Hottest tokens in the Cosmos Ecosystem
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KafkaCoo
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jf52967091
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Apr 1, 2022
旧地址搬迁
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创建时间
Mar 28, 2022
Cosmos生态系统中最热门的代币
我们分析了Cosmos链上前5个项目及其代币
Dear Bankless Nation,
亲爱的 Bankless 国民，
Earlier this week, William wrote a primer on the Cosmos Ecosystem, discussing its architecture, wallets, and applications.
本周早些时候，William写了一本关于Cosmos生态系统的入门书，讨论了它的架构、钱包和应用程序。
In it, we learn that Cosmos, like other blockchains, has its own healthy ecosystem of applications - DeFi, privacy, DEXs, smart contracts, etc.
在其中，我们了解到Cosmos与其他区块链一样，拥有自己健康的应用生态系统——DeFi、隐私、DEXs、智能合约等。
Many of these projects have their own tokens. These tokens provide exposure to Cosmos, but which tokens provide the most upside for investors?
其中许多项目都有自己的代币。 这些代币提供了Cosmos 的曝光度，但哪些代币为投资者提供了最大的收益？
Today, Ben takes an in-depth look at some of the hottest projects on Cosmos, reviewing the protocol, tokenomic design, and his takeaway for each token.
今天，Ben 深入研究了 Cosmos 上一些最热门的项目，回顾了协议、代币设计以及他对每个代币的看法。
- RSA
TOKEN THURSDAY
代币星期四
5 Cosmos Ecosystem Projects to Watch
5 个值得关注的 Cosmos 生态系统项目
2021 was defined in large part by the rise of Layer-1s. Following Ethereum’s ascendancy during the summer of 2020, blockchains such as Solana, Terra, Avalanche, and Fantom saw exponential growth in both network activity and the prices of their native tokens.
2021 年在很大程度是由 Layer-1 的兴起定义的。 随着以太坊在 2020 年夏天的崛起，Solana、Terra、Avalanche 和 Fantom 等区块链的网络活动及其原生代币的价格都呈指数增长。
The meteoric rise of these blockchains demonstrated two things:
这些区块链的迅速崛起证明了两件事：
- There is a massive opportunity for adventurous users who explore and adopt new, and emerging networks.
- There are major technical limitations inherent in monolithic, single-sharded chains.
Enter Cosmos.
进入Cosmos链
Cosmos enables the creation of highly customizable blockchains, whether they be generalized, or application-specific. Cosmos aims to connect these networks through what’s known as Inter-Blockchain Communication (IBC) which allows for the trust-minimized, near-instantaneous transfer of value and data across blockchains. This modular design has the potential to unlock a new design space of interoperable, cross-chain applications while providing a potential path to sustained scaling.
Cosmos 支持创建高度可定制的区块链，无论它们是通用的还是特定于应用程序的。 Cosmos 旨在通过所谓的区块链间通信 (IBC) 连接这些网络，这允许信任最小化，几乎瞬时的跨区块链的价值和数据传输。 这种模块化设计有可能开启可互操作的跨链应用程序和新设计空间，同时提供持续扩展的潜在途径。
Although much of Cosmos’s potentially transformational tech is in its infancy, the ecosystem has begun to see meaningful traction and brings to the table numerous new innovations on both the protocol and application layers.
尽管 Cosmos 的许多潜在的革命性技术还处于起步阶段，但该生态系统已经开始看到有意义的牵引，并在协议和应用层上带来了许多新的创新。
With innovation comes opportunity - As many are likely familiar with Cosmos chains such as Terra and ThorChain, let’s dive into five other tokens within the ecosystem that investors should be keeping an eye on.
随着创新带来机遇——由于许多人可能熟悉诸如 Terra 和 ThorChain 等 Cosmos 链，让我们深入研究生态系统中投资者应该关注的其他5个代币。
1. Cosmos Hub (ATOM)
- Token Type: L0/L1 代币类型：L0/L1
- Market Cap: $8.2 billion 市值：82亿美元
- FDV: n/a (Perpetual inflation) 完全稀释估值：不适用（永久通货膨胀）
- Apeability: 5/5 可操作性：5/5
Protocol Overview
协议概述
Although it is Cosmos’s flagship token, ATOM deserves a closer look due to its evolving role within the ecosystem. As the first-ever Cosmos chain, Cosmos Hub plays an important role as infrastructure, serving as an endpoint for IBC transfers and will see further utility over the coming months by providing interchain security.
