The more I learned about it, the more I felt bad. I am angry at myself why I did not look into these projects on time. Specially where there were multiple authors mentioning these projects time and again on Leofinance. I am talking about COSMOS and all projects that launched and are launching on COSMOS blockchain.
I remember reading about cosmos and Akash network that @jk6276 shared on this platform. I read those posts but did not really think about trying all these new projects as I was busy on BSC and millions of mushroomed BSC defi projects. Earlier this month, I met a friend who told me about cosmos projects and how impressive they are in addressing multichain operability issue through their IBC- Inter Blockchain Communication.
I started reading about IBC and the value it brings to cosmos hub. IBC is a tech that allows multiple blockchains to communicate with each other. As of now, we envision chains and bridges to communicate with those chains. I am not a techie and I have no idea how that happens. But I know that through IBC, multiple chains can share information and that allows users to transfer assets between chains. After reading about these amazing cosmos airdrops by @jk6276 I decided to dip my toe in this new network.
Where did I start? Keplr wallet
I started with Keplr wallet. This is the wallet that connects to cosmos blockchain. It is easy to use if you are familiar with metamask and other web extension wallets. It operates with the same principle where users use the Keplr wallet extension to communicate. Once you have you wallet address, you can use any centralized exchanges (or decentralized) to transfer ATOM or other cosmos chain tokens.
I used Mandala exchange and Crypto.com exchange to transfer ATOM I bought on pancakeswap. I don't know if there is a bridge that transfers ATOM from BSC to Cosmos network.
What to do with ATOM?
I am a newbie myself. I was trying to figure out what's the best use of my ATOM. For commoners like me, there are two quick options.
Stake
Stake your ATOM to receive 12-13% APY returns. You can do that on keplr wallet where validators are listed. I staked half of my ATOM which is locked for 21 days. I am receiving ATOM rewards and could be eligible for airdrops that may be announced in the future. Fingers crossed.
Liquidity Pool
The other half of my ATOM went to a liquidity pool. Osmosis seems to be the biggest AMM on cosmos. And, I went for the largest pool they have - ATOM-OSMOSIS. For that, I had to swap 50% of my ATOM to OSMOSIS and add liquidity. The liquidity providers are rewarded in OSMOSIS token. The rewards vary based on the bonding you choose. I chose 14 day un-bonding period which needs 14 days to un-bond my assets to use them in the market.
There are many other Liquidity Pools to choose from. I may look into other pools once I am comfortable with the platform.
What next?
This is me diversifying into a new blockchain. Thanks to amazing authors and fellow community members on Leofinance, I am able to explore and engage in a new chain. The tech behind COSMOS was also mentioned by Vitalik in his latest post where he talked about future of Ethereum and roll ups. He mentioned COMOS network and its work on IBC.
Now, consider the other possible long-term future of rollups...
No single rollup succeeds at holding anywhere close to the majority of Ethereum activity. Instead, they all top out at a few hundred transactions per second. We get a multi-rollup future for Ethereum - the Cosmos multi–chain vision, but on top of a base layer providing data availability and shared security. Users frequently rely on cross-rollup bridging to jump between different rollups without paying the high fees on the main chain. What would that world look like?
From https://vitalik.eth.limo/general/2021/12/06/endgame.html
The tech must be good if it being recognized by the smartest of individuals in the space. Looking forward to other opportunities in this growing ecosystem of applications.