Ed | AirdropGlideApp

I'm Ed. I made to track all the airdrops.

[Ed | AirdropGlideApp @AirdropGlideApp]

Six months or so ago, I wrote a piece about all the Cosmos projects that had shut down (at the time, it ruffled a few feathers).

Unfortunately, since then, things have gotten worse. A lot worse.

Let's take a look:

Cosmos Labs never did build the Eureka (IBC V2) bridge to Solana or Ethereum L2s.

Cosmos Labs never did address the super high inflation of the ATOM token.

A whole host of validators left, including CitadelOne and Cosmostation.

Noble went into maintenance mode, ending development of USDC and USDN.

Injective USDC never moved off EVM or became transferrable over IBC.

Neutron closed, taking Drop, Mars, Structured, Duality etc with it.

UX (formally Umee) closed.

Wormhole's legacy front end for Cosmos closed.

Saga got hacked, and rebranded to AI Labs.

Secret got hacked, and today announced a closure and move to Arbitrum.

Gravity Bridge got hacked.

Quicksilver got hacked.

Namada got hacked.

Thorchain got hacked.

Story protocol became the Data Foundation.

DyDx went into maintenance mode and instead set up Arcus on Robinhood chain.

Levana Perps closed.

Xion rebranded to Verona.

Om rebranded to Mantra, and now they're trying to get everyone to switch to NVNM.

Elys migrated to Base as Ryze.

MapOfZones is about to close.

BitFrost Cosmos bridge support is being ended.

Osmosis went into maintenance mode, following a failed merger with Cosmos Hub.

Polaris closed down.

Kava (Lend, Mint & Swap) went into maintenance mode.

Jackal closed.

Akash are leaving.

Leap Wallet closed.

Stargaze closed, migrated to the Hub, and no-one cared.

Stride never did find PMF. Liquid staking TVL has dropped to ~$5m.

Nillion closed.

Pulsar Finance closed.

Omniflix closed.

Milkyway closed.

Toki closed.

Dimension moved their liquidity to Solana.

Penumbra closed.

Pyth ending support for CosmWasm on 31st July.

Bitsong migrating liquidity to Base.

Pryzm closed.

Axelar team acquired by Circle.

Astroport went into maintenance mode, ending support for Neutron, Osmosis and Sei. Now only Terra supported.

Nomic never did properly launch or make their token tradable (forever compounding).

Everything is fine, right?

[Ed | AirdropGlideApp @AirdropGlideApp]

@illustriousPRMR Wow, true?

[Ed | AirdropGlideApp @AirdropGlideApp]

When you say external market, it's just a bunch of market markets filling an order book with bids and offers. That creates "the market".

All those market makers can move markets up or down with zero volume if they please. Yes, arbs will hit briefly, but you can be sure they won't last long before their own order will be moved.

You need to be constantly marking your own book, let's say at a spread to bitcoin or Ethereum, and that means even if there's no trading, we will be marking ATOM lower daily in price terms (same market cap) with low volumes.

[Ed | AirdropGlideApp @AirdropGlideApp]

This research assumes selling moves the price lower?

When working on a market making desk, the price quoted by that desk can be moved lower (or higher) based on any factors, and massive inflation is certainly a factor in moving it lower regardless?

Even if there was no selling, the price should move lower, daily, otherwise you'd have an ever increasing market cap.

And that's not how things work in reality.

[Cosmos Hub ⚛️ @cosmoshub]

Earlier this year Cosmos Labs kicked off a multi-phase effort to redesign ATOM's economic model, with @gauntlet_xyz as our quantitative research partner.

Phase 1 is complete. Here's what the on-chain data actually says. 🧵

[Ed | AirdropGlideApp @AirdropGlideApp]

@hedgefunder01 We're all marking this lower each day surely?

[Ed | AirdropGlideApp @AirdropGlideApp]

@hedgefunder01 But if you leave your quote high, and don't mark it lower each day, you equally get arbed into oblivion?

