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:
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Convex’s business model is built on Curve, a DeFi blue chip that continues to be one of the market leaders. It repackages Curve’s governance into a liquidity bootstrapping product that is already being used by projects like Abracadabra and Alchemix, and there is potential for more projects using it down the line. Ergo, Convex is one of the few examples of business-to-business models in crypto.
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