Written by: FISHERY Isla , DeFi Teddy , Dillon

Edit: Crush

**This article is about 3900 words. The estimated reading time is 8 minutes.

The Cosmos community is always looking forward to native stablecoins. Over half a year ago, UST was introduced into the largest Dex Osmosis in Cosmos. Everyone knows what happened next.

Due to the huge market value of UST, all LPs related to UST have been looted by arbitrageurs. After that, the Cosmos community has to clean up the battlefield while starting to work on the next native stablecoin.

After working for several months, multiple stablecoin protocols suddenly emerged together. Compared with Ethereum stablecoins, there may be 2–3 successful stablecoin protocols on Cosmos in the end.

However, due to the difference in the product design of Ethereum, Cosmos stablecoins are not issued by smart contract Dapps but through various appchains. The following will introduce several stablecoins from the perspective of each appchain of Cosmos:

The long-awaited native USDC by Cosmonauts (Cosmos enthusiasts) will use the inter-chain security features of the Cosmos Hub to deploy a consumer chain to issue native USDC in January 2023.

Circle does not use the traditional smart contract method to issue stablecoins, but uses the new features of Cosmos ICS to directly build the L1 chain, which shows it pays special attention to the Cosmos ecosystem.

Native USDC can be safely transferred to any application chain in the Cosmos ecosystem using IBC cross-chain technology, so that Circle can deploy native USDC to hundreds of Cosmos application chains in the future by issuing a consumer chain.

In addition, secure stablecoins will attract Dapps on other blockchains to Cosmos. If the market is stable, we can expect stablecoins to bring explosive development for Cosmos.

Kujira was originally a DeFi project on the Terra chain, with a TVL of $3 billion at its peak. However, due to the major changes in the original Terra, the team decided to open the Kujira 2.0 era and transform it into the Cosmos appchain without issuing new tokens. The execution and responsibility of this team are very worthy of recognition.

After the transformation, the team launched a decentralized order book product in Cosmos, innovatively distributed transaction fees to Kuji’ stakers.

In August, the team announced that it would launch the native over-collateralized stablecoin USK, inspired by Maker Dao, USK will be written in the robust Rust language. At the same time, it will carefully avoid the risk of being censored by centralized stablecoins. Therefore, only Atom is currently supported as collateral.

Thanks to the Kujira team’s responsibility and strong execution after the collapse of Terra, the Kujira community has gathered a group of former Terra fans, and now USK, which inherits the UST naming method, can be further observed. At the time of writing, USK has a circulation of 235.07k.

Canto is an Evmos Fork chain on Cosmos, which inherits Evmos’ EVM. Slingshot founder Scott, one of the core early contributors to Canto, has been active in the community since its August release.

Canto’s early contributors created a complete set of DeFi infrastructure with zero fees at its creation, including Dex, lending platform, Gravity Bridge front-end, and over-collateralized stablecoin NOTE.

The ecosystem of Canto rewards Genesis users the Canto (Evmos’s single-currency staking rate is too high, and the interest rate of DeFi ecosystem cannot attract users). So from the perspective of the integrity of DeFi infrastructure, the development of the DeFi ecosystem at Canto is ahead of its predecessor, Evmos.

Canto’s native over-collateralization stablecoin NOTE originated from the native lending protocol. Since the protocol is still early, the collateral only supports the stablecoins issued by the Gravity Bridge cross-chain.

Due to the recovery of Canto recently, the stablecoin trading pair formed by NOTE has a 20% yield. Whether this gain can be sustained and the cross-chain security of the Gravity Bridge are worth observing.

The bear chain BeraChain is also an Evmos Fork chain on Cosmos, which is compatible with EVM.

Earlier, the BeraChain team made an internal presentation at OHM and Temple DAO. It is said that the team is composed of a group of DeFi2.0 members on Ethereum (anonymous team), from its (crazy) token model and The same propaganda method as a meme can also see some traces of DeFi 2.0.

There are three tokens in Berachain’s economic model:

BERA: staking rewards for nodes as gas;

BGT: Governance token, which can only be obtained by staking BERA, which is equivalent to a staking certificate;

HONEY: An over-collateralized stablecoin that acts as the ecosystem's base layer and a stable medium of exchange. BeraChain has not been launched yet, but it has created many testnet tutorials on social media. It is second only to Diem (Facebook) public chain. It is reported that BeraChain will be launched at the end of the year.

Inter Protocol is a stable currency protocol built on Agoric. Agroic is a chain in the Cosmos ecosystem that can use JS to develop smart contracts. The token is $BLD.