尽管ATOM是 Cosmos 的旗舰代币，但由于其在生态系统中不断演变的角色，它值得更深入地研究。 作为有史以来第一个 Cosmos 链，Cosmos Hub 作为基础设施发挥着重要作用，作为 IBC 传输的端点，并将在未来几个月通过提供链间安全性进一步发挥作用。
A core challenge facing application-specific blockchains is the need to bootstrap their own validator set. Unlike rollups, Cosmos chains do not inherit security from a parent chain. Rather, each chain is responsible for securing itself, needing to independently source validators and ensure their native token retains value. While allowing for a greater degree of sovereignty and customizability, it could lead to a drastic reduction in security for a given chain relative to shared security Layer-1 such as Ethereum. While many use cases differ in their security needs, some, such as DeFi, require a highly robust and decentralized validator to withstand potential attacks from nation-states.
特定于应用程序的区块链面临的一个核心挑战是需要引导自己的验证器集。 与rollups不同，Cosmos 链不会从父链继承安全性。 相反，每条链都负责保护自己，需要独立地寻找验证者并确保其原生代币保持价值。 虽然允许更大程度的主权和可定制性，但它可能导致给定链相对于共享安全第1层(如以太坊)的安全性大幅降低。 尽管许多用例的安全需求各不相同，但有些用例（例如 DeFi）需要高度健壮和去中心化的验证器来抵御来自各个方向的潜在攻击。
The Cosmos Hub aims to serve a beacon-chain type role through the launch of Interchain Security. This will enable Cosmos chains to outsource their security needs to the Cosmos Hub, benefiting from its more than $5.2 billion of ATOM stake. Interchain security could help to bring more high-value use cases to the ecosystem, and is expected to be rolled out beginning in Q3 2022.
Cosmos Hub 旨在通过启动跨链安全来服务于信标链类型的角色。 这将使 Cosmos 链能够将其安全需求外包给 Cosmos Hub，从而受益于其超过 52 亿美元的 ATOM 股权。 跨链安全有助于为生态系统带来更多高价值用例，预计将于 2022 年第三季度开始推出。
Tokenomics
代币经济学
Although it can be argued that the Cosmos Hub serves as a “Layer-0” rather than a Layer-1, the ATOM token in practice serves a similar role to that of a traditional L1 token. ATOM is utilized to secure the Hub, with stakers eligible to receive inflationary rewards as well as transaction fees from IBC transfers.
尽管可以说 Cosmos Hub 充当“Layer-0”而不是 Layer-1，但 ATOM 代币在实践中的作用与传统的 L1 代币相似。 ATOM 用于保护 Hub，质押者有资格获得通胀奖励以及 IBC 转账的交易费用。
One feather in the cap of ATOM relative to other L1 tokens is its role as an “airdrop magnet.” Many networks and projects within the Cosmos ecosystem, such as Osmosis, Juno, and Shade Protocol, have or plan to airdrop a portion of their token supply to ATOM stakers.
相对于其他 L1 代币，ATOM 的一大亮点是它作为“空投磁铁”的作用。 Cosmos 生态系统中的许多网络和项目，例如 Osmosis、Juno 和 Shade Protocol，已经或计划将其部分代币供应空投给 ATOM 质押者。
What’s less clear is whether or not ATOM will command the monetary premium held by other L1 tokens to varying degrees. For instance, ATOM is the second most liquid token, behind OSMO, on the aforementioned Osmosis DEX, suggesting that it could play second fiddle to the native tokens on various chains.
