JaeKwon has announced that he will lead a fork of the Cosmos Hub, which may trigger the largest ATOM airdrop in history, potentially bringing new opportunities to the Cosmos ecosystem.
Author: @lurkaroundfind / Source: https://twitter.com/lurkaroundfind/status/172880558531376752
Translation: Blockchain in Plain Language
JaeKwon, the founder of Cosmos, announced that he will lead a fork of the Cosmos Hub. If the fork occurs, it could result in the largest ATOM airdrop in history. This will resolve years of political tension and is very optimistic news for the Cosmos Hub.
1. First, about the airdrop
Jae plans to name the new chain AtomOne (ATOM1) and intends to distribute the majority of ATOM1 in proportion to the number of ATOM holders. It is unclear whether circulating ATOM will be included. Those who voted in support of Proposal 848 will receive a reduced allocation of ATOM1.
2. So, is ATOM1 valuable?
Yes. Remember that Jae is a genius, and many people still highly respect him. He is the inventor of IBC and application chains. Additionally, we can consider the Bitcoin fork—BCH. In 2017, BCH at times almost surpassed BTC.
ATOM1 may become the JUNO of this cycle. In the previous cycle, JUNO was airdropped to ATOM at a 1:1 ratio (with a maximum threshold). Due to speculation, at times 1 JUNO even exceeded the value of 1 ATOM. Jae's ATOM1 may have a similar performance.
For the current Cosmos Hub, a fork would be favorable. Political tension has hindered the development of the Cosmos Hub for many years, especially when the ATOM 2.0 proposal was rejected in the fall of 2022. Without Jae's conservative approach, the Cosmos Hub may become more innovative.
The fork will also be positive for Cosmos DeFi. DeFi is driven by speculation, and a chain split in the Cosmos Hub will trigger significant speculation. @OsmosisZone may see a substantial increase in trading volume from transactions involving ATOM and ATOM1.
3. Is this fork a good idea?
After all, the idea of Cosmos is sovereignty and experimentation. If this fork can produce a new Cosmos chain with a unique identity and culture, that would be a good thing. After all, the more chains, the better!
It is currently unclear whether Jae will actually carry out this fork, and there is no timeline. But if it does happen, I believe it will be very beneficial for the entire Cosmos ecosystem. Details of Jae's plan for AtomOne can be found here: http://github.com/atomone-hub/genesis
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