Due to an excessive workload, or rather, priorities, I have not been able to spend any time writing for the blog in the past few months.
Just as I dropped off, I was writing an extensive overview and analysis of the blockchain project I am most passionate about: Cosmos Network. Included in that analysis was the upcoming Gravity DEX from Cosmos, which was recently launched. I still plan to finish of that series of blog posts, as I have a strong belief that it is one of the best projects in existence today. Rivalling other similar blockchain projects such as Polkadot, Polygon, Chainlink etc. While those posts have to wait, lack of time, I wanted more quickly highlight a huge milestone in the Cosmos which was reached earlier this week.
With the Gravity DEX, DeFi is coming to Cosmos. And don't think of it as one of the useless DeFi projects with a forked DEX. No, Cosmos has brought us the most secure and most advanced cross-chain decentralized exchange. Greatly improving the incentive for developers to build in the Cosmos Network. While also allowing you and me to trade cryptos with a greater peace of mind.
At the time of writing this guide on how to get started with the Gravity DEX, the Cosmos Network is worth $105 billion. Their ecosystem includes:
To name a few.
Before the Gravity DEX, many of the Cosmos tokens have been difficult to invest in. Including projects such as $DVPN, $FET and $LUNA. Image getting in early on some of those, potential was known, but the friction in investing in these projects early is high. We now have immediate access to projects such as these, and likely future solid project that are bound to be launched.
One of the best parts of using Gravity DEX is that it is fast, and super cheap. Average transaction fee is $0.08. Removing even more friction from buying these token. Anyone can afford it, and in my opinion, many of the Cosmos Projects, including the native token $ATOM, is worth buying today. Lock the assets away and watch Cosmos Network grow over the next couple of years. $ATOM is still a highly overlooked coin when compared to other interoperability projects like Polkadot (lots of hype = bloated valuation).
Another important aspects of the Gravity DEX is the batch execution technology, something that removes front-running bots and significantly decreases actions that will cause price manipulation. Many other popular decentralized exchanges have issues with front-running bots, Uniswap to name one DEX that have these issues (but still remains extremely popular).
Emeris have the operational goal of being a one-stop shop for all crypto-apps, they are first to support Gravity DEX protocol. Once complete, Emeris will provide the following products and services:
As mentioned, the Gravity DEX was launched last month, July 13th 2021. Emeris launched their front-end where the Gravity DEX protocol is integrated. This launched earlier this week, August 17th 2021. Note, this launch is the BETA. So, still early days here and I did not waste any time. The whole thing got me excited, which is why I am writing this - to share the joy with anyone who's interested in doing smart things.
Currently, the following assets are supported in Emeris:
It is still early days for Emeris, so they are yet to launch all their products. So, we need to rely on a third-party wallet, Keplr:
If you do not have any assets in your Keplr wallet, then you need to send some. The process of doing so is the same as with any wallet or CEX, you used in the past:
The transaction should not take more than a few minutes (of course depends on your application). Took about 2 minutes for me sending between Cosmostation and Keplr.
After your transaction has been processed, and you got your sweet hodling in Keplr wallet. Simply open the Emeris app, and you will see your balance in the low-key super sexy dashboard interface (make sure you connected your Keplr wallet to Emeris app per steps in the previous section).
Open Emeris, from the "Portfolio" tab, you will see the swap widget to the right. Select the asset you want to use to swap, and the asset you want to swap to. To try it, I swapped some $ATOM for $AKT. It works pretty much the same was as any other DEX:
If you are like me, you want to pool some assets in the Gravity DEX. I will continue by pooling the assets I just swapped: AKT/ATOM.
Go to the "Pools"-tab, and you will be presented with a list of pools. This guide will only cover the aspect of using an existing pool, not create a new liquidity pool on the Gravity DEX.
As part of this process, you earned some Gravity G5 tokens.
Gravity G5 is the liquidity pool token used in the Gravity DEX of Emeris. I did not find too much information about the Gravity G5 coin.
That's pretty much it on this guide on how to get started with Cosmos Gravity DEX through Emeris. Some closing thoughts before ending it:
The reason why I am bullish on ATOM and the Cosmos team is because they ship things continuously, of the highest quality. Most interoperability projects are far, far away from having a working product, while Cosmos already shipped and are continuously improving it. There are some really good projects being built in the Cosmos, one of them is Akash Network. I will write an analysis of AKT coin later on.
ATOM is the native token of Cosmos, used in different applications, mainly have utility for transactions and gas fees.
Emeris has a beautiful and extremely easy-to-use application, both when swapping and pooling liquidity. The added step of using Keplr is not a big deal, also something that will be removed in the Alpha version of Emeris. Keplr is, by the way, a great crypto wallet. I have written about it before in different articles and guides.
Something I will write more about in the future is the upcoming Gravity Bridge. The Gravity DEX is just the start of cross-chain trading of Cosmos tokens. The Cosmos team is working on connecting major blockchains to the Cosmos network. The first planned bridge is the Gravity Bridge to Ethereum.
The governance for the Gravity Bridge is scheduled for Q3, 2021. It will be a proposal to update the Cosmos Hub with the bridge to Ethereum.
Again, this work will introduce the world to the most secure and efficient cross-chain bridge to Ethereum, one of the largest networks in existence. Once activated, the value and liquidity of the Ethereum network can flow into the Cosmos Hub, further improving the Gravity DEX marketplace. It will also enable the Ethereum community to buy Cosmos tokens on ETH-based DEXs.