Cosmos modular function chain, moving towards the era of super Dapp with hundreds of millions of users

Original title: "Single Aptos, Module Cosmos, Application Internet is the new home of Chinese entrepreneurship?" "

Original author: R3PO

Foreword

Encryption is not lacking story, and Aptos contributed an accident.

The power of Move ecology should not be underestimated, follow Aptos master On the Internet, there are already domain name service Aptos Names, wallet Pontem, multi-signature wallet Momentum Safe, NFT market Souffl3, and lending agreement Argo.

This is the first time that many applications have been launched together with the mainnet, which seems to trouble other The traffic and ecological anxiety of the public chain do not exist on Aptos.

But is this the end of the story? R3PO believes that this is not the case. At least in terms of the overall structure of the public chain, the next era will be the budding and explosive period of super Dapps, and the battle between monomers and modules is not over yet.

Learn from the predecessors to go to Nanyang, pass the Silk Road, and spread all over the world, and go to the vast world that truly belongs to all mankind?

From the gathering of heroes of Token 2049 in Singapore, we can see the resentment and resentment of everyone, but there are very few DEVCON in South America There are not many Chinese, and it reflects that we are still reluctant to part with the warmth of home. The times are giving the Chinese a new opportunity-super Dapp is on the rise.

This kind of crisis-seeking opportunity has happened countless times to generations of Chinese entrepreneurs. R3PO has sorted out, from the grand scene that occupied 90% of Bitcoin’s computing power at the highest, to the sweeping of the three HBO exchanges in the exchange era, to X2Y2 and Element in the NFT field, all witnesses that the fit between Chinese and Web 3 lies in the application and operate.

Currently a basic judgment is that the underlying foundation of Web 3 has been built, getting rid of invalid content Volume, moving towards the super Dapp era with hundreds of millions of users is the inevitable way for the survivors to move on.

R3PO summarizes the current Web 3 track competition pattern as follows, excluding irrelevant history Waves, the historical trend has never been so clear:

· High-performance public chain has the vertical direction of Ethereum Hierarchical mode, Cosmos' horizontal division mode, and Move ecology's parallel mode.

The leaders of the DeFi ecology stand side by side for a long time, the super Dapp has been formed, and Uniswap has become other aggregated DEX The source of depth, dYdX is ready to go to the Cosmos application chain.

· NFT has come to the regulatory moment, which is a rite of passage that both Ripple and Binance have experienced , Compliance is always the outpost to a broader market.

The only thing missing at the moment is a super app that really has millions of daily activities and hundreds of millions of daily activities. R3PO believes that the Terminator will be born on the Ethereum ecology or Cosmos. There is no need to say much about the victory of Ethereum, but in the Cosmos 2.0 era, the technical features and mechanisms specially designed for super Dapps will carry another hope.

I hope that Chinese entrepreneurs can create truly great global Web 3 applications on it, just like the era of mining and trading, but this time they are facing It is a trillion-level market with 7 billion people.

Story out of thin air: traffic model of Cosmos 2.0

Time to date, The development of the public chain has gone through three waves, from the single-function chain represented by Bitcoin, to the Polkadot and Cosmos modular function chains that started in 2016, and the layered ecological chain of Ethereum. Facts have proved that the route of Ethereum is The most successful ecological prosperity is an absolute moat that can offset all disadvantages.   

  Caption: The number of Dapps supported by the public chain     Source of picture: R3PO Highly active and new trends, while Bitcoin and Ripple are relics of the old era. The idea is that a blockchain is responsible for a transaction, such as Ripple's cross-border transfers.

Polca and Cosmos 1.0 see the future of Dapp, but Polkadot cannot solve multiple Dapp Regarding the efficiency of collective operation, the upper limit of the so-called parachains is about 100, and it is too complicated to continue to build the application layer on top of it, and it is difficult to say that it is successful.

Cosmos’ plan is to directly develop the application chain, and the Cosmos Hub is only responsible for the most basic functions. Each chain has no control rights, which can be said to be the most complete decentralization.

Picture description: The number of new Dapps in Ethereum 

Image source: https://www.stateofthedapps.com/stats

Ethereum The advantage lies in the fact that capital and application precipitation have formed a tidal effect. Other public chains have never been able to get rid of their dependence on Ethereum, but are compatible with EVM-cross-chain bridge-cheaper handling fees and higher efficiency. Traffic attempts happen all the time, but no one has succeeded.

Ethereum built with iron, a new public chain with flowing water.

