Cosmos Founder Proposes Network Hard Fork
Date: 2023-12-01 Author: Dima Zakharov Categories: IN WORLD
The Proposal and Community Response
The community voted for Proposal 848, aiming to cut inflation from 14% to 10%. This move would decrease the annual staking percentage from 19% to 13.4%. Supporters highlighted the excessive inflation's impact on community security costs and its failure to encourage DeFi sector use.
Results and Hard Fork Implications
While 41% supported the proposal, 31.9% opposed it, including the project's founder. In response, Kwon urged dissenters to join the network hard fork.
Largest Airdrop Potential
Stride Zone's Strategic Head, Joe Galt, sees the potential hard fork as favorable for ATOM holders, anticipating the largest airdrop in its wake. This event could boost both project-native token and ATOM1 trading volumes.
ATOM's Market Performance
Following the news, ATOM plummeted over 4% and is currently trading at $9.38, down 2.4% over 24 hours according to CoinGecko. Its market cap stands at $2.7 billion, with a daily trading volume surpassing $295 million.
Over two weeks, ATOM's value demonstrated a downward trend, dropping by 10.7%. Despite this, the asset's price increased by a cumulative 30.6% over the month.
