Cosmos Hub is an intermediary among all independent blockchains created within the Cosmos network. ATOM powers the Cosmos ecosystem of blockchains programmed to scale and interoperate with each other.
ATOM, the native coin of Cosmos Hub, is nursing moderate losses a day after Comos' founder Jae Kwon called community members to split the blockchain into two, with one observer hailing the potential hard fork as a bullish outcome for the investor community.
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"Let's coordinate a split," Sunday, following a decision by the community to the Cosmos community to approve a proposal ATOM's inflation to 10% from 14%. Cosmos Hub is an intermediary among all independent blockchains created within the Cosmos network. ATOM powers the Cosmos ecosystem of blockchains programmed to scale and interoperate with each other.
The so-called proposal 848, with 41.1% support for the reduction from the participating voting power and 31.9% against it, said that ATOM's double-digit inflation rate represented overpayment by the Hub for security and disincentivized ATOM's use in decentralized finance. The approved change is projected to bring down Atom's annualized staking yield from approximately 19% to about 13.4%. Staking refers to locking coins in a blockchain in return for rewards.
Kwon, however, wasn't impressed and called for the hard fork.
"Despite our voting against the plan… 848 has ended up passing, something that isn't too surprising (though it would be good to know whether the later votes came from newly purchased ATOMs)," Kwon said on X.
Kwon referr to the hard fork as AtomOne, which would fork the Cosmos Hub, calling for a final plan whereby the forked chain would support ATOM token along with the native ATOM1.
"I believe that the final plan should include an integration of $ATOM and $ATMO/$ATOM1 so that instead of mass selling $ATOM and collapsing it all, we allow participation from $ATOM, but what is in the README can be improved
