Here is the third part. Cosmos recently announced that its proposal 821 got passed introducing the Liquid Staking Module (LSM). And enabling users to bypass the previous 21-day unbonding period by unstaking ATOM.
1/ Prop #821 is approved ✅
Get ready for the v12 Upgrade, unleashing the Liquid Staking Module!
The Cosmos Hub will upgrade at block 16985500 (expected on Wed, Sept. 13th).
v12 brings the LSM – adding safety measures to liquid staking and unlocking instant liquid staking 🌊 pic.twitter.com/u27cJNFfGl
— Cosmos Hub ⚛️ (@cosmoshub) September 9, 2023
Cosmos Approves Proposal 821
The update said v12 is aimed to replace the existing staking, distribution, and penalty modules. This will enhance network liquidity and unlock ATOM tokens worth millions of dollars to enable DeFi activity on multiple chains within the Cosmos ecosystem.
The v12 release has gone through rigorous testing, including e2e tests, integration tests, and differential tests. On Sept 13th, the v12 upgrade was completed and Cosmos Hub is now the first blockchain among the interconnected network of blockchains launched in Cosmos Network.
Cosmos Hub’s Liquid Staking Module (LSM) has essentially introduced governance-controlled parameters enabling governing members to dynamically update the module. Also, it also requires liquid staking providers to add a certain amount of ATOM tokens to accept tokens via delegation.
Just before it went live, ATOM had a staking ratio of over 68%, a staking market capitalization of $1.65 billion, and more than 905,000 staking wallets.
ATOM Price Action
While the blockchain awaits its next network update:
- ATOM crypto price fell by 18.79% since last month.
- Cosmos has given negative returns since the beginning of the year (-25.97%), while in the 6-month period, it gave 37.66% returns.
- Earlier this month, Kava Chain went live on Fireblocks, opening Cosmos DeFi to institutional investors.
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