Advertisement
AD

Main navigation

Namada Eyes Partnership with Osmosis, Promises Privacy Advancements

Advertisement
Tue, 23/05/2023 - 13:25
Namada Eyes Partnership with Osmosis, Promises Privacy Advancements
Cover image via www.freepik.com
Read U.TODAY on
Google News

In a bid to enhance the cryptocurrency landscape, Namada, a privacy-focused Layer 1 (L1) blockchain platform, has hinted at a possible partnership with Osmosis, another L1 blockchain. Christopher Goes, co-founder of Namada, believes the collaboration would not only bring added value to both ecosystems but also specifically benefit holders, stakers and liquidity providers of $OSMO tokens.

Advertisement

The core intention of this partnership is to establish a joint grant pool dedicated to supporting projects centered on privacy and development. By financing such initiatives, Namada aims to propel innovation in the Cosmos-based Osmosis ecosystem, and subsequently in its own platform that is yet to launch. Goes also expressed hopes that Osmosis would match Namada's contribution to the grants program.

Namada data
Source: Namada

Another pivotal aspect of this proposed partnership involves the implementation of Namada's "shielded actions." This feature would essentially allow for asset privacy on the Osmosis platform. When not in use for trading, these assets would be concealed on Namada, thereby offering users an additional layer of privacy and security.

"We anticipate that people would want to use Osmosis and other decentralized exchanges to trade their assets," explained Goes, highlighting the potential benefits of asset concealment.

In a move that could potentially incentivize OSMO holders, Namada's Swiss-based nonprofit, the Anoma Foundation, plans to allocate some of Namada's staking token (NAM) for airdrops. However, the details of the distribution, which is expected to follow the official launch of Namada, are yet to be confirmed.

Goes emphasized the importance of community engagement and their approval in moving forward with the proposal, which is subject to an OSMO governance vote. While the specifics of the partnership are still under discussion, the proposed alliance underscores Namada's commitment to fostering a more secure and privacy-centric blockchain ecosystem.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox