Initially, we were funded to build out the MetaMask Snap implementation for the Cosmos ecosystem that was to be packaged into the Cosmos SDK for public use. We quickly realized that this is just not enough, and does not benefit the Cosmos Ecosystem nearly as much as it should. This is when we realized that there is a genuine opportunity to establish a direct pipeline of Ethereum users pumping into the Cosmos in the form of a wallet that uses this snap to its full abilities, vs fragmenting users across multiple unique (and frankly unnecessary) implementations.
The Cosmos Snap by Mystic Labs will become the central location for Ethereum users to transact throughout the cosmos, without ever having to feel like they are even in the Cosmos. This will greatly reduce barriers to entry for users who want to explore the many projects built with the Cosmos SDK, and will benefit all who participate in the Cosmos ecosystem as a result of the increasing user-base. This wallet has both EVM-Cosmos and Cosmos-Cosmos swaps built in, which further improves the user experience since the user no longer has to leave their wallet interface to purchase their desired currencies. A portion of all revenue from the Cosmos-Cosmos swaps will be sent directly to the ATOM Community Pool (or some other ATOM-focused multisig managed by non-Mystic members), directly providing value to the ATOM blockchain and it’s owners. We will also be implementing a Gas Fee Selector module after launch, which will allow users of the Cosmos Snap to select the default currency they would like to use for paying for gas on transactions, whether ATOM or OSMO or IST or USDC or some other currency.
The Cosmos Snap has a rare chance to bring the Cosmos further into the spotlight and to assist in growing all of it’s projects directly, and the Mystic Labs team is dedicated to capitalizing on this chance.