  Picture description: Activity of each public chain Image source: R3PO

From the perspective of various indicators, Ethereum is not the best. For example, the speed is not as fast as Solona, and the transaction addresses are not as many as BSC. However, all the technical features are defeated in front of Ethereum. Only when the ecology survives, can the users survive forever, giving the public chain the power to cross bulls and bears.

The latest story is that the Discord speaking area was closed before the Aptos mainnet went live, and after the launch Dozens of disappointments, which is far from the long-awaited 100,000+.

The problem is now focused on one point, where does the traffic come from? R3PO believes that borrowing Ethereum traffic is not the optimal solution, but creating a super Dapp is the optimal solution.

The Chinese team has a lot of experience in application manufacturing. It may not be creative enough, but its execution is far beyond Other groups, BNB Chain, OKX Chain, etc. are all public chains based on the Cosmos SDK and compatible with EVM, but it is hard to say that they belong to the Cosmos ecosystem, and they borrow more from the convenience of Cosmos development and the compatibility of Ethereum.

EVM-compatible public chains are essentially EVM side chains or L2, and ultimately can only Prosperous Ethereum ecology, non-EVM public chain is not impossible to survive.

Take Terra as an example, behind it is Delphi, which has high efficiency and ecological Prosperity is a proof of the powerful functions of Cosmos. It died of Ponzi’s economic model. From the perspective of public chain operation and construction, it is still worth learning. At least compared with Solona, another non-EVM public chain, there is no risk of downtime. .

The model of Cosmos 1.0 is the official inter-chain bridge (IBC), ATOM priority is lower than sovereignty Application chain tokens, in order to try a cold start and establish its own traffic precipitation.

Cosmos 1.0 gives public chain developers enough freedom to understand sovereignty as 100 % of financial autonomy, the sky is high and the birds are flying. This is in complete contrast to Ethereum. What kills Ethereum must not be a better Ethereum, but a brand new species:

· Ethereum’s problem: trade security for high cost, exclude ordinary users and high-frequency demands. L2+ZK+fragmentation constitutes a short-term and long-term solution, exchanging time for space.

· Cosmos’ attack: trade space for time, give up profits to each chain, Hub and ATOM only provides security, Terra, dYdX, Sei prove usability from the past, present and future.

The improvement of Cosmos 2.0 lies in how the risks and opportunities of the application chain will develop: Is the future dominated by a few super Dapps, or pluggable Lego components? In the future Web 3 application pattern, should native protocols be applied, or will the product competition of Web 2 be postponed?

R3PO has no direct answer to this, but the most basic logical deduction can be made, first To get rid of platform thinking, even if a super Dapp is born, it will not occupy the profits generated by users, just like Uniswap has not turned on the fee agreement switch for a long time.

Secondly, protocols and applications are not completely opposite. The fat protocol theory believes that the protocol layer will capture absolute Most of the value, but the Ethereum API service provider Infura and the node keeper AWS are all centralized applications, which do not affect the price of ETH. What really affects the customer experience is the front-end, and the front-end traffic entrance is what the protocol and application compete with. The manner in which the services are provided is not absolute.

  Caption: Cosmos App TVL Source: R3PO

Stimulated by Cosmos’ substantial “profit sharing”, the various applications supported by Cosmos and the secondary developed public chain have formed a unique system. The only thing missing is the navigator.

The high drop of Luna and UST also hurt the last bull market of Cosmos. external refactoring.

In the update of Cosmos 2.0, there are two main parts:

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1. Enhance ATOM value capture ability:

· Interchain Security ICS (Interchain Security), Cosmos Hub provides security, application chain uses ATOM "purchase" security sex.

Liquid Staking, increase the number and types of pledge service providers, including Quicksilver , Persistence, Stride and Lido, and also provide pledge services for ATOM and application chain tokens.

2. Enhance the main network and inter-chain activity:< br>

· Interchain Allocator (Interchain Allocator), is actually the allocation of funds on the chain Plan to establish an ecological fund organized by the ATOM treasury to promote the prosperity of Cosmos applications;

Inter-chain The scheduler (Interchain Scheduler) allows flexible block space arbitrage operations, and the actual practical operation mode is still being designed.

Through the two parts of the improvement measures, the main improvement is that ATOM will go deep into each application chain Within operation, in fact, each application chain transfers part of its economic sovereignty in exchange for security. As long as the tax rate is lower than that of Ethereum, it is still attractive. At the same time, a more effective distribution mechanism will redistribute ATOM profits to each chain. Form a flywheel effect and let the flow roll up.

Different from attracting dYdX "top stream" to settle in, the inter-chain allocator can also support native Seed applications, such as Osmosis, Keplr and other applications, not only take care of the super Dapp's rigid needs for security and efficiency, but also have the opportunity to cultivate more Terra, so that a chain of sudden deaths will not kill the entire universe.

