Episode 340: Is Cosmos Dead? A critical look with Zaki Manian
Sep 18, 2024
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Zaki Manian, a key player in the Cosmos ecosystem, delves into whether Cosmos is nearing its end. He discusses its turbulent history, including the aftermath of the Luna crash and the challenges facing leadership and community engagement. Zaki highlights the ongoing efforts to revive Cosmos through innovation, confronting issues like disillusionment among contributors. They explore the need for better collaboration and the potential of new initiatives to unify the fragmented ecosystem, prompting a critical look at its future.
Cosmos has experienced major internal conflicts and external pressures that have challenged its growth and cohesion since its 2019 launch.
The ecosystem's fragmentation has stymied progress, as lack of a unified vision complicates governance and collaboration among various stakeholders.
Despite ongoing initiatives like Interchain Security and product advancements, Cosmos's future depends on overcoming existing challenges and aligning incentives.
Deep dives
The Evolution and Key Events of Cosmos
Cosmos has undergone significant changes since its inception, with crucial milestones shaping its current state. Initially launched in 2019, Cosmos debuted with the Atom Hub, establishing itself as one of the first major proof-of-stake networks to gain traction among centralized exchanges. Throughout its history, the network faced numerous internal conflicts and fragmentation among its teams, influencing its direction and development. Events such as the launch of the Inter-Blockchain Communication (IBC) protocol and the rise of other chains within the ecosystem played critical roles in both its growth and subsequent challenges.
External Factors Impacting Cosmos
External factors, notably the collapse of Terra in May 2022, had a devastating impact on the Cosmos ecosystem. The ensuing liquidity crisis led to a significant reduction in trading activity across several chains, including Osmosis, which relied heavily on Terra for liquidity. As the broader market faced turmoil following high-profile incidents like the FTX collapse, Cosmos struggled to regain momentum and economic viability. This external instability highlighted the vulnerability of Cosmos and its dependence on the interconnections between different chains within its ecosystem.
Fragmentation and Governance Challenges
Fragmentation within the Cosmos ecosystem has been both a defining feature and a growing concern. As multiple teams and projects emerged, a lack of alignment around a central vision and cohesive leadership began to undermine the ecosystem's strength. Governance proposals and attempts to establish a unified direction have often faced skepticism from validators and stakeholders, further complicating the path forward. The failure of proposals like Adam 2.0 underscored the underlying issues with community governance and the need for better coordination among the various stakeholders.
Current Innovations and Future Directions
Despite its struggles, there are ongoing efforts to revitalize the Cosmos ecosystem through innovative projects and initiatives. The development of new products, such as the Interchain Security (ICS) and advancements in liquid staking, reflects a desire to enhance the functionality and appeal of Cosmos technology. Additionally, certain projects, like Osmosis and Celestia, continue to garner attention from developers and investors, signaling potential pathways for growth. However, the future viability of these projects may depend on the ability to align incentives and foster meaningful collaboration among diverse teams.
Speculations on the Viability of Cosmos
The question of whether Cosmos can sustain its relevance is at the forefront of discussions within the community. Many stakeholders express concerns about the long-term value of the Atom token in light of fragmented interests and competing projects that may not align with the original vision. While the technical infrastructure and capabilities of Cosmos remain robust, the notion of a unified direction for the ecosystem is under scrutiny. As developers explore new frameworks and structures, the prospects of a significant overhaul or consolidation may dictate the future trajectory of Cosmos.
This week Anna and Zaki Manian dive into the Cosmos ecosystem and ask the question: is Cosmos Dead? They explore key events, teams and players who worked on Cosmos during different eras before teasing out the strengths and structural flaws that made the project what it is today. The conversation wraps with a discussion around new initiatives aimed at reviving the ecosystem and aligning factions in Cosmos together towards a central goal.
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