Thread by @ThyBorg_

The bridge proposals are up on #Osmosis governance. But why do we need to select a "canonical bridge provider" in the first place? A quick educative thread on the basics 🧵

#Cosmos (like Polkadot) is an ecosystem of interoperable blockchains. It is optimised for connecting chains that deploy on them natively, e.g Juno & Osmosis on Cosmos, or Moonbeam & Acala on Polkadot.

Chains built with the Tendermint consensus & Cosmos SDK are IBC compatible out of the box, so the whole Cosmos ecosystem can plug in quickly and happily communicate.

But other consensus algorithms aren’t optimised for IBC. They need a light-client implementation to be able to receive/interpret IBC data from other chains. This requires some upfront development work and a chain upgrade.

These developments are already on the way on Near & Polkadot for instance, but they'll take longer (years) on Ethereum or Bitcoin.

https://twitter.com/ThyBorg_/status/1516121107555917832

If IBC can't be used yet, a different solution is required to bring assets from other ecosystems into #Cosmos. At the same time, @sunnya97 and the rest of the Osmosis team want to make sure the DEX user experience stays top-notch.

That means first limiting the amount of pre-fixed tokens (e.g whUSDC for Wormhole USDC). So the Ethereum assets bridged by the selected canonical (i.e "approved" or "standard")provider will named ETH, USDC, etc. and not whETH or whUSDC.

That also means avoiding liquidity fragmentation by "prioritising the assets of the canonical bridge, incentivising them earlier and more heavily than the comparable assets of non-canonical bridges".

I've already talked about #Axelar and my #Nomad thread is coming up shortly. I'll be looking in overall alignment with the Cosmos & Osmosis communities, including the team, token distribution, VCs, tokenomics & airdrops.

https://twitter.com/ThyBorg_/status/1517163999225278464

In the meantime, I'd suggest reading the tweets from @imperator_co, @jack_zampolin, @JTremback, @0xpostman, @RobbStack_sats and others which I've conveniently grouped into this thread

https://twitter.com/ThyBorg_/status/1517850790496399360

I'm planning to cover the entire #Cosmos extensively through educative & digestible threads. Consider following me @ThyBorg_ & liking & retweeting that thread to get all the analysis on airdrops, tokens, teams & projects ✌️