As a seasoned researcher and analyst who has been closely following the Cosmos ecosystem for the past few years, I am thrilled to see the collaborative efforts being made by key players like Atom Accelerator DAO (AADAO) and Neutron to support the continued development of CosmWasm. This initiative is a testament to the importance of open-source projects in driving innovation and growth within the blockchain industry, and I am encouraged by the commitment shown by these organizations towards ensuring the longevity and impact of this critical resource for the Cosmos ecosystem.
Zug, Switzerland, December 17th, 2024, Chainwire
The Atom Accelerator (AADAO), a DAO overseen by the Cosmos Hub’s regulations, has declared a financial backing of $250,000 to Confio for advancing and maintaining CosmWasm up until 2025. This aid is being doubled by Neutron, the application network within Cosmos, with an additional $250,000.
Since 2020, CosmWasm, a smart contract technology created by Confio, has powered functions for nearly 100 different blockchains. This allows developers to create decentralized applications (dApps) that can smoothly operate across multiple chains within the interchain. In the last year alone, contracts built using CosmWasm in the Cosmos ecosystem have earned over $5.7 million in fees. Although it’s been widely adopted, the Interchain Foundation has been its main supporter for development and upkeep. However, due to recent organizational changes at the Interchain Foundation (ICF), Confio’s financial support for 2025 has significantly decreased.
According to AADAO contributors, “CosmWasm is an essential asset for the Cosmos network, providing a foundation for numerous applications and chains that generate value within the interconnected system.” This proposal aims to unite efforts in order to preserve its long-term existence and ongoing influence.
The CosmWasm Coalition project is planning to gather approximately $2 million to sustain and enhance CosmWasm in the year 2025. This money will empower Confio’s group to carry on with essential tasks such as security studies, incident management, feature creation, speed enhancement, documenting, developer assistance, maintaining SDK compatibility, and improving testing tools and developer experience (DevX). This project is an extension of the Cosmos Hub’s past backing for CosmWasm, which included effectively distributing $1.25 million through Proposal #103 in March 2023.
The Cosmos Hub leverages CosmWasm for its permissioned smart contract functionalities, which is crucial for the Hub’s ongoing operations and future improvements. Numerous consumer chains that use Interchain Security rely on CosmWasm as their foundation, emphasizing the importance of this framework in maintaining and growing the ecosystem. By investing early, the Cosmos Hub ensures its technical requirements and those of its connected consumer chains are prioritized in Confio’s development plans.
Initiating their investment, AADAO and Neutron aim to inspire further funding from other partners within the ecosystem, thereby securing the financial sustainability of CosmWasm and the wider interchain environment.
About Atom Accelerator DAO (AADAO)
The Atom Accelerator Decentralized Autonomous Organization (AADAO) is a decentralized organization within the Cosmos Hub that has been assigned specific tasks. Their role is to enhance the value of both the Cosmos Hub and ATOM, by either directly boosting its economy or indirectly fostering growth through initiatives. At present, their main responsibilities revolve around providing public grants and venture grants.
Atom Accelerator’s investment arm selectively funds innovative early-stage web3 entrepreneurs and companies, whether they are part of or not part of the Cosmos Hub community. As seasoned professionals in the Cosmos ecosystem, Atom Accelerator provides expertise, advice, and assistance, aiming to generate value for ATOM.
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Mr. T
Atom Accelerator DAO
press@atomaccelerator.com
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2024-12-17 18:31