This is no longer a passive cold start, but an active operation capability that emphasizes more subjective initiative , this is the home of the Chinese. Although the Chinese team has not formed an absolute advantage in DeFi Summer, in Cosmos 2.0, various projects are still staking their land, at least there are plenty of opportunities.

Cosmos 2.0 lays the foundation for the emergence of super Dapp, now is the time to see the real trick .

From 0 to Infinity: Economies of Scale in the Cosmos  

Image description: Cosmos Ecology 

Image source: https://mapofzones .com/

Western-led applications need localization adaptation and transformation for groups in different regions and cultural backgrounds around the world, which in a sense makes It is more difficult and expensive to maintain operations, but the basic protocol is universal, which is also an important reason for the emergence of the traditional Internet structure that emphasizes the foundation of the West and strengthens the application of the Chinese.

In the Web 3 world, for the first time, East and West are competing on the same stage. R3PO believes that it is still in the era of a few early adopters, and the real super Dapp is still brewing. For example, the active address of Ethereum is 500,000, and the active number of MANA is only about 8,000. Some people have little to no impact.

But the market value of Ethereum is more than 100 billion US dollars, and the valuation of MANA can reach 1 billion US dollars , which is again real data.

Why is the market value so significantly higher than before despite the obvious lack of users? Based on this, how much should the valuation of Dapp with hundreds of millions of daily activities be appropriate?

For the first question, the current Web 3 status quo cannot be used as the basis for arguments, and it is unsustainable The economic model cannot last forever, and the fair value needs a long time to return to the normal curve.

For the second question, the model of Cosmos 2.0 is more suitable for exploring the development model of a single Dapp. Dapp's income model consists of several parts: handling fee + service fee + Gas Fee + other fees.

The economic model of ATOM 2.0 is Cosmos Hub security rental fee + application fee, which is In an ideal situation, take dYdX as an example. If the application is truly migrated to Cosmos 2.0, if the application itself is willing to purchase security, the user only needs to pay the dYdX transaction fee.

  Picture description: Market value, TVL and Market value/TVL ratio image source: R3PO

From the market value/TVL ratio of mainstream public chains, Ethereum is the direction Cosmos will try to catch up with, but from another perspective From a perspective, the Cosmos ecology still has room for more than a hundred times of growth, and further increasing the value of ATOM will also stimulate the coordinated progress of various application chains.

In this case, unlike Ethereum’s vertical layering model, Cosmos’ horizontal The model is conducive to scale expansion. In fact, vertical layering will create a Matthew effect. On the same track, it will be too expensive for latecomers to catch up. However, on Cosmos, Dapps in the early stage can "enclose themselves" and enjoy super Dapps While maintaining the same security, it steadily develops its own unique features. It even has a driving effect on Polkadot. The Polkadot community has already proposed related proposals to distribute DOT between chains and create more DOT usage scenarios to improve the security of the main network and the stability of DOT currency value.

To sum up, Cosmos 2.0 turns left to Ethereum, and turns right to Polkadot. Cosmos has less parachain auction and maintenance costs than Polkadot, and more horizontal expansion opportunities than Ethereum, which may roll out a large-scale application economy.

Conclusion: Will Cosmos be the final answer to super Dapp?

Items that cannot be exchanged cannot be measured for specific economic value, such as security on the chain, user habits, etc. The advantage of Cosmos is that it can More adjustments are made when solidifying the pattern. Any public chain development has its time window. Generally speaking, there are still opportunities for Chinese entrepreneurs to create super Dapps at the current juncture.

The consensus layer of Ethereum is quite stable and solid, creating a better consensus layer than Ethereum It's hard to succeed.

But another meaning of the rich ecology of Ethereum is "broken", the mutual Communication, interaction between L1-L2-L3, and cross-chain bridge security are three prominent issues.

Cosmos has opportunities for targeted improvement, but beyond Ethereum, successful super applications are needed. Only by establishing an ecological precipitation that belongs to Cosmos can Cosmos truly stand firm.

Secondly, ATOM changed from benefiting the application chain tokens to hoping to capture more value, other applications Whether you will be willing to spit out profits is still worth asking. If you want to share profits with the underlying protocol, why not go directly to Ethereum to survive? The token model cannot be solved by simple deflation and enhanced value capture capabilities.

Market creates demand, technology meets demand.

R3PO hopes to tap the opportunities of Cosmos and give some Chinese Web 3 entrepreneurs who are wandering around the world Inspire and create a super Dapp that belongs to all mankind.

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