Cosmos Hub Staking Could Soon Be Revamped

The latest reports revealed the fact that the Cosmos hub staking could soon be revamped. Check out the latest reports about this below.

According to the latest reports, it seems that the Cosmos Hub has passed a signal proposal to replace existing Cosmos Hub staking, distribution, and slashing modules with the Liquid Staking Module (LSM).

“Proof of stake blockchains are designed so that validators must lock up their tokens in order to participate in securing the network and earn rewards,” the online publication Blockwoirks notes.

For Cosmos, this means that validators must lock up ATOM tokens.

The same online publication notes the fact that “Once a token is locked into the network, validators must wait 21 days before they are able to use them again — this is considered an unbonding period, and its intention is to prevent masses of validators from suddenly withdrawing their tokens.”

The also noted the fact that the implementing of the LSM means that ATOM token holders will be able to liquid-stake their already staked tokens without needing to wait for a 21-day unbonding period.

Blockworks Research Analyst David Rodriguez notes that this proposal is a big win for the Cosmos Hub and its wider ecosystem. Check out the original article in order to learn more details about all this. 

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $29,325.

According to the latest reports revealed by the Daily Hodl, it seems that despite heightened volatility in the crypto market, the first quarter of 2023 has ended on a good note.

“The crypto market performed strongly in Q1 2023, with the total market cap growing by 49% to $1.19 trillion. Bitcoin (BTC) rose 72% and closed at $28,440, while Ethereum (ETH) rose 53% and closed at $1,827,” the same online publication mentioned above revealed.