This is the third of the Hub Weekly Thursday recaps, straight from the Hub Unit team, per the cadence we committed to in the From Chaos to Stability to Growth post. You can read week one and week two if you missed them.
Every Thursday, we will call out significant Cosmos Hub updates on the forum, with a short companion thread on X, recapping announcements, live events like validator or community calls, and ecosystem updates!
For more info, see the linked posts, and contact @RoboMcGobo on Telegram to submit news for the weekly. This Thursday, Robo is away, so I’ll be sharing the update! Fear not - for he will come back tomorrow after his mandatory touch-some-grass day.
This week: the first tokenomics cohort report is coming, a call for feedback on the USDC working group, and our next community calls are coming to discuss the Hub’s liquidity layer:
-
The next roadmapping public sessions are now scheduled for live discussion. The topic? A native liquidity layer for the Hub, discussing different paths and tradeoffs. Tune in to the Validator Call (June 8th), and the Community Call (June 22), where we’ll be going over this.
-
A third update lands from the tokenomics research workstream with Gauntlet, with the first complete cohort behavior breakdown report landing next week.
-
A short status update on the USDC migration working group: we are gathering feedback via a form. Please share your thoughts if you are a protocol or app using USDC. If you want to be added to this group to have your say, please reach out to @totalspud on Telegram.
-
An update on Ecosystem Growth Delegations, the IBC transfer-volume data RFP and next steps.
Next Live Discussions: Native Liquidity Venue for the Hub
Our live roadmapping discussions are returning, where we discuss with the community key open questions or directions we can take with the Hub’s next features. The next round shifts gears, focusing on the options for a native liquidity venue that we’re exploring for the Hub.
Our current thinking: the venue should be an enterprise-grade order book rather than an AMM, given the institutional and legal use cases the Hub is aligning against. We also have early ideas around an open plugin architecture that would let community DEXes plug in as market makers and share in institutional order flow fees. Nothing is finalized; the calls will walk through the paths and tradeoffs and bring the discussion to the forums.
Sign up below:
-
Validator Call - June 8
-
Community Call - June 22
Add the community calendar to follow along, and stay tuned to @cosmoshub on X for registration links and updates. Validators can find the calendar link in all official validator channels.
Tokenomics Phase 1 (continued): Labeling Engine Built, First Cohort Report Lands Next Week
Last week’s update shared the first cohort-level attribution of daily ATOM sell pressure, the framework, the methodology, and the early finding that ICO participants and whale stakers together account for roughly 22% of daily sell pressure. Full details in week two.
This week, Gauntlet built the first version of the labeling and classification engine that will sharpen that number. The work has three layers:
-
Labeling the major exchange and staking addresses on Cosmos, starting with the 20-30 largest. This turns a generic “outbound transfer” into a meaningful “deposit into a CEX.”
-
Detecting DEX swaps through transfer memos, the Skip API, and flows into Osmosis.
-
Weighting flows by probability of sale. Exchange deposits and DEX swaps count as full sales; cross-chain transfers carry a lower weight (still being calibrated).
As a reminder, the 22% figure from last week is a floor, not a final number. The labeling work landing next week will move the figure.
What lands next week:
Gauntlet will have the first version of the analysis ready for Tuesday. That delivery includes the sell pressure breakdown for the top 95 holders, results split across regimes and cohorts, and the validated swap detection logic. Whale and mega-whale concentration analysis is part of that report, as well as behavior across retail, stakers, ICO addresses, etc…
We expect to walk through the highlights in next week’s Hub update!
USDC Migration Working Group: Intake Continues
Since forming the working group, we’ve been collecting input from protocols, applications, and users of Noble USDC to shape the migration to Injective USDC. The best way to get on our radar is to fill in this form.
We’re still in the early formation phase, so if your team uses Noble USDC and hasn’t flagged it yet, now is the time. We’d rather over-include than miss a team with a constraint worth designing around.
In parallel, we’re working with Injective on the ecosystem-wide migration strategy and the tooling (including Skip) needed to carry it out. We’ll share the plan more broadly as it matures.
If you’re an ecosystem team currently on Noble USDC, here’s how to help:
-
No urgency. Noble USDC keeps working as it does today. Nothing changes on your side until the migration tooling is ready.
-
Express interest in the working group: reply to this thread, DM @RoboMcGobo or @totalspud in Telegram, or reach out to any Cosmos Labs team member.
-
Flag specific constraints on your current Noble integration that we should design around, custom contracts, IBC channel assumptions, accounting integrations, audit timelines.
Ecosystem Growth Delegations: Proposals Being Reviewed
When the delegation program relaunched with a new Ecosystem Growth tranche, the IBC transfer-volume data RFP was flagged as a high-priority ask: the dashboards and APIs the ecosystem has relied on are either not scaling or winding down, and we need durable replacements to track IBC flows consistently
We thank those who have already made proposals. For anyone who still wants to submit a proposal, the form is here. We are reviewing the submissions against the criteria outlined when making the application.
We’re evaluating applications on three criteria: coverage of IBC transfers across the live chain set, willingness to keep the underlying APIs public and durable, and a path to operating the infrastructure at a stable monthly cost rather than as a one-off engagement.
This work is ongoing, and the next step is still being scoped. We hope to have the first batch of responses to the teams sent out next week, and thank everyone for their patience.
A reminder on the broader delegation program timing:
The Q3 delegation selection still opens June 15th, with a July 1st redelegation! The testnet participation requirement activates with the next cycle, so any validator that wants to remain eligible for ICF default delegations needs to be onboarded to the Cosmos Hub testnet program by June 15.
If you want to join the testnet, visit Hypha Co-op’s website here.
That’s all for this week - thanks to everyone engaging across the forum, validator channels, and Telegram. Looking forward to next week’s update! Please let us know if you like the Weekly format, and what else you’d like to hear from us.
-
Join the monthly validator calls
-
Join the next community call: Register for the community calendar here