ of assets and many of the industry&#8217;s leading blockchains matters,&#8221; wrote Ryan Watkins of Messari. </p>



<p>The top 10 coins that Cosmos helps secure are:</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="976" height="652" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-4.40.24-PM.png" alt="" class="wp-image-9921" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-4.40.24-PM.png?w=976 976w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-4.40.24-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-4.40.24-PM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-4.40.24-PM.png?w=385 385w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-4.40.24-PM.png?w=391 391w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-4.40.24-PM.png?w=328 328w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-4.40.24-PM.png?w=80 80w" sizes="(max-width: 976px) 100vw, 976px" /><figcaption>Source: cosmos.network</figcaption></figure>



<h2 class="wp-block-heading">Secret Network Explodes</h2>



<p>Secret Network (SCRT) is a protocol that has privacy for smart contracts by default, solving a problem that has long plagued the digital asset industry. This allows developers and users to build and use applications that are both permissionless and privacy-preserving, and ultimately protects users personal information and unlocks hundreds of use cases that previously were not possible.</p>



<p>Arguably the largest upgrade in protocol history, Supernova, is set to go live on Mainnet on November 9, which could be driving the bullish price action seen over the last month (+320.19%).</p>



<h3 class="wp-block-heading">Supernova highlights</h3>



<ul class="wp-block-list"><li>Inter-blockchain communication (IBC) integration, which will connect Secret Network with all blockchains in the Cosmos ecosystem.</li><li>Additional modules that should greatly simplify network upgrades and workflows for companies that want to integrate Secret Network seamlessly in consumer-oriented applications.</li><li>New Secret applications launching on mainnet, new partners and collaborators, and millions of new possibilities for users and developers.</li></ul>



<p>Guy Zyskind, the founder and CEO of Enigma — one of the core development teams behind Secret Network <a href="https://scrt.network/blog/supernova-explosive-vision-future-secret-network" target="_blank" rel="noreferrer noopener">wrote</a>, &#8220;Supernova introduces our IBC integration,&nbsp;finally connecting Secret Network with blockchains across the Cosmos ecosystem (in addition to our bridges to Ethereum, BSC, Monero, Terra, Polkadot, and more!). IBC allows SCRT to be used in cross-chain Cosmos applications (such as Osmosis &amp; Gravity DEX) and provides our privacy features to the entire Cosmos ecosystem.<strong>&nbsp;</strong>This further cements our position as the data privacy hub for the decentralized web<strong>&nbsp;</strong>and unlocks our next phases of growth and adoption.&#8221;</p>



<h3 class="wp-block-heading">Osmosis Rallies</h3>



<p>Osmosis (<a href="https://coinmarketcap.com/currencies/osmosis/" target="_blank" rel="noreferrer noopener">OSMO</a>), the leading automated market maker (AMM) in the cosmos ecosystem, has rallied over 23% in the last 24 hours. Liquidity and trading volume have raced higher today, as seen in the image below. Having launched on June 19, 2021, the growth has been very impressive.</p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="369" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png" alt="" class="wp-image-9924" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png?w=1199 1199w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: info.osmosis.zone</figcaption></figure>



<p>The total number of transfers via IBC relayers far outpaces any other project in the Cosmos ecosystem. The seven-day volume of transfers can be seen below:</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="896" height="373" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.46.21-PM.png" alt="" class="wp-image-9925" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.46.21-PM.png?w=896 896w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.46.21-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.46.21-PM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.46.21-PM.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.46.21-PM.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.46.21-PM.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.46.21-PM.png?w=80 80w" sizes="(max-width: 896px) 100vw, 896px" /><figcaption>Source: mapofzones.com</figcaption></figure>



<h3 class="wp-block-heading">Non-Fungible Tokens (NFTs)</h3>



<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found in the photos below:</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="337" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png" alt="" class="wp-image-9926" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png?w=1225 1225w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="288" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png" alt="" class="wp-image-9927" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png?w=1230 1230w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



<h3 class="wp-block-heading">Notable News</h3>



<ul class="wp-block-list"><li>Metamask will be improving support for ledger wallet owners, <a href="https://twitter.com/MetaMask/status/1453089090908262404?s=20" target="_blank" rel="noreferrer noopener">according</a> to their Twitter. </li><li>Lawmakers in India are pushing to reform cryptocurrency laws to make them more accessible to their citizens, <a href="https://twitter.com/IndiaToday/status/1453046045995409413?s=20" target="_blank" rel="noreferrer noopener">according</a> to India Today. </li><li>Do Kwon, founder of Terra Form Labs, expained why he is suing the SEC, <a href="https://news.yahoo.com/crypto-founder-do-kwon-explains-why-hes-suing-the-sec-195945610.html" target="_blank" rel="noreferrer noopener">per</a> Yahoo. </li><li>US regulators are exploring how they could allow banks to hold digital assets, <a href="https://www.reuters.com/business/finance/us-regulators-exploring-how-banks-could-hold-crypto-assets-fdic-chairman-2021-10-26/" target="_blank" rel="noreferrer noopener">according</a> to Reuters.</li><li>Valkyrie filed for a leveraged BTC ETF, <a href="https://twitter.com/EricBalchunas/status/1453026808073531394?s=20" target="_blank" rel="noreferrer noopener">according</a> to Eric Balchunas</li></ul>



<p>If you made it this far, thanks for reading! Looking forward to catching up tomorrow.</p>



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