不太清楚的是，ATOM 是否会在不同程度上控制其他 L1 代币持有的货币溢价。 例如，在前面提到的 Osmosis DEX 上，ATOM 是仅次于 OSMO 的第二大流动性代币，这表明它可以在各种链上仅次于原生代币。
Takeaway
看法
While it already carries a more than $8 billion market cap, and its favorability as an asset among Cosmos DeFi users is unclear, ATOM likely represents the safest, broadest way for an investor to get exposure to the Cosmos ecosystem. The token is poised to benefit from the increased utility and demand as a result of the rollout of interchain security, and at least in the near future, is likely to generate an additional stream of cash flow for its holders through airdrops, further increasing its attractiveness.
虽然它已经拥有超过 80 亿美元的市值，并且它作为资产在 Cosmos DeFi 用户中的受欢迎程度还不清楚，但 ATOM 可能代表了投资者接触 Cosmos 生态系统的最安全、最广泛的方式。 由于跨链安全性的推出，该代币有望从增加的效用和需求中受益，并且至少在不久的将来，它可能会通过空投为其持有者产生额外的现金流，进一步增加其吸引力。
2. Osmosis (OSMO)
- Token Type: L1/DeFi - DEX 代币类型：L1/DeFi - DEX
- Market Cap: $2.8 billion 市值：28亿美元
- FDV: $8.5 billion 完全稀释估值：85亿美元
- Apeability: 5/5 可操作性：5/5
Protocol Overview
协议概述
Osmosis is a decentralized exchange and application-specific blockchain, with more than $1.66 billion in TVL, and in recent weeks facilitating between $70-170 million in volumes
. Similar to Terra’s UST stablecoin, users and applications are able to leverage the capabilities of having the network built atop an AMM.
Osmosis 是一个去中心化交易所和特定于应用程序的区块链，在TVL中有超过16.6亿美元，在最近几周促成了7000万至1.7亿美元的交易量。 与 Terra 的 UST 稳定币类似，用户和应用程序能够利用在 AMM 之上构建网络的功能。
Osmosis is most similar to Balancer, in that it allows for the creation of highly customizable, multi-asset pools, but also incorporates elements from other AMMs while bringing unique features of its own to the table. For instance, each liquidity pool is “self-governing,” with liquidity providers having governance rights over its parameters. Like Curve, LPs must lock their tokens to participate in governance, with voting power, and boosted liquidity mining rewards, proportional to the length of the lock period.
Osmosis 与 Balancer 最相似，因为它允许创建高度可定制的多资产池，但也结合了其他 AMM 的元素，同时带来了自己的独特功能。 例如，每个流动性池都是“自治的”，流动性提供者对其参数拥有治理权。 与 Curve 一样，流动性提供者必须锁定他们的代币才能参与治理，拥有投票权，并提高流动性挖矿奖励，与锁定期的长度成正比。
Tokenomics
代币经济学
The OSMO token plays several key roles within the Osmosis ecosystem, having characteristics of both Layer-1 and DeFi tokens.
OSMO 代币在 Osmosis 生态系统中扮演着几个关键角色，同时具有 Layer-1 和 DeFi 代币的特征。
Like ETH, AVAX, SOL and other L1 tokens, OSMO is used to secure the network, with stakers receiving inflationary rewards and transaction fees from gas payments in exchange for doing so. In addition, like the latter two tokens, OSMO is also used to vote on network-wide governance proposals.
与 ETH、AVAX、SOL 和其他 L1 代币一样，OSMO 用于保护网络安全，质押者从 gas 支付中获得通胀奖励和交易费用。 此外，与后两种代币一样，OSMO 也用于对全网治理提案进行投票。
OSMO shares similarities to DeFi tokens in that it is also used for AMM-level governance. For instance, the token is used to determine the base swap fee across all Osmosis pools, and like Curve, is used to vote on rewards to different OSMO gauges.
OSMO 与 DeFi 代币的相似之处在于它也用于 AMM 级别的治理。 例如，代币用于确定所有 Osmosis 池的基本交换费用，并且与 Curve 一样，用于对不同 OSMO 计量器的奖励进行投票。
OSMO is also utilized in what's known as “Superfluid Staking,” which will allow OSMO to be staked while simultaneously being utilized as liquidity within the AMM.
