The former developers of Earth and Cosmos they secured $7.5 million in blockchain funding Indiaspecializing in rollups, with launch scheduled for the second quarter.
Funding for Initia was led by Delphi Ventures e Hack VC. The team boasts considerable expertise in Earth and Cosmos ecosystems. Let’s see all the details below.
Funding for the growth of Initia by Terra and Cosmos
As anticipated, a consortium of former developers from Earth and Cosmos has obtained financing of 7.5 million dollars for India, a blockchain platform natively designed to support multiple Layer 2 networks.
The fundraising was led by Delphi Ventures and Hack VC, with participation from Nascent, Figment Capital, Big Brain and A.Capital.
Investors also included well-known cryptocurrency traders such as Cobie, DCF God, Split Capital co-founder Zaheer Ebtikar, Fiskantes and WSB Mod. Nick WhiteCOO of Celestia, also participated as an ‘angel investor’.
The financing was structured as a SAFE deal with a token warrant, and while the team did not disclose a specific valuation, it indicated that it was in the low nine figures.
At the moment, Initia is running on a closed testnet, with some projects already developing DeFi applications on the testnet.
An incentivized test network launch is expected to take place in early April, and once any kinks are resolved, the project will release its mainnet, presumably in the second quarter.
Initia revolutionizes incentives and liquidity in the world of layer 2 networks
Initia, a platform designed from the ground up to support Layer 2 networks, is introducing a innovative approach to encourage activity on its network.
A large portion of its token supply will go towards a monthly incentive program, driven by a vote on Initia’s Layer 1 blockchain.
The network governance token, called INITwill be used to decide the distribution of tokens across layer 2 networks, allowing voters to set key performance targets.
Network developers will be able to earn a commission from the distribution of these tokens, making the process similar to a decentralized grant program.
Another key element of Initia is the “embedded liquidity”, which offers native liquidity in the core of the network. This simplifies exchanges between tokens as users move between layer 2 networks.
Using this built-in liquidity, Initia creates an exchange hub, allowing users to pay transaction fees on Layer 1 with different tokens.
On Layer 2 networks, however, commissions can be paid in any token. Initia aims to create an ecosystem flexible and incentivizedrevolutionizing the concept of liquidity and incentives in Layer 2 networks.
The fork of Cosmos Hub and the birth of GovGen
Recently, the community of Cosmos Hub surprisingly approved the controversial Proposal 848.
Which reduced the maximum inflation rate of the native ATOM token from 10% to 20%, despite expectations that indicated a possible failure. The proposal was accepted with 41.1% of the votes, with 38.5% opposing.
This unexpected change led the Cosmos co-founder, Jae Kwon, to fork Cosmos Hub, creating AtomOne and launching GovGen to decentralize the decision-making process on the genesis of AtomOne.
All in Bits, the company run by Kwon, claims that Proposal 848 “puts ATOM on the path to becoming a monetary token,” representing a significant change from the established design of the ATOM staking token.
According to Kwon, the voting results indicate that a significant minority wants to preserve the security properties of Cosmos Hub’s staking out model.
A post on the All in Bits blog highlighted that Proposal 848 could “threaten” the “fundamental pillars” of Cosmos, leading a significant minority to believe that it puts the security of the ecosystem at risk, thus justifying the need for a fork .
However, AtomOne does not aim to compete with Cosmos Hub, but to offer a bridge to make Cosmos Hub more secure, according to All in Bits (AIB).
Source: https://cryptonomist.ch/2024/02/27/finanziamento-ex-sviluppatori-terra-cosmos-initia/