Speaking of Inter Protocol, its stablecoin is $IST, and there are currently 3 ways to mint $IST:

1. Parity Stability Module: You can deposit specified stablecoins such as DAI, USDT, USDC, and then mint IST (analogous to FTX’s USD).

2. Vaults: Use crypto assets as collateral to mint IST at different mortgage rates, which are set by DAO.

3. BLD boost: BLD is the governance token of Agroic so it can be staked to nodes. To improve the utilization rate, users who stake BLD can mint IST. Users who do so will not receive node staking rewards. These rewards will be used for Debt repayment (future cash flow loan), and this part of the debt has no liquidation risk.

IST stabilization mechanism:

1. liquidation mechanism

2. Adjust mortgage rate

3. Set a debt ceiling

4. The Reserve pool is used to urgently reduce the debt ratio

5. BLD issues additional debt repayment. (The stability mechanism is very similar to DAI) Inter Protocol is an innovative stablecoin project: stablecoin aggregation and interest-earning asset reuse.

In addition to the above five public chain-level stablecoins, there are also some stablecoins on Cosmos that are not very popular or migrated from other chains, such as Secret Network’s privacy stablecoin Silk, e-Money chain’s decentralized euro eEUR, eCHF, and the UXD protocol migrating from Solana to Cosmos.

It can be seen that the Cosmos stablecoin has become a track for many capital and projects to compete with each other, and as the track gradually becomes competitive, the risks also follow. Investors shall be aware of risks.

Security incidents frequently occurred this week, and the three famous projects which are audited, Rabby, Mango, and TempleDAO, were attacked successively.

Fortunately, the team treasury of these three projects is enough to compensate for the loss of the attack, so the actual damage is not great.

Biteye’s suggestion: First of all, it is necessary to clarify a concept, passing the audit can only show that the project is more secure than the unaudited project, and cannot guarantee the project’s 100% security.

In addition, many people use it, and projects that have been used for a long time without incident are not necessarily safe. The hack of BSC’s native bridge last week is a good example: the attacked contract was created in the summer of 2020 and belongs to BSC. The Genesis Contract, after 2 years, still cannot escape the fate of being attacked.

Therefore, there is no 100% safe project. Before using the main wallet to interact with the project, you can check it. If the worst happens, does the project party have enough money and a pattern to compensate?

Game Garden Project Introduction:

Total: 8888 (of which only 4444 were sold)

Whitelist price: 0.0777 ETH, public sale: 0.0888 ETH

Background: Game Garden aims to build a virtual world. In a building called “Yu-Gi-Yn” in Shibuya City, players can experience games, manga, anime, fashion, and music. This virtual world has a total of 4 areas. (During the sales period, some whitelisted users could not mint due to website problems, and then the team decided to use part of the treasury to compensate these users.)

Introduction of the team:

TNZ NFT DAO: This organization provides planning, development, operation, and PR support for NFT projects. Headquartered in Tokyo, the companies behind TERRADA ART COMPLEX (the largest gallery in Japan) and Spicebox (the second largest advertising agency in Japan) )

Rock №6: Founder, responsible for the future operation of the project and the development of IP. He is currently the CEO of UNITY ZERO LIMITED and has planned many large-scale events.

Mesoism: Chief designer, previously participated in Ghost in the Shell, fly with me, and Bon Dance.

Arata: Art Director, from Margt, has served as a director and won the 2021 MTV Video Music Awards in Japan.

The project Game Garden has also received a lot of attention in the bear market. The team has a good background and is supported by Web2 company. It belongs to the 3D PFP type. Judging from the preview on the official website and discord, the quality of the work is very high.

Although there was a little accident during mint, the overall process was not bad, and the team later gave a solution in time. In general, it has blue-chip potential, but it is still necessary to observe the community's situation and the quality of the drawings.

( https://twitter.com/Yu_Gi_Yn )

Project Introduction:

Total: 2000

Price: Free, but only for whitelisted minting

Floor price: up to 0.5 ETH, currently 0.2 ETH

Backstory: Building an NFT-based multiplayer casual mobile game

Team Profile (all real names):

Mika Kuusisto: CEO & Co-founder, was the CEO of Kopla Games, a Finnish mobile game company.

Borja Guillan: Co-founder, has worked as a product designer for mobile games such as King, Flaregames, and PopCap Games.

Alexander Shestakov: CTO, has 10 years of game development experience and worked for Wooga, a German game company.

Tribo also recently announced funding, raising $1.17 million with participation from Play Ventures, Sisu Game Ventures, and Joakim Achrén.

