Cosmos, a blockchain platform aiming to compete with Ethereum, has unveiled its roadmap for 2024. The roadmap focuses on increasing modularity, enhancing the developer experience, addressing technical debt, and driving user adoption. Cosmos plans to attract developers from other platforms as they work to repay the technical debt and make the Cosmos SDK more modular.
Cosmos utilizes features such as Tendermint, a consensus system that supports blockchains like the BNB Chain, Cosmos SDK, a software developer kit that enables the creation of customizable blockchains, and Inter-Blockchain Communication (IBC), which facilitates connectivity and interoperability among different Cosmos chains.
To achieve their goals, Cosmos intends to continue the development of the Cosmos SDK throughout 2024. The aim is to make the kit more adaptable and flexible by improving its modularity at its core, thereby meeting the requirements of developers.
However, it remains to be seen if Cosmos can achieve its ambitious goals and become as dominant as Ethereum. Currently, Ethereum is the leading smart contract platform in terms of market capitalization and total value locked in decentralized finance (DeFi). Ethereum’s ecosystem has also been expanding, with more protocols and blockchains integrating with the Ethereum network to leverage its innovative activities.
Data from DeFiLlama on September 29 indicates that all of the top 10 bridges are connected to Ethereum. For example, Stargate, provided by Cosmos, is connected to Ethereum as well as other blockchains such as Avalanche and the BNB Chain.
Other bridges are Ethereum Virtual Machine (EVM) compatible and primarily link to Ethereum layer-2s and Polygon, a sidechain. These bridges, including the zkSync Era, Base, Arbitrum, Polygon, and the Optimism Gateway, facilitate the movement of millions of dollars’ worth of tokens to and from Ethereum.
Cosmos faces a significant challenge in its ambition to rival Ethereum. However, with its roadmap for 2024, it aims to overcome technical debt, improve modularity, and attract developers to enhance its platform’s capabilities. Time will tell if Cosmos can successfully compete with the established Ethereum ecosystem.
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