Original author: yyy (@y_cryptoanalyst)
Editors note: As the first CFT 20 inscription proposed by Asteroid Protocol, ROIDS has reached a maximum increase of 11,000 times in just 24 hours. Although Delphis official tweet emphasized that ROIDS is just a social experiment token, it still cannot stop users FOMO emotions. Encryption researcher yyy published an article on the X platform to discuss the impact of Delphi Labs entry into Cosmos Inscription. Odaily organizes it as follows:
Is it human greed or moral decay behind the 11,000-fold increase in Cosmos Hub Inscription $ROIDS in 24 hours? The Skynet column will reveal to you the reasons behind Delphi Labs’ entry into Cosmos Inscription and its impact on Cosmos Hub.
Did Delphi save the Hub or Delphi destroy the Hub? The story has to start with the fair launch of $ROIDS 1 day ago...
$ROIDS is the first inscription in the CFT 20 format proposed by Asteroid Protocol. The full name of CFT 20 is Cosmos Fungible Tokens.
Asteroid is an open source inscription protocol jointly incubated by Delphi Labs and Astroport. Delphi itself is also a VC with its own traffic. It is the creator of the $AXS economic model and the loser of Luna.
Delphis official tweet clearly emphasized that $ROIDS is just a social experiment token and has no investment value, but it cannot stop users FOMO emotions at all.
$ROIDS was 100% minted in just a few hours, with a total of 100 million tokens, 1,000 each, for a total of 100,000 tokens.
The price increase of $ROIDS was unexpected, with the highest increase reaching 11,000 times in just 24 hours.
The price of a single mint is 0.00539 U, and the highest price of a single $ROIDS exceeded 60 U, and now it has fallen back to the range of 40 U-50 U.
$ROIDS is based on the inscription issued by Cosmos Hub. During the fairmint period, the transactions on the Cosmos Hub chain surged, and the average number of block tx and the maximum number of block tx were up to a hundred times higher than usual.
Data Sources:https://flipsidecrypto.xyz/Kurama/2024-01-17-05-33-pm-qLcvvz…
The surge of tx on the chain generated a large amount of gas fee revenue, as shown in the figure below.
The capture of on-chain gas fees is basically allocated to active validator nodes staking $ATOM, with a small portion of 2% allocated to the community pool.
Validator nodes are divided into block proposers and signers. Proposers can receive an additional 1% -5% bonus reward. See the document link for specific rules and will not be repeated here.
https://hub.cosmos.network/main/validators/validator-faq.html…
It is undeniable that the validator node will benefit from the gas income brought by active transactions on the chain, which is the most direct empowerment of $ATOM. It is different from inflation empowerment and does not come at the expense of $ATOM inflation.
Although this part of the income is small, it is indeed the most direct and sustainable way of empowerment.
The trade-off points are: Cosmos Hub is a chain that focuses on governance. To ensure its absolute security, Hub has always followed the concept of minimalist functions and does not support smart contract scenarios.
The introduction of inscriptions has increased the load and complexity of Cosmos Hub to a certain extent.
Therefore, there is a trade-off here between the direct empowerment of $ATOM and the potential security of the Cosmos Hub.
My point is: the introduction of Cosmos Inscriptions does more good than harm. In addition to the direct capture of gas, more importantly, inscriptions, as a new asset of the Cosmos ecosystem, bring more potential application scenarios to the entire ecosystem.
The inscriptions of Cosmos Hub are more orthodox in the Cosmos ecosystem and are more likely to be recognized by the community and Cosmos OGs.
With the help of IBC, inscribed assets on Cosmos Hub can be easily cross-chained to defi application chains. For example, $ROIDS can be cross-chained to Osmosis² to form the $ROIDS-$ATOM LP pair for liquidity mining, which not only realizes value empowerment but also expands the application scenarios of $ATOM.
write at the end
The stereotype of Cosmos Hub has always been that it is traditional and old-fashioned, lacking innovation. The Hub needs new things too much. And Dephi brings a spark like inscription to Hub, hoping to start a prairie fire.
