cosmos đang phát triển stablecoin gì

 Key Points

• The Cosmos ecosystem is developing IST from Inter Protocol as a stablecoin.
• IST is overcollateralized with assets like ATOM, ensuring stability.
• It's surprising that multiple projects within Cosmos are working on stablecoins, not just one.

What Stablecoin is Cosmos Developing?
The Cosmos ecosystem is developing IST from Inter Protocol, a decentralized stablecoin protocol built on the Cosmos blockchain. IST is designed to be overcollateralized with various assets, including ATOM, to maintain its stability, making it suitable for use within the Cosmos ecosystem for DeFi applications and transactions.

Background on Cosmos and Stablecoins
Cosmos, known as the "internet of blockchains," connects various blockchains using the Inter-Blockchain Communication (IBC) protocol. While its native token, ATOM, is used for governance and staking, it's not a stablecoin. Stablecoins are crucial for the ecosystem to provide stability for transactions and DeFi, leading to the development of projects like Inter Protocol's IST.

---

Comprehensive Analysis of Stablecoin Development in the Cosmos Ecosystem

The Cosmos ecosystem, often referred to as the "internet of blockchains," is a decentralized network of interconnected, sovereign blockchains designed for scalability and interoperability, utilizing the Inter-Blockchain Communication (IBC) protocol. Its native token, ATOM, is used for transaction fees, staking, and governance. Recent developments within this ecosystem have seen multiple projects focusing on stablecoin development, addressing the need for stable, low-volatility assets for transactions and decentralized finance (DeFi) applications. This report delves into the specific stablecoin that the Cosmos ecosystem is developing, focusing on IST from Inter Protocol, and explores the broader context, supporting evidence, and implications, drawing from various sources including web searches and community discussions.

Identification of the Stablecoin

The stablecoin that the Cosmos ecosystem is developing is IST from Inter Protocol. Inter Protocol is a decentralized stablecoin protocol built on the Cosmos blockchain, and IST is its native stablecoin, designed to be overcollateralized with various assets, including ATOM, to ensure stability. This was identified through a web search result from Blockworks, which states, "Agoric, an open-source development company working on the Cosmos software development kit (SDK), is developing its native stablecoin (IST) for the interchain network" (Cosmos Developer To Offer a Stablecoin Built for the Interchain - Blockworks). Inter Protocol's website further confirms this, describing IST as a stablecoin for the Cosmos ecosystem, overcollateralized to maintain its peg, typically to the US dollar (Inter Protocol).

Context and Ecosystem Support

The Cosmos ecosystem's focus on stablecoin development stems from the need for stable assets within its DeFi landscape, which has seen significant growth, with the total value locked (TVL) surpassing $1 billion in 2023, driven by platforms like Osmosis and Injective (Top Projects in the Cosmos Ecosystem to Watch in 2024 | KuCoin Learn). Stablecoins provide stability, liquidity, and accessibility, making them integral for facilitating DeFi applications and bridging traditional and digital finance, as noted in a Medium article by Validatus (The Crucial Role of Stablecoin Liquidity in the Cosmos Ecosystem | by Validatus | Medium).

The ecosystem's modular architecture, utilizing the Cosmos SDK and CosmWasm, enables developers to build such financial primitives, including stablecoins. A forum post from 2023 on the Cosmos Hub Forum highlights the lack of a majority-used stablecoin in Cosmos, listing projects like IST, USK from Kujira, CMST from Harbor Protocol, and SILK on Osmosis, indicating a diverse ecosystem approach (Stablecoin on Cosmos - Conversation - Cosmos Hub Forum). This diversity is surprising, as it shows multiple projects within Cosmos are working on stablecoins, not just one, reflecting the ecosystem's decentralized nature.

Development Details of IST

IST from Inter Protocol is developed as a decentralized, overcollateralized stablecoin, meaning it's backed by more collateral than needed to maintain its peg, typically to the US dollar, reducing the risk of de-pegging. The Blockworks article mentions Agoric, the company behind Inter Protocol, working on IST for the interchain network, assisting in the development of five decentralized applications alongside the Agoric mainnet, indicating a robust ecosystem integration (Cosmos Developer To Offer a Stablecoin Built for the Interchain - Blockworks). This aligns with Cosmos's goal of enabling large-scale decentralized cooperation, as Agoric was founded in 2018 with this mission.