OSMO 还用于所谓的“超流质押”，这将允许 OSMO 被质押，同时在 AMM 中用作流动性。
Takeaway
看法
Osmosis is both a highly unique blockchain and AMM. OSMO benefits from one of the most unique token designs in all of crypto, with utility and demand-driven from its use as an L1 token, AMM governance token, and as superfluid stake.
Osmosis 既是高度独特的区块链，又是 AMM。 OSMO 受益于所有加密货币中最独特的代币设计之一，其作为 L1 代币、AMM 治理代币和超流动股权的使用，是实用和需求驱动的。
3. Juno (JUNO)
- Token Type: L1 代币类型：L1
- Market Cap: $1.4 billion 市值：14 亿美元
- FDV: $5.6 billion 完全稀释估值：56亿美元
- Apeability: 2/5 可操作性：2/5
Protocol Overview
协议概述
Juno is a generalized smart contract platform. Unlike many other chains in the Cosmos ecosystem, Juno allows for the permissionless deployment of smart contracts built using the CosmWasm, a virtual machine that uses Rust as its programming language. JunoSwap, the network's most popular application, holds more than $42 million in TVL, while in the future the chain will leverage IBC to enable true cross-chain applications.
Juno 是一个通用的智能合约平台。 与 Cosmos 生态系统中的许多其他链不同，Juno允许使用CosmWasm构建的智能合约进行无需许可的部署，CosmWasm 是一种使用 Rust 作为其编程语言的虚拟机。 JunoSwap 是该网络最受欢迎的应用程序，在TVL中拥有超过4200万美元，而未来该链将利用 IBC 实现真正的跨链应用程序。
Juno has recently found itself at the center of a highly contentious and controversial governance proposal. As a part of its token distribution, Juno allocated 47% of its supply to ATOM stakers. Although there was a “whale-cap” in place, to prevent entities such as exchanges from receiving JUNO, one whale managed to sybil the airdrop, accumulating 2.5 million JUNO, worth roughly $75 million at current prices. This accounts for 7.5% of the tokens initial circulating supply and 1.3% of the expected supply at the end of the team's twelve year vesting period.
Juno 最近发现自己处于一个极具争议和争议的治理提案的中心。 作为其代币分配的一部分，Juno 将其 47% 的供应分配给了 ATOM 质押者。 尽管设置了“鲸鱼上限”，为了防止交易所等实体接收 JUNO，一只鲸鱼设法空投，累积了 250 万个 JUNO，按当前价格计算价值约 7500 万美元。 这占代币初始流通供应量的 7.5% 和团队十二年归属期结束时预期供应量的 1.3%。
After intense deliberation, in a highly controversial proposal known as “Prop 16,” the community decided through an on-chain governance vote to slash the whales balance to 50,000 JUNO, the maximum allotment per address during the initial airdrop.
经过深思熟虑，在一个极具争议的提案“Prop 16”中，社区通过链上治理投票决定将鲸鱼数量的平衡削减至 50,000 JUNO，这是初始空投期间每个地址的最大分配。
Tokenomics
代币经济学
As with ATOM, OSMO, and other PoS networks, JUNO is used for security, with stakers able to earn inflation rewards and transaction fees. As with the former two tokens, Juno is utilized for gas on the network, and is showing signs of being the chain's reserve asset, as it serves as the most popular base pair asset on JunoSwap.
与 ATOM、OSMO 和其他 PoS 网络一样，JUNO 用于安全性，质押者能够获得通胀奖励和交易费用。 与前两个代币一样，Juno 被用于网络上的 gas，并显示出成为链储备资产的迹象，因为它是 JunoSwap 上最受欢迎的基础对资产。
Takeaway
看法
The results of Prop 16 pose a substantial risk to Juno’s credible neutrality, potentially hindering developer interest and capital inflows into the ecosystem. However, should the community hold together, and should the network hard fork, as one of the first permissionless, general-purpose CosmWasm L1s, JUNO could prove to be intriguing for contrarian investors.
