4 Reasons Why Every Crypto Enthusiast Should Have A Cosmos Wallet

Photo by Shubham Dhage on Unsplash
2 years ago

Cosmos blockchain’s ecosystem consists of multiple independent platforms; zones with their blockchains and native coins. Cosmos’ zones are all interoperable and are compatible with Cosmos’ native token, ATOM, due to Cosmos’ Inter-blockchain Communication (IBC) protocol.

Getting a cosmos wallet connects you with amazing cosmos zones, like Osmosis, Akash, and Sentinel where you can discover amazing investment opportunities, trade crypto coins, get loans, automatically verify claims and data on the blockchain, etc, while escaping Ethereum’s blockchain’s high gas fees.

Here are 4 reasons why crypto enthusiasts like you must have a cosmos wallet:

To Stake and Trade IBC-enabled Tokens on Osmosis

Osmosis is the largest DEX (Decentralised Exchange) and AMM (Automated Money Maker) in the Cosmos ecosystem.

You can contribute IBC-enabled tokens in various LPs (liquidity pools) on the Osmosis network as a Liquidity provider and earn the LP reward tokens in turn.

Osmosis designed its AMM to allow you to create and personalise liquidity pools. Its IBC-compatibility cosmos feature also lets users trade and interact with almost 50 different chains within the cosmos ecosystem.

ATOM/OSMO staking pool is the largest, by volume, since it includes both the Cosmos’ ATOM token and the Osmosis OSMO token.

Once you connect your Cosmos wallet, you can enjoy Osmosis’ super fluid staking. You can stake to help secure the Osmosis blockchain and also contribute that same asset to a liquidity pool. Earning both LP rewards and the Osmosis blockchain transaction fees.

Deploy Decentralised Apps on the Akash Network’s Cheap Decentralised Cloud

Akash provides a decentralised, open-source cloud computing marketplace for developers to deploy DeFi decentralised apps (Dapps) in a cheaper and more supportive infrastructure.

Akash leverages under-used server spaces of various server providers. The providers sell these extra server spaces in the Akash marketplace, giving developers a cheaper means to deploy their Dapps without having to get multiple servers access.

So, instead of developers directly buying server space from Amazon, Google etc. Akash technology exploits these otherwise wasted server spaces and connects them with DeFi Dapps developers at a cheaper price.

Therefore, multiple server companies compete with themselves to provide their excess server space to Akash, establishing a decentralised cloud.

To deploy your Dapps on the Akash Testnet or Mainnet 2.0, you must connect your cosmos wallet containing a reasonable balance of Akash’s native token, AKT.

Trade Your Excess Internet Bandwidth on the Sentinel Network

Sentinel Network users can trade their excess bandwidths on the Sentinel marketplace through a bandwidth provability system and get rewarded with the $DVPN token.

Developers can likewise rent these pooled bandwidths to build decentralised virtual private network (DVPN) applications on the Sentinel Network. These DVPN applications built with the Sentinel protocol provide their users with an almost foolproof anonymous internet use.

Since the codes are open-source, users can confirm that their data is being routed and distributed across multiple participating nodes with no traceable data logs.

You can connect to the Sentinel Network as a user or developer through any cosmos wallet that supports the $DVPN token.

However, the Sentinel Network pioneered the Ethereum blockchain before migrating to the Cosmos Network in 2021’s first quarter. Say you’ve got the Sentinel’s ERC-$20SENT token on an EVM-compatible wallet, don’t panic. To swap $SENT for Sentinel’s Cosmos $DVPN token, connect both that wallet and a cosmos wallet to either the Sentinel dApp or any DEX listing $DVPN, like the Osmosis DEX.

Trade DeFi Assets and get Loans on the Persistence Ecosystem

Persistence offers cosmos wallet holders some of the rarest DeFi and NFT trading combinations and opportunities. With Persistence, you can tokenise almost any real-world asset as NFTs. Ranging from digital arts to even a recording of your favourite socks. It is committed to providing the crypto community with liquidity, and cosmos Wallet holders are at the front row of reaping its enticing benefits.

You can store the NFTs in your connected cosmos wallet. You can then trade your tokenised NFTs against stablecoins and even use them (NFTs) to obtain stablecoins as crypto loans.

Get a Cosmos Wallet Today

Cosmos wallets help you interact with the cosmos blockchain easily and enjoy the various benefits listed above. Do you have a preference; for security? or performance? There’s a cosmos wallet for it. You might want to read the Xdefi – Cosmos Wallet for 2023 blog, for a more informed decision.

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