FMS was and still is one of the most highly anticipated cosmos chains to go live, not only are they going to do a 50 genesis airdrop, but they will also bring Ethereum to cosmos implements. The Ethereum virtual machine, the EVM, and it also implements IBC and tenement.
All that we love in the cosmos space to make things fast and interoperable. They had a bit of a shaky start in the beginning because the chain got halted after just a few days. But now after a bit over a month of fixing all the issues, removing all the bugs. They finally announced that the chain will resume on April 26th.
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Now they announced the FMUS mainnet relaunch yesterday on the community call which is happening every Tuesday. You should definitely tune in if you want to stay up to date with all the most important news and the hottest and the latest here around Atmos. They have the entire core dev team there you can also ask questions to Federico: is there Akash? Is there Liam? Is there Nick? So, they just dropped that domain. It will relaunch and continue from the last block, there will not be a hard restart – there will be a continuation of the last block that was minted. It will happen as currently planned on April 26th. They didn’t give a specific time yet and these dates might even change. This is not set in stone, all this stuff is at a very early stage. This is also what they mentioned on the call – they’re trying to basically achieve the impossible because they just have a small team. Also they’re trying to bring the best of two ecosystems together which is the EVM on Ethereum. It has a lot of adoption, a lot of traction, a lot of liquidity, a lot of users, a lot of developers and they’re bringing that over to customers. So, they’re bringing Ethereum itself to the cosmos. It’s not just a bridge, it’s not just the EVM compatible chain. It’s the EVM itself on cosmos right and people really need to understand how big that is. The ecosystem is already being built on top of FMOS and it’s already quite big and very promising. We can also look into some of the projects in a second.
Let’s go over here to the actual dashboard which they have now published here in the test net. This is also what will be going live. Once the chain restarts we have here the mission control which is an overview of the address. How much was played? How much will be clawed back? How much are you eligible for? If you have any cosmos wallets and then you see the top apps. You can also get information about direct drop about a token model. The token details will be a one billion token total max supply. Actually, after 4 years and a total supply of 235 million. I mean those are just test net numbers now but. You will be able to see all the token details here at one glance. Once the chain restarts and you haven’t claimed you. You will be able to address it right here. So, you just click on the claim, and then I’ve already actually done this. Then you can also vote on a governance proposal which I’ve already done as well and also you can stake it. There are a couple of validators now in the testnet that you can just delegate. You’ll be able to do governance also just right here, so you can vote on these governance proposals, you can read them through and then vote.
You might already be quite familiar with such layouts. We see this from Osmosis, you’re also probably used now with crescent and others right also in sift chain. They also have their own kind of dashboard, but this is pretty easy and seamless. It’s just combining the two wells together here. Ethereum and cosmos and then what I usually strongly recommend, especially, with projects that have very strong fundamentals – is to just go ahead and stake your airdrop to get more tokens right and increase your coin count. Because, eventually, if you bet on FMOS in the long term and you think this is a solid project – you want to stick around with it. We’ve done the same on Osmosis, we’ve done the same on Juno, and we’ve now done it on Crescent. I haven’t sold a single token for my airdrop and I’m gonna do the same with FMS. It’s ultimately your decision obviously but based on my experience selling airdrops too early might be an unwise decision at times right. So, if you compare it to, for example, Crescent. They did an exclusive airdrop for Atom stakes. This might be way more diluted here on FMS even though you can see it already. I got a few hundred tokens here, which is not bad, and given that.
There are only a few hundred million tokens circulating. If you compare, for example, to osmosis or even Crescent right, you can get a feeling of what the price could be in the beginning. But I think the airdrop will be more diluted which is just another way to onboard more users eventually. Obviously, they’re targeting Ethereum users – there are a lot of them. I think this is a net positive for the entire crossovers, for the entire customs ecosystem is excited. Hope that the chain launch goes very smoothly.
Now let’s look into some of the ecosystem projects that will go live. So, once you claim your hard drop, you can probably do much more than just stake them. Well, probably, the premier on FMS is going to be diffusion underscore, on Twitter diffusion. FI is their website and what they are doing is:
1. Obviously, a nice airdrop.
They are a uniswap fork – a unit swap version two fork. Once you’ve got your Atmos tokens, you will be able to trade them here on diffusion itself and this will probably go live on the 26th. There will be an entire d5 ecosystem that will be built on top of Atmos. We have diffusion, x-swap, and Crossland that is basically a compound fork onto Cosmo into Atmos. There will be many more that are still in the works that might be joining after the mainnet is live.
2. Another project is kinesis labs.
They’re bringing a stable coin deck to cosmos through FMS which is also very exciting. You can also learn more about the app as well as the docs on their website and um yeah this is also one thing that I’m really excited about. You already have the testnet here running live. You’ll be able to connect that and then you have all the stable coins that you can trade, and provide liquidity. There might also be incentives this could be a cool place also to farm your stable coins. I get high yields on it and I think this is also something we desperately need in the cosmos. It has more stable coin liquidity. We have UST predominantly on Osmosis and now kinesis comes on Atmos and brings a bunch of stable coins over which is now going to be way easier. Because Atmos implements the EVM. So, you can just bring on a lot of this Ethereum liquidity and a lot of these Ethereum d5 products as well as NFT products over to the customers. Thanks to FMS integrating IBC, we also still have this interoperability feature and thanks to tenement we have faster transactions and cheaper transactions right, which is what we’re used to in cosmos.
So, kinesis labs and diffusion are two to watch out for and obviously also Crossland stake situ. We won the community voting. So, we will be one of the seven atom validators that you receive in the airdrop. If you stick to your atom with us, you will get an airdrop just as one out of seven validators and out of these 150 validators that were back. Then this is something that you will exclusively get almost. So, this is really cool, and speaking of stake Zito.
You can not only see the number of coins or dollar value that is being delegated to our nodes but users which I think is really cool because this is what ultimately gives a validator skin in the game, to see how many individuals have delegated to your node right and it’s not yet showing up here on cosmos hub but, for example, in Osmosis. We have nearly 5 000 stickers. So, that’s pretty cool. I think they still have to add Juno. We might also have a bunch there and then a few more hundred on other chains right. They are also smaller and maybe don’t have as many holders now.
Finally, what will happen on the 26th and then? The first step will be once they hit the restart button it will take a few days this chain is now secure. Let’s observe everything. Make sure all validators are on the same page. The changes run smoothly and don’t show any bugs or any kind of vulnerabilities. So, this will be the first step and it will take a few days. I actually don’t think that there will be inflation on activated right away and that also makes sense to not congest the network for people to FOMO in and stake and farm. All these kinds of things. It will actually take a few days and then we might see an unchained proposal to see – whether we want to reactivate inflation. We’ll see people claiming their airdrops wait. They can already claim the others but put them to work for them through staking or through d5 right. Also in the first week, we might see the first liquidity pulls on Osmosis, on Diffusion right native Athmos taxes but also non-native Athmos taxes.
This article is a transcription of a video made by Cryptocito
Original video: https://youtu.be/-jQ0G4Hl10s