If the community and ATOM owners approve of the new Cosmos blockchain upgrade, it will represent the most major change to ATOM's tokenomic architecture since Cosmos was originally made available to the general public in 2016.
The procedure for an on-chain vote to upgrade Cosmos' cross-network infrastructure platform to ATOM 2.0 started on October 31, 2022.
Earlier last month, a proposal was adopted by the Cosmos (ATOM) community. It is currently only awaiting deployment, which might significantly affect how the ATOM coin operates in the Cosmos ecosystem.
Info of the Cosmos Upgrade
The introduction of Tendermint, IBC, and SDK, along with the operational Interchain Security and Liquid Staking mechanisms, according to the Cosmos team's explanation, has allowed the protocol to completely realize its initial concept for Cosmos Hub:
"This document marks the transition to the next phase of the Cosmos Hub as an infrastructure service platform, and a renewed role for ATOM as preferred collateral within the Cosmos Network."
Two new Cosmos features are Interchain Scheduler and Interchain Allocator. Similar to the first, a cross-chain block space market will provide MEV incentives to power the second. After that, Interchain Allocator will transfer these benefits to support additional Cosmos chains, promote scalability, and so expand the Interchain Scheduler target market.
90% of Voters Approve of the Proposal
A Cosmos Assembly will be created in response, and it will be responsible to ATOM holders for meeting milestone goals, allocating resources, and other such things. More ATOM will be transferred to the Assembly's treasury, keeping the asset's inflation very low.
During the first few hours of on-chain voting, a clear majority of participants favored the notion. Nearly 90% of voters had accepted the fundamental change in Cosmos (ATOM) governance as of the time of publication. The vote will be completed in two weeks.
The cost of Cosmos (ATOM) rose by 2.5% from the day before, reentering the top 20 currencies by market cap.