[Ed | AirdropGlideApp @AirdropGlideApp]

@LHerfel No, you just hold them until they are worthless.

[Ed | AirdropGlideApp @AirdropGlideApp]

Six months or so ago, I wrote a piece about all the Cosmos projects that had shut down (at the time, it ruffled a few feathers).

Unfortunately, since then, things have gotten worse. A lot worse.

Let's take a look:

Cosmos Labs never did build the Eureka (IBC V2) bridge to Solana or Ethereum L2s.

Cosmos Labs never did address the super high inflation of the ATOM token.

A whole host of validators left, including CitadelOne and Cosmostation.

Noble went into maintenance mode, ending development of USDC and USDN.

Injective USDC never moved off EVM or became transferrable over IBC.

Neutron closed, taking Drop, Mars, Structured, Duality etc with it.

UX (formally Umee) closed.

Wormhole's legacy front end for Cosmos closed.

Saga got hacked, and rebranded to AI Labs.

Secret got hacked, and today announced a closure and move to Arbitrum.

Gravity Bridge got hacked.

Quicksilver got hacked.

Namada got hacked.

Thorchain got hacked.

Story protocol became the Data Foundation.

DyDx went into maintenance mode and instead set up Arcus on Robinhood chain.

Levana Perps closed.

Xion rebranded to Verona.

Om rebranded to Mantra, and now they're trying to get everyone to switch to NVNM.

Elys migrated to Base as Ryze.

MapOfZones is about to close.

BitFrost Cosmos bridge support is being ended.

Osmosis went into maintenance mode, following a failed merger with Cosmos Hub.

Polaris closed down.

Kava (Lend, Mint & Swap) went into maintenance mode.

Jackal closed.

Akash are leaving.

Leap Wallet closed.

Stargaze closed, migrated to the Hub, and no-one cared.

Stride never did find PMF. Liquid staking TVL has dropped to ~$5m.

Nillion closed.

Pulsar Finance closed.

Omniflix closed.

Milkyway closed.

Toki closed.

Dimension moved their liquidity to Solana.

Penumbra closed.

Pyth ending support for CosmWasm on 31st July.

Bitsong migrating liquidity to Base.

Pryzm closed.

Axelar team acquired by Circle.

Astroport went into maintenance mode, ending support for Neutron, Osmosis and Sei. Now only Terra supported.

Nomic never did properly launch or make their token tradable (forever compounding).

Everything is fine, right?

[Ed | AirdropGlideApp @AirdropGlideApp]

@bouchycd 😂

[Ed | AirdropGlideApp @AirdropGlideApp]

@Cloudunetwork @NolusProtocol There is next to no capital there:

[Ed | AirdropGlideApp @AirdropGlideApp]

So what's next for Cosmos and ATOM?

Well, twelve months from now, things will likely look very different for the Cosmos ecosystem.

It's not a secret that CosmWasm is not the ideal approach for building any more: it lacks the developer tooling that EVM has, and in turn, the developer adoption required to live on.

CosmWasm Vs EVM is like Betamax Vs VHS (for anyone that's old enough). And like that anology, the winner is also now known: EVM lives, CosmWasm dies.

But, and here's why it's not yet over for the Cosmos ecosystem: Cosmos EVM already ships in production. So the question is not whether ATOM adopts EVM, but when and how.

And we have two options here:

1) Deploy EVM directly on the Cosmos Hub, resulting in a multi-VM Hub running CosmWasm and Cosmos EVM on the same chain.

This likely requires a migration of addresses, though not of assets: users would not transfer their ATOM anywhere, but existing accounts would sign a transaction that links a hex address to their existing keys.

Case Study: Injective. They shipped native EVM on the main chain in November 2025, with a token standard that keeps one canonical representation per asset and and its EVM works well.

What you get is EVM natively on the Hub without many wallet-level changes, with MetaMask now working alongside Keplr.

2) A dedicated EVM sidechain. A new, lean, EVM-specific chain connected to the Hub over IBC, with ATOM as gas.

