Thyborg ⚛ Profile picture
May 3 11 tweets 4 min read
Yesterday Cosmos founder @jaekwon published a lengthy article explaining his opposition to Cosmos governance proposal 69 and the details of the upcoming #Gnoland airdrop for $ATOM holders, which I've summarised as a Q&A below 🧵
I've explained Jae's and the minimalist hub philosophy in this previous thread. Note that this is not an endorsement of the "No" vote as I personally haven't made my mind yet
If you want to learn more about Gnoland first, I also wrote this thread after Jae's last interview
So who is the airdrop for?
$ATOM holders and stakers that will ignore, abstain or reject governance proposal 69. In other words, anyone who doesn't vote yes to the implementation of CosmWasm on the Cosmos Hub
Are the coins on other Cosmos chains included?
Yes, $ATOM coins on #Osmosis, #Juno, #Sifchain etc. qualify for the snapshot, including those in liquidity pools. However Jae mentioned the distribution of the airdropped $GNOT might take longer for these coins than for the Hub
How do I get the most $GNOT possible?
You would have to stake your $ATOM and use it to vote "No with Veto" to the governance proposal. You will get slightly less if you vote "No", even less if you vote "Abstain", and probably significantly less if you don't stake & vote at all
When is the snapshot?
On 19-May-2022. Jae picked the date because it is 21 days after the beginning of proposal 69, which makes it a lot easier to track the vote in the snapshot as the coins are still unbonding
What is the $GNOT distribution?
Not a lot of details, but it seems most of the supply will go to the $ATOM community and Gnoland's future DAOs. Jae himself might keep around 20% of the total supply
Will Gnoland exit the Cosmos?
Only if the proposal passes. In that case, I assume Gnoland will start his own Hub. If the proposal is rejected, then Gnoland will simply be connected to it the Cosmos Hub via IBC like any other Cosmos chain
You can find the original post here…
And that's it for the airdrop. I'm planning to cover the "Yes" side of Prop69 shortly, as well as the rest of the #Cosmos ecosystem afterwards. I write educative & digestible threads on airdrops, tokens, teams & projects, so you may consider giving me a follow @ThyBorg_ ✌️

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More from @ThyBorg_

May 4
#Prop69 is getting everyone talking about CosmWasm so I thought it would be useful to explain what it is (while careful ignoring the hot debate around its implementation in the Cosmos Hub) 🧵
Unlike virtual-machine blockchains (like Ethereum) where everything is programmed as a set of smart contracts, the Cosmos SDK is a framework for application-specific blockchains Image
The framework is designed to build blockchains out of composable modules. Anyone can create a module, and integrating already-built modules is straightforward
Read 13 tweets
May 3
#Prop69 isn’t a scam or a spam, & people are voting “No w/ Veto '' just to get $GNOT. Thing is, these wallets are essentially forever tagging themselves as “airdrop chasers''. As Cosmos grows, it wouldn't surprise me if other projects use that vote to exclude the chasers
I appreciate the fact that some people actually wish to convey the strongest opposition possible. However in blockchain voting "No w/ Veto" traditionally means the proposal is a scam and the proposer should loose the deposit
Also projects are free to incentivize voting however they want, and people are free to try to maximise their airdrop. I wrote a thread about doing that with #Gnoland here
Read 6 tweets
May 2
I've worked out the revenue of #Cosmos validators: the average on the Cosmos Hub is around $45,000 per month at current prices, and $100,000 at all-time. These averages come with a huge variance so let's break it down 🧵
First it's important to note that I'm only talking about revenues, not profits. In order to work out the profit, we would need to figure out the costs, and I'll focus on that in a separate thread
Second, I'm only talking about Cosmos Hub validators here. Since most validators operate on several blockchains (e.g #Osmosis, #Juno etc.) their total revenues are much higher. I'll share the results for other blockchains in a separate thread
Read 13 tweets
May 2
Two of the top four smart contract platforms were down this week-end. The other two are built with Tendermint and the Cosmos SDK. That's because Cosmos is ... 👇 Image
Read 7 tweets
Apr 29
The price of $ATOM has taken a beating over the past couple of weeks, possibly because it somewhat lacks a clear utility. Let's see why the implementation of a Hub model is likely to change that for forever 🧵
First let's remind everyone that the value of $ATOM is not just represented by the price of the coin. In fact most of it's value so far has been in the form of generous airdrops distributed to stakers by the projects building on Cosmos
And right now, all of these chains participating in IBC must implement each other’s light clients. So with N blockchains, you need N * (N-1) implementations.
Read 12 tweets
Apr 28
The Cosmos "alpha" from last week in one convenient thread. That's the rumours or news that have the potential to move the markets in the short to medium term (and for which clever investors might want to position themselves early) 🧵
The founder of a Polkadot-based parachain expects to complete an IBC integration this year
Octopus Network (which is NEAR-based) is also working on IBC integrations after receiving a grant from @interchain_io
Read 7 tweets

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