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The Cosmos (ATOM) ecosystem is undergoing one of the most challenging times in its history as founder Jae Kwon has revealed plans to fork the network to create a new chain.
Cosmos turmoil: Origin
Earlier the Cosmos ecosystem was exploring avenues to revamp its tokenomics in a bid to make ATOM more sustainable in the long run. One way agreed by the community was to implement a drastic ATOM production reduction, a proposal that was put up for a vote.
Fortunately for the protocol, the proposal passed in what seemed like the start of a new dispensation for all. As one of the critics of the move, Jae Kwon revealed his displeasure at the outcome of the vote, noting that he voted against the proposal considering the fact that Cosmos, as it stands, is on a path of self-destruction.
Despite building the chain and watching it grow, Jae Kwon is not abiding by the tenets of decentralization that Cosmos embodies and has revealed plans to create a new network, dubbed AtomOne by forking Cosmoshub4.
In a long thread posted on X, Jae Kwon expressed his displeasure, citing the fact that the majority of the votes that supported ATOM production reduction came from newly purchased coins, a showcase that suggests the entire process was hijacked along the way. He then called on his supporters in the community who are interested in the new chain to send proposals that can serve as a guiding framework for AtomOne.
Will ATOM's growth be derailed?
Rancor and misaligned goals are not uncommon in the digital currency ecosystem, with most of these disagreements typically leading to new chains being forked from the old. One notable project that has been forked in recent times is Terra (LUNA).
The implications for ATOM are dire as the creation of AtomOne might force some users to abandon Cosmos for the new chain. For a token that has recorded a number of impressive price gains this year, these gains might be given up due to the potential sell-off that might ensue.
However, Kwon plans to accommodate ATOM in the new plan in a bid not to ultimately spark its complete demise.
Tomiwabold Olajide
Yuri Molchan
Arman Shirinyan
