Where were you when Terra crashed? sunnya97 the co-founder of osmosiszone, relives the dark days that the protocol went through following the collapse and details its ongoing recovery process. (Via CointelegraphZN)
Contrary to expectations, Aggarwal did not find Ethereum to his liking. “It just didn’t click for me, and there was no roadmap as to how the network could have worked out in the long term.” But the experience turned his attention toward a novel mechanism called proof-of-stake consensus.
That summer, Aggarwal reached out to the Tendermint team, which is the core developers of the Cosmos and IBC ecosystem, and asked if any positions were available. At the time, the would-be Osmosis co-founder didn’t even know that Tendermint was behind Cosmos. But after hearing about its projects in development, such as IBC and cross-chain bridges, Aggarwal felt that the ecosystem was a perfect fit. “Everything just clicked. The idea of Cosmos solved all the issues I saw with the Ethereum model.
“Each application and community should have sovereignty over their own system. We can’t fork a blockchain every time there is a disagreement. If one application wants to fork, that shouldn’t cause my application to fork as well.”Users of the Osmosis DEX can make use of 89 cross-chain bridges across 45 blockchains on Osmosis. That means one can swap in and out of connected tokens in a noncustodial manner, as well as earn swap fees for providing liquidity.
But the event made Aggarwal and his team think long and hard about the protocol’s vulnerabilities. “Experiencing two tokens making up over half of our liquidity crashing to zero in a matter of days made us implement stricter safety controls.” On Osmosis, bridge rate limiting is now in place where, for illustrative purposes, a pool containing $100 million of digital assets can only have $5 million or so moved across an IBC bridge every six hours.
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