Today, the Interchain Foundation (ICF) announced a decision that will significantly impact the Cosmos ecosystem: they will be defunding CosmWasm. This is a huge blow to the infrastructure that powers almost the entire ecosystem and facilitates seamless cross-chain interoperability.
At Atom Accelerator DAO (AADAO), we firmly believe that CosmWasm is a critical resource for the interchain, and its development must continue. We refuse to let this vital project falter. That’s why we’re stepping up – proposing to contribute $250K to kickstart the funding effort and motivate other chains to participate.
What’s CosmWasm?
CosmWasm is a powerful smart contract platform built for the Cosmos ecosystem, enabling developers to write, deploy, and execute smart contracts on Cosmos SDK-based blockchains. Coming out of a 2019 ATOM hackathon, it is now the only smart contract platform in Cosmos and likely the most widely used platform after Solidity. Freely licensed under Apache 2.0, CosmWasm’s open licensing model has allowed it to proliferate widely across the ecosystem.
It leverages WebAssembly (Wasm), a secure and lightweight runtime, to allow contracts to be written in multiple programming languages, primarily Rust. Designed for modularity and interoperability, CosmWasm extends the functionality of blockchains by allowing the creation of decentralized applications (dApps) and other blockchain-based solutions with dynamic logic.
The Impact of CosmWasm
CosmWasm has become a cornerstone of the Cosmos ecosystem, powering chains like Osmosis, Injective, Mantra, Neutron, and most of the 100+ chains in the ecosystem. With over 1.79 million downloads of the CosmWasm standard library, the framework’s reach and utility are undeniable.
Analyzing data from just 15 chains over the past 12 months, 15.7k CosmWasm contracts were deployed, with 5.2m accounts interacting with them, and $5.7 million generated in fees from those contracts!
CosmWasm is a game-changer for the Cosmos ecosystem as it empowers developers to build and deploy innovative dApps across interconnected blockchains. Its ability to connect developers to a thriving interchain ecosystem via IBC and its modular, flexible, and secure framework makes it a key player in the blockchain world.
It’s no exaggeration to say that CosmWasm enables the complex, cross-chain applications – from DAO DAO to CalcFinance – that define the future of decentralized finance and beyond.
Why CosmWasm Deserves Continued Funding
CosmWasm isn’t just another smart contract platform — it’s a solution that addresses the unique needs of the Cosmos ecosystem. Focusing on security, scalability, and flexibility eliminates common vulnerabilities while enabling high-performance development.
And let’s face it – we need more apps, not appchains, and it is much simpler to build apps on CosmWasm, than a full-on Cosmos SDK appchain. The ecosystem’s growth is tightly tied to CosmWasm’s continued success.
Key to its design is cross-chain interoperability, which enables the Cosmos ecosystem to be a leader in decentralized, multichain applications. With tight integration with the Cosmos SDK and IBC, CosmWasm’s modular design supports complex, cross-chain applications across ecosystems.
A Coalition of Chains to Fund CosmWasm
The future of the Cosmos ecosystem is at stake.
CosmWasm must be funded — and we can’t rely on a single entity to shoulder that burden. AADAO is committed to supporting a coalition of chains that will step in and provide the funding needed to keep CosmWasm alive and thriving.
On behalf of the Cosmos Hub, AADAO is contributing $250K to help secure CosmWasm’s future. We are joining Neutron, who kickstarted this initiative with an initial commitment of $250k.
This $500k is a good start but not enough to fund CosmWasm for the year as the framework consists of modules, libraries, tools, and documentation across 20 different repositories.
We are hoping this is just the beginning. We are calling on other chains, developers, and ecosystem stakeholders to join us in this effort.
A platform that allowed 15.7k apps to be built in a year and generated $5.7 million in fees for those apps should NOT be allowed to die by the wayside.
Now is the time to act. Join us in keeping a core pillar of the interchain alive.
About the Atom Accelerator DAO
Atom Accelerator DAO (AADAO) is a governance-mandated DAO of the Cosmos Hub. We have been formed and mandated to drive value for the Cosmos Hub & ATOM, supporting initiatives that either directly create economic impact or produce value that can drive its growth. From this, our current primary mandates are public grants & venture grants.
Atom Accelerator’s venture arm, strategically invests in promising early stage web3 founders & startups both within and outside of the Cosmos Hub’s ecosystem. Offering expertise, guidance, and support as experts within the Cosmos ecosystem while driving value towards Atom.
In 2023, we deployed $3.8 million in grants to 39 recipients – resulting in, among other things – a $22m USD airdrop to the Community Pool, an AEZ Accelerator program to expand the AEZ, a successful hackathon with 42 project submissions bringing innovations to the AEZ – and many other key initiatives. Read about them in our 2023 Impact Report.