The team has a background in mobile game production and development. The game's overall design and production time are almost 5 months, and it is estimated that the demo version will be available soon.

The income of NFT is good, and the follow-up depends on the project's development. At present, the secondary purchase is not recommended.

( https://twitter.com/PlayTriboGames )

The project has been briefly introduced in the weekly report on October 1st. Currently, users can submit whitelist applications by answering questions at https://kpco.io/, and the deadline is October 19th at 1:00 am.

This month’s key projects, mentioned twice in the weekly report, will start mint on October 31st. You can get a whitelist by doing meme pictures; the deadline is October 18th.

( https://twitter.com/artgobblers/status/1579970100261634053 )

Risk warning: Investing in NFT has high risks. The above project information does not make investment advice, and Biteye has no commercial relationship with the above projects.

• Fuel Network modular blockchain execution layer (modular blockchain will separate data consensus layer and transaction execution layer), Fuel Network plays the execution role here, three major features: executable concurrent transactions, virtual machine, and Sway language.

  The protocol recently raised 80m, and the testnet activities have been launched. (eth2.0 will also develop towards modularity, L1 will be the data and consensus layer, L2 will be the execution layer, and the upper L3 will be the dedicated application layer. Note: L3 does not strictly belong to the category of modularity)

  ( https://www.fuel.network/ )

• Nxyz Web3 data protocol, similar to project Colvelant, received a 40m investment from Paradigm. You can now apply to join the testnet waitlist.

  ( https://n.xyz/ )

• Yield aggregator on Yagi Finance Starknet, currently open for testnet.

  ( https://yagi.fi/ )

• Games on Redline Starknet, you can currently get NFT by doing quests.

  ( https://twitter.com/PlayRedline )

• Entangle provides cross-chain liquidity for different chains by synthesizing assets and can currently apply for testnet qualifications.

  ( https://entangle.fi/ )

About us

Biteye is an overseas Web3 learning and research community that generates content and tools in a community-driven way and uses DAO to govern and motivate!

WeChat group: Add a little assistant @Biteye01 to the group

Twitter：@BiteyeCN

Discord：discord.gg/Biteye

*Disclaimer: The content shared in this article is only for learning and exchange, does not constitute any investment advice, and does not represent Biteye’s position. If you like our articles, click on the business card below to follow us!

Written by: FISHERY Isla , DeFi Teddy , Dillon

Edit: Crush

**This article is about 3900 words. The estimated reading time is 8 minutes.

The Cosmos community is always looking forward to native stablecoins. Over half a year ago, UST was introduced into the largest Dex Osmosis in Cosmos. Everyone knows what happened next.

Due to the huge market value of UST, all LPs related to UST have been looted by arbitrageurs. After that, the Cosmos community has to clean up the battlefield while starting to work on the next native stablecoin.

After working for several months, multiple stablecoin protocols suddenly emerged together. Compared with Ethereum stablecoins, there may be 2–3 successful stablecoin protocols on Cosmos in the end.

However, due to the difference in the product design of Ethereum, Cosmos stablecoins are not issued by smart contract Dapps but through various appchains. The following will introduce several stablecoins from the perspective of each appchain of Cosmos:

The long-awaited native USDC by Cosmonauts (Cosmos enthusiasts) will use the inter-chain security features of the Cosmos Hub to deploy a consumer chain to issue native USDC in January 2023.

Circle does not use the traditional smart contract method to issue stablecoins, but uses the new features of Cosmos ICS to directly build the L1 chain, which shows it pays special attention to the Cosmos ecosystem.

Native USDC can be safely transferred to any application chain in the Cosmos ecosystem using IBC cross-chain technology, so that Circle can deploy native USDC to hundreds of Cosmos application chains in the future by issuing a consumer chain.

In addition, secure stablecoins will attract Dapps on other blockchains to Cosmos. If the market is stable, we can expect stablecoins to bring explosive development for Cosmos.

Kujira was originally a DeFi project on the Terra chain, with a TVL of $3 billion at its peak. However, due to the major changes in the original Terra, the team decided to open the Kujira 2.0 era and transform it into the Cosmos appchain without issuing new tokens. The execution and responsibility of this team are very worthy of recognition.

After the transformation, the team launched a decentralized order book product in Cosmos, innovatively distributed transaction fees to Kuji’ stakers.

In August, the team announced that it would launch the native over-collateralized stablecoin USK, inspired by Maker Dao, USK will be written in the robust Rust language. At the same time, it will carefully avoid the risk of being censored by centralized stablecoins. Therefore, only Atom is currently supported as collateral.

