As decentralized finance (DeFi) activities proliferate, there is a growing need for a secure and scalable data storage solution within the Cosmos ecosystem. To address this, AADAO has awarded a $111,000 grant to Asteroid Protocol, aiming to establish the Cosmos Hub as a permanent data storage layer. This initiative will facilitate DeFi activities such as minting and swapping NFTs and fungible tokens, leveraging existing infrastructure to expand the Hub’s capabilities without compromising security.
The grant’s goals include integrating advanced functionality in NFT and CFT20 marketplaces, from launching NFT collections to floor-sweeping functionality. Additionally, it aims to expand interoperability through cross-chain transfers of NFTs and CFT20s and introduce novel experiments to advance activity on the Hub.
Asteroid Protocol’s work is poised to significantly increase activity on the Cosmos Hub and broaden its current use cases without necessitating core protocol engineering. The project’s advancements are also expected to broaden the platform’s user base and use cases, potentially enhancing the value proposition of ATOM within the ecosystem. The strategic integration of these functionalities will position the Cosmos Hub as a central player in the DeFi space, driving long-term growth and innovation.
