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Cosmos proposal to cap ATOM inflation rate at 10% passed

  • The Cosmos Hub community has approved a proposal capping ATOM’s maximum inflation rate at 10%
  • Per the proposal, validators can still break even or turn profits at 10% inflation
  • Reducing inflation rate will help Cosmos’ security and growth potential.

The latest Cosmos news is that the community has approved a proposal that seeks to cut the maximum inflation rate of ATOM to 10%. The Cosmos Hub X account shared the results of the vote that ended on November 26.

Proposal 848, dubbed the “ATOM Production Reduction: Proposal to Set the Maximum Inflation Rate to 10%” passed with 41.1% of the vote in support and 31.9% against. Vote turnout was more than 72%, the highest in the Cosmos Hub’s history. 

ATOM’s maximum inflation rate to reduce from 20% to 10%

Approval means the cryptocurrency’s maximum inflation parameter will be reduced from 20% to 10%, bringing the current inflation rate down from 14% to 10%. Cosmos Hub’s annualized staking yield will also reduce from 19% to about 13.4%.

Per the proposal, capping the inflation is crucial to Cosmos (ATOM) maintaining its value proposition in the market as it looks to attract more consumer chains.

High inflation has meant Cosmos’ DeFi yield is dwarfed by competing chains, affecting user growth. The proposal to reduce the inflation rate therefore not only has the potential to accelerate adoption of IBC DeFi protocols, but also see ATOM get better traction as collateral and a liquidity gateway.

The other argument is that at the current inflation rate, Cosmos Hub is overpaying for security relative to its peers, which harms ATOM’s monetary premium. It’s also had the governance token under constant sell pressure, hurting price performance.

According to the proposal, nearly all validators will still be at break even or profitable levels with 10% max inflation. Validators can also opt for increased commission rates to cover operational expenses or turn profits.

The price of ATOM was up nearly 9% on Sunday morning, changing hands at $9.64.

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RocketX announces beta launch of its API for multichain crypto swaps

  • RocketX is a CEX and DEX aggregator that allows for cross-chain trading of hundreds of crypto assets
  • This is enabled through the platform’s application programming interface (API), now available in beta.
  • Integration will allow users to transfer crypto tokens to any dApp, benefitting DeFi, NFT marketplaces and gaming among other ecosystems.

RocketX, a cross-chain centralised and decentralised exchange aggregator, has released the beta version of its developer application programming interface (API).

With this, the CEX and DEX aggregator is bringing multi-chain crypto swaps to any decentralised applications (dApps) via a single API. Users can tap into the API to trade multiple assets across over 100 blockchains.  

RocketX API for crypto swaps into any dApp

Using the hybrid aggregator’s API, developers can integrate crypto swaps into any dApp. It will only take a few lines of code for a developer to add multi-chain digital asset transfers to DeFi applications, NFT marketplaces and blockchain games.

RocketX API allows for both on-chain and cross-chain self-custodial asset swaps. Liquidity worth over $100 billion is sourced from 450 CEX and DEX platforms, giving dApps access to the most competitive rates across 200 DeFi ecosystems.

“Users will benefit from the lowest fees too, as the RocketX API’s algorithm also takes into account the gas fees across all supported exchanges and bridges, all with a response time of less than 1ms,” RocketX said in an announcement.

Support is across Bitcoin, Ethereum, BNB Chain, Polygon, Cosmos and Solana among other chains. RocketX has also integrated with Hedera, Sei, XCD Network and MicroVision Chain, using the partnerships to improve scalability and interoperability.

According to RocketX, the beta launch offers more than just decentralised access and deep liquidity for users of NFT marketplaces, GameFi, GambleFi and AI applications. It also means near-instant exchange of over 20,000 tokens, with this available across major networks, wallets and asset pairs.

To incentivise adoption, RocketX is offering a share of the network transaction fees to partners who integrate with the API. dApps can therefore earn extra revenue from this, the platform noted.

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