16 号提案的结果对 Juno 的可信中立性构成重大风险，可能会阻碍开发商的兴趣和资本流入该生态系统。 但是，如果社区团结起来，并且网络硬分叉，作为首批无需许可的通用 CosmWasm L1 之一，JUNO 可能会会对反向投资者产生吸引力。
4. Secret Network (SCRT)
- Token Type: L1 代币类型：L1
- Market Cap: $805 million 市值：8.05 亿美元
- FDV: n/a (Perpetual inflation) 完全稀释估值：不适用（永久通货膨胀）
- Apeability: 3/5 可操作性：3/5
Protocol Overview
协议概述
Secret Network is a generalized smart contract platform, which (living up to its namesake) allows for the creation of privacy-oriented applications, known as Secret Apps. Secret Apps can be built using “Secret Contracts'' that are capable of encrypting user data. With this emphasis on privacy, Secret has the potential to play a valuable role within the Cosmos ecosystem as a “privacy chain.” By encrypted transaction data across an entire Layer-1, the network combines the benefits of both privacy coins such as Zcash and Monero, as well as applications such as Tornado Cash.
Secret Network 是一个通用的智能合约平台，（名副其实）它允许创建面向隐私的应用程序，称为 Secret Apps。 可以使用能够加密用户数据的“秘密合同”来构建秘密应用程序。 由于对隐私的重视，Secret 有可能在 Cosmos 生态系统中作为“隐私链”发挥重要作用。 通过对整个 Layer-1 的交易数据进行加密，该网络结合了 Zcash 和 Monero 等隐私币以及 Tornado Cash 等应用程序的优点。
As there is a limited amount of applications deployed to the network, Secret has seen only the earliest signs of traction. For instance, SecretSwap, the network's largest AMM, facilitates just $1-3 million in volume per day, holding only $39.1 million in TVL. Furthermore, although Secret has also emphasized interoperability with other networks, just $46.2 million has been bridged from Ethereum, Binance Smart Chain, Monero, and through IBC.
由于部署到网络的应用程序数量有限，Secret 只看到了最早的牵引迹象。 例如，该网络最大的 AMM 公司 SecretSwap 每天的交易量仅为 100-300 万美元，而TVL的交易量只有3910万美元。 此外，尽管 Secret 也强调与其他网络的互操作性，但仅 4620 万美元从以太坊、币安智能链、门罗币通过IBC 桥接。
Tokenomics
代币经济学
Similar to Juno, SCRT is an L1 token, used to secure the network, pay for gas, and for governance at the protocol level. However, as touched on above, SCRT can wear multiple hats by also serving as a form of private money with similar widespread utility to an L1 token like ETH.
与 Juno 类似，SCRT 是一种 L1 代币，用于保护网络、支付 gas 费用以及用于协议级别的治理。 然而，如上所述，SCRT 还可以作为一种私人货币形式，具有与 ETH 等 L1 代币类似的广泛效用，从而可以发挥多重作用。
Takeaway
看法
In being a private, public blockchain, Secret Network and SCRT have the potential to serve an incredibly valuable and important niche within the Cosmos ecosystem, and crypto at large. However, given that to date, the network has seen limited traction, SCRT seems most suitable for investors with longer time horizons.
作为一个私有的公共区块链，Secret Network 和 SCRT 有可能在 Cosmos 生态系统和整个加密货币中服务于一个非常有价值和重要的利基市场。 然而，鉴于迄今为止，该网络的吸引力有限，SCRT 似乎最适合具有较长时间跨度的投资者。
5. Astroport (ASTRO)
- Token Type: DeFi - DEX 代币类型：DeFi - DEX
- Market Cap: $274 million 市值：2.74 亿美元
- FDV: $2.1 billion 完全稀释估值：21亿美元
- Apeability: 4/5 可操作性：4/5
Protocol Overview
协议概述
Astroport is the largest decentralized exchange on Terra, with more than $1.3 billion in TVL and consistently generating north of $100 million in trading volumes. Bootstrapped through a unique, three-phase “lockdrop” that incorporated elements of both an airdrop and vampire attack, the DEX serves as a mix of both Uniswap and Curve in that it facilitates swaps between volatile trading pairs, as well as like-assets.