Thanks to the Kujira team’s responsibility and strong execution after the collapse of Terra, the Kujira community has gathered a group of former Terra fans, and now USK, which inherits the UST naming method, can be further observed. At the time of writing, USK has a circulation of 235.07k.

Canto is an Evmos Fork chain on Cosmos, which inherits Evmos’ EVM. Slingshot founder Scott, one of the core early contributors to Canto, has been active in the community since its August release.

Canto’s early contributors created a complete set of DeFi infrastructure with zero fees at its creation, including Dex, lending platform, Gravity Bridge front-end, and over-collateralized stablecoin NOTE.

The ecosystem of Canto rewards Genesis users the Canto (Evmos’s single-currency staking rate is too high, and the interest rate of DeFi ecosystem cannot attract users). So from the perspective of the integrity of DeFi infrastructure, the development of the DeFi ecosystem at Canto is ahead of its predecessor, Evmos.

Canto’s native over-collateralization stablecoin NOTE originated from the native lending protocol. Since the protocol is still early, the collateral only supports the stablecoins issued by the Gravity Bridge cross-chain.

Due to the recovery of Canto recently, the stablecoin trading pair formed by NOTE has a 20% yield. Whether this gain can be sustained and the cross-chain security of the Gravity Bridge are worth observing.

The bear chain BeraChain is also an Evmos Fork chain on Cosmos, which is compatible with EVM.

Earlier, the BeraChain team made an internal presentation at OHM and Temple DAO. It is said that the team is composed of a group of DeFi2.0 members on Ethereum (anonymous team), from its (crazy) token model and The same propaganda method as a meme can also see some traces of DeFi 2.0.

There are three tokens in Berachain’s economic model:

BERA: staking rewards for nodes as gas;

BGT: Governance token, which can only be obtained by staking BERA, which is equivalent to a staking certificate;

HONEY: An over-collateralized stablecoin that acts as the ecosystem's base layer and a stable medium of exchange. BeraChain has not been launched yet, but it has created many testnet tutorials on social media. It is second only to Diem (Facebook) public chain. It is reported that BeraChain will be launched at the end of the year.

Inter Protocol is a stable currency protocol built on Agoric. Agroic is a chain in the Cosmos ecosystem that can use JS to develop smart contracts. The token is $BLD.

Speaking of Inter Protocol, its stablecoin is $IST, and there are currently 3 ways to mint $IST:

1. Parity Stability Module: You can deposit specified stablecoins such as DAI, USDT, USDC, and then mint IST (analogous to FTX’s USD).

2. Vaults: Use crypto assets as collateral to mint IST at different mortgage rates, which are set by DAO.

3. BLD boost: BLD is the governance token of Agroic so it can be staked to nodes. To improve the utilization rate, users who stake BLD can mint IST. Users who do so will not receive node staking rewards. These rewards will be used for Debt repayment (future cash flow loan), and this part of the debt has no liquidation risk.

IST stabilization mechanism:

1. liquidation mechanism

2. Adjust mortgage rate

3. Set a debt ceiling

4. The Reserve pool is used to urgently reduce the debt ratio

5. BLD issues additional debt repayment. (The stability mechanism is very similar to DAI) Inter Protocol is an innovative stablecoin project: stablecoin aggregation and interest-earning asset reuse.

In addition to the above five public chain-level stablecoins, there are also some stablecoins on Cosmos that are not very popular or migrated from other chains, such as Secret Network’s privacy stablecoin Silk, e-Money chain’s decentralized euro eEUR, eCHF, and the UXD protocol migrating from Solana to Cosmos.

It can be seen that the Cosmos stablecoin has become a track for many capital and projects to compete with each other, and as the track gradually becomes competitive, the risks also follow. Investors shall be aware of risks.

Security incidents frequently occurred this week, and the three famous projects which are audited, Rabby, Mango, and TempleDAO, were attacked successively.

Fortunately, the team treasury of these three projects is enough to compensate for the loss of the attack, so the actual damage is not great.

Biteye’s suggestion: First of all, it is necessary to clarify a concept, passing the audit can only show that the project is more secure than the unaudited project, and cannot guarantee the project’s 100% security.

In addition, many people use it, and projects that have been used for a long time without incident are not necessarily safe. The hack of BSC’s native bridge last week is a good example: the attacked contract was created in the summer of 2020 and belongs to BSC. The Genesis Contract, after 2 years, still cannot escape the fate of being attacked.

Therefore, there is no 100% safe project. Before using the main wallet to interact with the project, you can check it. If the worst happens, does the project party have enough money and a pattern to compensate?

