Overview of the upcoming Cosmos Hub THETA upgrade!
When will the vote and update take place?
Start: 25 March 2022
End: 8 April 2022
Current status: 99.41% (in favour)
Update: 12 April 2022
What's new in this update?
Interchain Accounts. It will allow not only to transfer tokens (OSMO, ATOM, etc.) across networks via IBC (as before), but the different networks will be able to interact with each other on a higher level, for example, allowing lending/borrowing or DeFi between networks. Users of new products/projects using this "Interchain" model will be able to interact with multiple networks and sub-products within the same interface and without having to move tokens between networks, with multiple platforms or interact with different products at the same time. This will bring with it the interconnection of networks and agility/ease of operation. Definitely a joy for users.
Liquid Staking. This new functionality will be enabled once the governance proposal 67 has been approved. All those tokens that will be delegated in Cosmos in exchange for rewards (staking) as delegations in PoS (Proof-of-Stake) systems will generate a new liquid token that can be used as collateral on decentralized platforms. This means that, in addition to the yields that will be obtained by staking, it will be possible to increase using this liquid token on decentralized platforms (with products such as lending/loaning or farming, for example).
Other features for techies (among other improvements)
The following changes have been included in this proposal:
(gaia) bump cosmos-sdk to v0.45.1. See CHANGELOG.md for details.
(gaia) bump ibc-go module to v3.0.0. See CHANGELOG.md for details.
(gaia) add interhcian account module (interhchain-account module is part of ibc-go module).
(gaia) bump liquidity module to v1.5.0. See CHANGELOG.md for details.
(gaia) bump packet-forward-middleware module to v2.1.1.
Would you like to know more about Cosmos? For more information, you can check our Cosmos Network guide and the Binance Academy guide, where you will find explanations of the Cosmos Hub, Cosmos SDK, what is Tendermint, and much more.
Useful links for further information:
The Cosmos Hub Theta Upgrade Is Coming! | by Noam Cohen | Apr, 2022
Interchain Accounts Take Cosmos Interoperability to the Next Level
The Liquid Staking Landscape of Cosmos: A Bird's Eye View | by Persistence