Astroport 是 Terra 上最大的去中心化交易所，拥有超过 13 亿美元的 TVL，并持续产生超过 1 亿美元的交易量。 通过结合空投和吸血鬼攻击元素的独特三阶段“lockdrop”引导，DEX 结合了 Uniswap 和 Curve，促进了波动交易对以及类似资产之间的交换。
The protocol utilizes what they call “generators,” which function similarly to Curve and Frax gauges in that they are trading pairs that receive an allocation of emissions via governance vote. Generators are also capable of automatically depositing LP tokens into third-party protocols that are currently offering incentives in order to boost capital efficiency by offering users dual farming rewards.
该协议使用他们所谓的“生成器”，其功能类似于 Curve 和 Frax 计量器，因为它们是通过治理投票接收排放分配的交易对。 生成器还能够自动将 LP 代币存入当前提供激励措施的第三方协议中，以便通过为用户提供双重耕作奖励来提高资本效率。
Tokenomics
代币经济学
ASTRO utilizes a two token model. The first, xASTRO is a liquid asset, as holders who stake their ASTRO will receive the token and be entitled to governance rights as well as a share of trading fees generated by the platform.
ASTRO 使用两个代币模型。 第一个，xASTRO 是一种流动资产，持有 ASTRO 的持有者将获得代币并有权获得治理权以及分享平台产生的交易费用。
The second, vxASTRO, is a non-transferrable token most similar to veCRV. ASTRO holders can lock their tokens to receive vxASTRO, which entitles them to a greater share of governance power and trading fees relative to xASTRO, as well as boosted rewards when providing liquidity on the platform.
第二个，vxASTRO，是一种与 veCRV 最相似的不可转让代币。 ASTRO 持有者可以锁定他们的代币以接收 vxASTRO，这使他们有权获得相对于 xASTRO 更大份额的治理权和交易费用，并在平台上提供流动性时获得更高的奖励。
Takeaway
看法
As the governance token for the largest DEX on the Cosmos ecosystem's largest blockchain, ASTRO seems poised to be a prime beneficiary from the growth of Terra. Furthermore, with its ability to direct liquidity across the pairs on the exchange, the token is likely to be in high demand among Terra-native protocols, perhaps kicking off the “ASTRO Wars.”
作为 Cosmos 生态系统最大区块链上最大 DEX 的治理代币，ASTRO 似乎有望成为 Terra 增长的主要受益者。 此外，由于它能够在交易所的交易对之间引导流动性，该代币可能在 Terra-native 协议中的需求量很大，可能会引发“ASTRO 战争”。
Conclusion
总结
Although they vary in present-day apeability, there are numerous intriguing chains, protocols, and tokens that are worth keeping an eye on in the Cosmos ecosystem. While many are in the early stages of their adoption cycle among crypto natives, they bring exciting innovations in terms of network, application, and token design.
尽管它们在当今的可操作性上有所不同，但在 Cosmos 生态系统中有许多有趣的链、协议和代币值得关注。 虽然许多加密货币还处于采用周期的早期阶段，但他们在网络、应用程序和代币设计方面带来了令人兴奋的创新。
Could they take investors to the Cosmos? 📈
它们能把投资者带到 Cosmos 吗？ 📈
Action steps
行动步骤
Author Bio
作者简介
Ben Giove is an analyst for Bankless. He’s the former President of Chapman Crypto and an analyst for the Blockchain Education Network (BEN) Crypto Fund, a student-managed crypto fund built on Set Protocol. He’s also a proud member of the Bankless DAO and methodologist behind the GMI index.
Ben Giove 是 Bankless 的分析师。 他是 Chapman Crypto 的前总裁，也是 Blockchain Education Network (BEN) Crypto Fund 的分析师，该基金是一个基于 Set Protocol 的学生管理的加密基金。 他也是 Bankless DAO 的骄傲成员和 GMI index背后的方法学家。
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