By Arjun | LI.FI, Bankless
Compiled by: Felix, PANews
Cosmos is at a crossroads in its development, with the pioneering blockchain losing community support.
Here are the reasons:
The old account of governance issues
The Interchain Foundation (ICF), which oversees the Cosmos ecosystem, has faced accusations of mismanagement, conflicts of interest, and a lack of transparency, leading to a loss of trust in the community.
These are not just rumors. Recent statements of no confidence in the ICF, along with calls for a full audit and leadership changes, highlight the severity of these problems.
This lack of transparency may be indicative of deeper problems in the ecosystem. Operational and organizational rigidity has led to low morale among developers and users, who have expressed concerns about endless delays and bureaucratic hurdles in day-to-day development.
Additionally, there is a growing disconnect between the builders and users of the ecosystem. The builders are obsessed with pushing the boundaries of technology, which is a noble pursuit in theory, but many feel that they have somehow forgotten about the people who actually use these things (the users).
The core problem is the intangibility of Cosmos, which makes it difficult to resonate with users. This lack of clarity leads users to demand more from the ecosystem.
First-mover advantage turns into disadvantage
Cosmos has been at the forefront of shaping the future of cryptocurrency and blockchain development. It pioneered the vision of “appchains”, a concept that is now at the core of modular blockchain theory and the idea of blockchain sovereignty.
However, today Cosmos’ lead no longer exists. The rise of Rollups on Ethereum and Celestia provides developers with similar options to Cosmos AppChains. Importantly, these solutions also have the additional advantage of mature communities and deeper liquidity pools.
Essentially, Cosmos has fallen behind in a competition where it once led.
Developers are pragmatic. They want the flexibility that Cosmos offers, but also crave the thriving ecosystem network effects that Ethereum and Celestia offer.
Ultimately, Cosmos’ success depends on creating tangible value for users and fostering a thriving ecosystem of applications. If Cosmos fails to effectively address the challenges it currently faces, the community may view this period as a missed opportunity.
With its leading edge and visionary roadmap, Cosmos has the potential to dominate the multi-chain space. However, without the necessary execution, this potential cannot be realized.
Fork in the Road
"Break free from the shackles of history and embrace the future."
The Cosmos ecosystem is undoubtedly at a crossroads. Internal strife, token declines, and low community morale paint a bleak picture. People are automatically viewing Cosmos as a failed experiment.
But please don’t let history repeat itself. Cosmos’ core technology and vision are groundbreaking. They have inspired countless projects and laid the foundation for the future development of the industry.
This is not a dead end for Cosmos, but a fork in the road. These are not insurmountable challenges. If Cosmos can solve them, it can emerge from this crisis stronger than ever.
The path forward needs to be corrected. Studying ecosystems such as Ethereum, Solana, and Celestia can provide valuable references. These ecosystems demonstrate the importance of the following points:
Governance and Trust: A transparent and accountable foundation is essential. ICF must prioritize rebuilding confidence. Trust needs to be rebuilt bit by bit.
Focus on users: Everything starts with users. Without a seamless user experience, Cosmos is a beautiful "ghost town". Each team should prioritize building products that directly benefit users.
Empower developers: Give developers the tools and freedom to create killer apps. Great technology deserves killer apps. Actively introduce the Cosmos stack to developers and attract a wider range of projects.
Vision clarity: A compelling narrative is critical. Cosmos must articulate its unique value proposition: What problem are you solving? Why should people care?
Cosmos still has a chance to catch up, but the time to act is now.
