Cosmos drops Hub-native EVM in sudden pivot
Main Idea
Interchain Labs (ICL) has decided to abandon plans to make the Cosmos Hub a smart contract platform with an EVM layer, instead focusing on its role as an infrastructure toolkit for sovereign chains connected by IBC.
Key Points
1. ICL is shelving its EVM layer plans for the Cosmos Hub due to resource constraints and strategic realignment.
2. The new focus is on supporting customizable, sovereign chains connected by IBC, emphasizing interoperability and control.
3. ATOM remains the 'monetization layer' for Cosmos, but details on its role are unclear.
4. ICL faces challenges in supporting developers who invested in Hub-native deployments and maintaining trust after this strategic shift.
5. Cosmos is already being used by a consortium of Japanese banks for data and asset transfers, collaborating with SWIFT.
Description
Interchain Labs will focus on sovereign L1s and institutional demand, abandoning plans for smart contracts on the Cosmos Hub
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