Case Study: Ripple. They created a dedicated EVM sidechain: XRPL, in June 2025 (also built on Cosmos EVM) that kept the main chain untouched.

Maybe it has not seen enough adoption (is it a generic EVM chain in a market with plenty of those?) Plus, it's hard enough to maintain one chain, maintaining two chains indefinitely is heavy going and expensive.

Some bridging becomes two hops instead of one too. And EVM-only wallets cannot reach the Hub, so someone using MetaMask on the sidechain cannot get back to the main Hub chain and their ATOM without a Keplr wallet.

So, which option do you think Cosmos will go down? Or do you think Cosmos Hub will fade away into insignificance, with the Cosmos tech living on in other chains?

Regardless of what is chosen, it'll be an interesting journey.

Good luck!

[Ed | AirdropGlideApp @AirdropGlideApp]

Anyone use the Cypher card?

Unfortunately it is no more.

Key dates:

July 8, 2026
- Card loading is disabled
- New card applications and card issuance end

July 16, 2026
- Spend rewards earned between July 2–16 are distributed
- This is the final rewards cycle — no further reward distributions

August 7, 2026
- Final day to use your Cypher Card for purchases
- All active cards are cancelled
- If you have a remaining card balance, you won’t be able to spend it after this date, you’ll need to withdraw it before Sep 6

September 6, 2026
- The current Cypher mobile app, dApp, and business platform will no longer be available.
- The withdrawal window and rewards claims will close
- The CYPR protocol will be permanently wound down, and the CYPR token ecosystem will come to an end.

Good luck!

[Cypher💳 @Cypher_HQ_]

Today marks one of the biggest milestones in Cypher's journey.

Cypher is being acquired by @NiumGlobal, the global leader in real-time cross-border payments infrastructure.

Over the past four years, we've built products that brought stablecoins, self-custody, and global payments together. Today, that journey continues on a much larger scale.

We're incredibly grateful to our users for believing in us.💛

[Ed | AirdropGlideApp @AirdropGlideApp]

@justcryptodefi @anoma 😂

[Ed | AirdropGlideApp @AirdropGlideApp]

Turns out it was not true.

[Ed | AirdropGlideApp @AirdropGlideApp]

Big IF true.

IBC to the ETH L2s in 2 weeks.

IBC to Solana in several weeks.

[Ed | AirdropGlideApp @AirdropGlideApp]

@LHerfel Sell? Not sure why you would hold either.

[Ed | AirdropGlideApp @AirdropGlideApp]

@calijesud Yes.

[Ed | AirdropGlideApp @AirdropGlideApp]

@Zerk_ay @BallsLikeKKong @cosmos Avalanche 😂

[Ed | AirdropGlideApp @AirdropGlideApp]

@GregWeld Yeah there are loads more. My post from 6 months ago listed many of these.

[Ed | AirdropGlideApp @AirdropGlideApp]

Please share some stuff the team are working on. The last community call read like a list of everything that hasn't been achieved:

https://t.co/kbagATDYdT

- Injective USDC, nothing to report. Nothing to share until at least September. Dydx is referenced and they left last week.

- IBC to Solana and Eth L2s. Nothing to report. Not even a timeline to share.

- ATOM tokenomics. Nother to share, still in planning stages despite this being worked on for months.

[Ed | AirdropGlideApp @AirdropGlideApp]

@neroart77 @puckrin Yeah, typo there, should have said migrated to Ethereum on that one.

[Ed | AirdropGlideApp @AirdropGlideApp]

@puckrin Every day seems to be a new one at the moment.

[Ed | AirdropGlideApp @AirdropGlideApp]

@ninjarobot The final extraction.

[Ed | AirdropGlideApp @AirdropGlideApp]

What on earth?

SCRT is leaving Cosmos and moving to Arbitrum.

Wow.

[Secret Network @SecretNetwork]

https://t.co/n0mNacgekB

[Ed | AirdropGlideApp @AirdropGlideApp]

@ninjarobot I thought the same. Now they will just be a token?!