Game Garden Project Introduction:

Total: 8888 (of which only 4444 were sold)

Whitelist price: 0.0777 ETH, public sale: 0.0888 ETH

Background: Game Garden aims to build a virtual world. In a building called “Yu-Gi-Yn” in Shibuya City, players can experience games, manga, anime, fashion, and music. This virtual world has a total of 4 areas. (During the sales period, some whitelisted users could not mint due to website problems, and then the team decided to use part of the treasury to compensate these users.)

Introduction of the team:

TNZ NFT DAO: This organization provides planning, development, operation, and PR support for NFT projects. Headquartered in Tokyo, the companies behind TERRADA ART COMPLEX (the largest gallery in Japan) and Spicebox (the second largest advertising agency in Japan) )

Rock №6: Founder, responsible for the future operation of the project and the development of IP. He is currently the CEO of UNITY ZERO LIMITED and has planned many large-scale events.

Mesoism: Chief designer, previously participated in Ghost in the Shell, fly with me, and Bon Dance.

Arata: Art Director, from Margt, has served as a director and won the 2021 MTV Video Music Awards in Japan.

The project Game Garden has also received a lot of attention in the bear market. The team has a good background and is supported by Web2 company. It belongs to the 3D PFP type. Judging from the preview on the official website and discord, the quality of the work is very high.

Although there was a little accident during mint, the overall process was not bad, and the team later gave a solution in time. In general, it has blue-chip potential, but it is still necessary to observe the community's situation and the quality of the drawings.

( https://twitter.com/Yu_Gi_Yn )

Project Introduction:

Total: 2000

Price: Free, but only for whitelisted minting

Floor price: up to 0.5 ETH, currently 0.2 ETH

Backstory: Building an NFT-based multiplayer casual mobile game

Team Profile (all real names):

Mika Kuusisto: CEO & Co-founder, was the CEO of Kopla Games, a Finnish mobile game company.

Borja Guillan: Co-founder, has worked as a product designer for mobile games such as King, Flaregames, and PopCap Games.

Alexander Shestakov: CTO, has 10 years of game development experience and worked for Wooga, a German game company.

Tribo also recently announced funding, raising $1.17 million with participation from Play Ventures, Sisu Game Ventures, and Joakim Achrén.

The team has a background in mobile game production and development. The game's overall design and production time are almost 5 months, and it is estimated that the demo version will be available soon.

The income of NFT is good, and the follow-up depends on the project's development. At present, the secondary purchase is not recommended.

( https://twitter.com/PlayTriboGames )

The project has been briefly introduced in the weekly report on October 1st. Currently, users can submit whitelist applications by answering questions at https://kpco.io/, and the deadline is October 19th at 1:00 am.

This month’s key projects, mentioned twice in the weekly report, will start mint on October 31st. You can get a whitelist by doing meme pictures; the deadline is October 18th.

( https://twitter.com/artgobblers/status/1579970100261634053 )

Risk warning: Investing in NFT has high risks. The above project information does not make investment advice, and Biteye has no commercial relationship with the above projects.

• Fuel Network modular blockchain execution layer (modular blockchain will separate data consensus layer and transaction execution layer), Fuel Network plays the execution role here, three major features: executable concurrent transactions, virtual machine, and Sway language.

  The protocol recently raised 80m, and the testnet activities have been launched. (eth2.0 will also develop towards modularity, L1 will be the data and consensus layer, L2 will be the execution layer, and the upper L3 will be the dedicated application layer. Note: L3 does not strictly belong to the category of modularity)

  ( https://www.fuel.network/ )

• Nxyz Web3 data protocol, similar to project Colvelant, received a 40m investment from Paradigm. You can now apply to join the testnet waitlist.

  ( https://n.xyz/ )

• Yield aggregator on Yagi Finance Starknet, currently open for testnet.

  ( https://yagi.fi/ )

• Games on Redline Starknet, you can currently get NFT by doing quests.

  ( https://twitter.com/PlayRedline )

• Entangle provides cross-chain liquidity for different chains by synthesizing assets and can currently apply for testnet qualifications.

  ( https://entangle.fi/ )

About us

Biteye is an overseas Web3 learning and research community that generates content and tools in a community-driven way and uses DAO to govern and motivate!

WeChat group: Add a little assistant @Biteye01 to the group

Twitter：@BiteyeCN

Discord：discord.gg/Biteye

*Disclaimer: The content shared in this article is only for learning and exchange, does not constitute any investment advice, and does not represent Biteye’s position. If you like our articles, click on the business card below to follow us!