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B- Investment Grade

COSMOS DIGITAL ASSET REPORT

Introduction

Since our previous update, Cosmos Hub and its ecosystem have shown substantial progress. Unlike many of its peers from the ICO era of 2016-2017, Cosmos has kept pace with the rapidly developing blockchain space and has remained relevant for users and developers.

An increasing number of teams choose the Cosmos SDK to build their products. With the launch of the Inter-Blockchain Communication (IBC) protocol in 2021, building for the Cosmos ecosystem became more reasonable because applications can finally talk to each other, and liquidity can flow across them.

Usage of the Cosmos ecosystem products increased as well. Its ecosystem projects benefitted from the growing demand for decentralized finance. The total value locked and the number of transactions in these projects is substantial.

With more projects in the pipeline and a feature-packed roadmap, Cosmos is well-positioned for further growth. However, the project’s main chain Cosmos Hub and its token ATOM will likely slowly lose relevance in the ecosystem because ATOM continues to lack good use cases.

The project’s performance improved slightly in some areas, but the overall grade is still B-. The main reason for not upgrading Cosmos to B is that ATOM struggles to extract value from its ecosystem.

Key takeaways:

  • The team finally launched the Inter-Blockchain Communication Protocol, which is crucial for ecosystem development. However, given the latest developments in the blockchain space, it’s not a competitive advantage anymore.
  • The Cosmos ecosystem expanded with application-specific blockchains, general-purpose, and EVM-compatible blockchains. TVL and usage increased across the board.
  • ATOM still has poor value accrual, so it can’t fully capitalize on its growth and market opportunity. Still, since ATOM is the gateway to the Cosmos ecosystem, its price action in 2020-2022 was decent and will likely remain acceptable in the foreseeable future.
  • The team has a detailed roadmap and keeps up with the deadlines, which is an exception in the industry that over-promises and under-delivers.
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