The overcollateralization includes assets like ATOM, which is the native token of the Cosmos Hub, enhancing the ecosystem's utility. This approach contrasts with algorithmic stablecoins like Terra's UST, which collapsed in 2022, highlighting the preference for safer, collateral-backed models in the post-Terra era, as discussed in a Range Security blog post (Stablecoins in the Cosmos ecosystem - Range Security).

Comparison with Other Stablecoins in the Ecosystem

While IST is a key stablecoin, other projects are also developing stablecoins within Cosmos. For instance, Noble is bringing USDC to Cosmos via the CCTP protocol, partnering with Celestia, as noted in a crypto.news article (Noble and Celestia partner to introduce native Cosmos stablecoin). USDC is an existing stablecoin from Circle, not a new development, but its integration is significant for liquidity. Similarly, USK from Kujira and CMST from Harbor Protocol are utilized within their own ecosystems, as mentioned in the forum post (Stablecoin on Cosmos - Conversation - Cosmos Hub Forum).

Reddit discussions from 2023 highlight users asking about stablecoins to store in Keplr wallet, mentioning USDC, USK, and others, indicating community interest and usage (r/cosmosnetwork on Reddit: Stablecoin in cosmos). This diversity is surprising, as it shows the ecosystem isn't relying on a single stablecoin but fostering multiple options, each serving different needs.

Community and Ecosystem Engagement

The Cosmos community's governance, driven by ATOM holders, likely influences the support for stablecoin projects. X posts and forum discussions, like those on the Cosmos Hub Forum, show active engagement, with users discussing the need for stablecoins and their integration (Stablecoin on Cosmos - Conversation - Cosmos Hub Forum). The integration of Keplr wallet with various stablecoins, as seen in Reddit posts, indicates practical usage, enhancing adoption.

Challenges and Considerations

Developing stablecoins within Cosmos faces challenges, such as ensuring stability and avoiding past failures like Terra's UST. The preference for overcollateralized models, as with IST, addresses this, but scalability and interoperability via IBC are crucial. Community discussions on Reddit, such as whether D VPN is a good buy, suggest interest in related projects, which could impact stablecoin adoption (r/cosmosnetwork on Reddit).

Tables for Organization

To organize the information, here is a table summarizing the stablecoin projects in Cosmos:

Project	Stablecoin	Description	Development Status
Inter Protocol	IST	Overcollateralized, backed by assets like ATOM	Developed, in use
Noble	USDC	Native integration via CCTP, existing stablecoin	In progress, launched 2023
Kujira	USK	Utilized within Kujira ecosystem	Developed, in use
Harbor Protocol	CMST	Utilized within Comdex ecosystem	Developed, in use
Osmosis	SILK	Governance token, not a stablecoin	N/A

Another table detailing the benefits of stablecoins in Cosmos:

Benefit	Description
Stability	Provides low-volatility assets for transactions and DeFi
Liquidity	Enhances trading between assets, crucial for AMMs and liquidity pools
DeFi Facilitation	Enables lending, borrowing, and yield farming without high volatility risk
Risk Management	Offers a hedge against market fluctuations for investors

Conclusion

The stablecoin that the Cosmos ecosystem is developing is IST from Inter Protocol, a decentralized, overcollateralized stablecoin built for the interchain network, enhancing stability and utility within the ecosystem. This development is part of a broader trend where multiple projects, including Noble with USDC and Kujira with USK, are working on stablecoins, reflecting the ecosystem's diverse approach. The surprising aspect is the multiplicity of stablecoin projects, each serving different needs, rather than a single flagship stablecoin, showcasing Cosmos's decentralized and modular nature.

Key Citations

• Stablecoin on Cosmos - Conversation - Cosmos Hub Forum
• Cosmos Developer To Offer a Stablecoin Built for the Interchain - Blockworks
• Inter Protocol
• The Crucial Role of Stablecoin Liquidity in the Cosmos Ecosystem | by Validatus | Medium
• Stablecoins in the Cosmos ecosystem - Range Security
• Noble and Celestia partner to introduce native Cosmos stablecoin
• r/cosmosnetwork on Reddit: Stablecoin in cosmos