AtomOne Fork: Cosmos Community Divided
The Cosmos community has been embroiled in disagreements over tokenomics, funding, and the core purpose of the Cosmos Hub. This comes after the passing of proposal #848, which reduces ATOM’s inflation rate and staking yield. In response to these issues, Jae Kwon announced the forking of Cosmos Hub to create a new chain called AtomOne.
AtomOne Genesis
A document outlining the genesis of AtomOne highlights its advantages and disadvantages. The vision for AtomOne is to provide a conservative and immutable alternative hub option that can guide the Cosmos Hub towards safer decisions. Kwon expressed concerns about a new token eroding the properties of the existing token and suggested integrating ATOM and ATOM/ATOM1 to allow participation from ATOM.
AtomOne aims to champion sovereignty, security, and decentralization principles. It will serve as a base for governance, supporting diverse groups and ideas while reducing risks. Liquid staking for ATOM tokens will be offered to utilize voting power in guiding Cosmos.
The Potential Impact and ATOM Price Outlook
DeFi researcher John Galt believes that the fork could result in the largest ATOM airdrop ever, benefiting ATOM stakers. The fork could also resolve years of political tension within the Cosmos Hub ecosystem.
Following the passing of proposal #848, ATOM prices experienced a surge, reaching a weekly high before slightly retreating. Currently trading at $9.56, down 2.5% on the day, ATOM has seen a 34% increase in the past month but remains significantly lower than its all-time high in January 2022.
Hot Take: AtomOne Fork Seeks to Address Community Disputes
The AtomOne fork of Cosmos Hub aims to address the significant disagreements within the community regarding tokenomics, funding, and the Hub’s core purpose. By providing a more conservative and immutable alternative, AtomOne hopes to guide the Cosmos Hub towards safer decisions while promoting sovereignty, security, and decentralization principles. The potential for a large ATOM airdrop and the resolution of political tension could have a positive impact on the Cosmos ecosystem. However, it remains to be seen how this fork will ultimately unfold and whether it will achieve its intended goals.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.