Evmos, Penumbra, Oasis Network | Hidden Gems – Web 3
Review Date: June 20th, 2022
TOKEN METRICS WATCHLIST
We scored many projects this week. Here are a few you should know about:
- Evmos
- Penumbra
- Oasis Network
Please keep in mind that some of these projects have not yet been subjected to our code review process, but we want to call them out here for preliminarily catching our eye based on our fundamental analysis process.
Evmos (81%)
Website – Documentation – Blog
Evmos is an application-agnostic that will be interoperable with the Ethereum mainnet, EVM-compatible environments, and other BFT chains via IBC, making it easy for users and developers to interact seamlessly between chains. In other words, Evmos allows Ethereum-based applications, to deploy into the Cosmos ecosystem and seamlessly interoperate with IBC-enabled applications.
Why we like it
Evmos allows users and developers to utilize from Ethereum’s composable network of applications all while benefitting from Tendermint’s PoS consensus mechanism. This feature will allow Ethereum applications to benefit from fast transaction finality and low gas fees. In addition, every application built on top of or ported to Evmos will be able to exchange value with all other applications in the Cosmos ecosystem through the Inter Blockchain Communication (IBC) Protocol. As of right now, there are 59 applications within the Evmos ecosystem.
Investors
.
Team
Evmos was developed by Tharsis, a software development and blockchain interoperability company. Tharsis was co-founded by Akash Khosla and Federico Kunze Kullmer. Federico has previous experience in various roles at Interchain GmbH, Sommelier Protocol, ChainSafe, Kava Labs, and Tendermint. Akash holds a Bsc. in Electrical and Computer Engineering from UC Berkeley and is a former software engineer at Anchorage, an institutional digital asset solutions company.
Token Utility
$EVMOS is the native token of the protocol. It is used for staking, transaction fees, and DAO governance. Evmos token model was designed to revolve around its users and places a large emphasis on community governance.
Where can you buy the token
Currently only listed on Digifinex and multiple DEXs: Osmosis, Diffusion Finance, Cronus Finance, and Injective Protocol.
Penumbra (80%)
Website – Documentation – Blog
Penumbra is a “shielded” layer-1 network within the Cosmos ecosystem. Penumbra brings an aspect of privacy into its PoS network by allowing users to transact, stake, swap, and marketmake without disclosing any personal information or account activity.
Why we like it
Digital privacy is one of the core tenets behind the ethos of cryptocurrency. Although your name and personal information may not be present, the entire history of your on-chain data is easily accessible. This quality is great for transparency and auditability but limits the applications of cryptocurrencies in the long term, especially in the context of DeFi.
Penumbra presents a solution with its “shielded” network model, allowing users to utilize a suite of DeFi applications without revealing any personal information. This model is crucial to onboard institutions traders to ensure the negation of frontrunning and to allow them to hide their liquidation points, in the case of leveraged trading. Although transaction information is hidden by default, users can choose to disclose any information to third parties for compliance or other purposes. Finally, Penumbra is built using Cosmos SDK allowing for shielded cross-chain trading with any other IBC-enabled chain.
Investors
Penumbra raised a total of $4.75 million in one private funding round in November 2021. Notable investors included Dragonfly Capital, Interchain Foundation, Lemniscap, zkValidator, Informal Systems, and Figment.
The Team
Penumbra was founded by Henry Valence in January 2021. Henry has previous developer experience at Zcash, Bulletproofs at Chain, Inc., and on Rust cryptography libraries like curve25519-dalek.
Token Utility
The native token of the Penumbra chain will be $PEN. The token will be used for staking, transaction fees, and network governance.
Where can you buy the token
TBA
Oasis Network (83%)
Website – Documentation – Papers – Blog
Oasis Network is a privacy-enabled blockchain designed to facilitate open finance and a responsible, user-owned data economy. Oasis Network features a multi-layer modular framework that allows it to separate consensus and state computation in a privacy-preserving manner.
Why We Like It
As mentioned above, Oasis Network functions as a modular blockchain stack by separating the consensus layer from three separate ParaTime (parallel runtime) layers (EVM-compatible, privacy-preserving, and a permissioned layer designed for enterprise use). This modularization allows for increased scalability as multiple ParaTimes can process transactions in parallel, meaning complex transactions within one ParaTime will not cause congestion for the entire network. In addition to modularization, Oasis Network offers confidentiality with its privacy-preserving smart contracts. As mentioned in the section on Penumbra, privacy-preserving smart contract computation introduces a number of potential use cases in DeFi, as well as KYC and user identification primitives.
In addition to its novel infrastructure, Oasis Network has significant backing and network development including a $200 million ecosystem fund announced in January 2022. This ecosystem fund will be used facilitate network growth and application development.
Investors
Oasis Network raised a total of $48 million in two private funding rounds from July 2018 to March 2020. Notable investors include a16z, Binance Labs, Dragonfly Capital, Pantera Capital, and Polychain Capital.
The Team
Oasis Network was developed by Oasis Labs, a software development company based out of San Francisco, California. Oasis Labs is made up of a 40-person team. Oasis Labs was founded by Dawn Song, a professor of computer science at UC Berkeley, in March 2018. In addition, Oasis Labs team features individuals from with various backgrounds from Apple, Google, Amazon, Goldman Sachs, and many other Fortune 500 companies.
Token Utility
$ROSE is the native token of the protocol. It is used for transaction fees, staking, and delegation at the Consensus Layer. It has a total supply of 10 billion tokens.
Where You Can Buy The Token
Binance, Coinbase, KuCoin, Gate.io
