Content Editor: Yao Erling

Content Organizer: Yao Erling

What is the modular blockchain of Cosmos?

Since last year, the topic of modular blockchain has been gaining popularity, especially the modular project Celestia in the Cosmos ecosystem, which is the project that amazed everyone at its launch, TIA. It once became the leader in the modular blockchain sector and also led to a surge in the market value of projects such as DYM and OMNI, pushing them into the top 100 projects.

A modular blockchain focuses on handling a few responsibilities and outsourcing the rest to one or more independent layers of the blockchain. By decomposing the core components of the Layer 1 blockchain, a 100-fold improvement can be made on a single layer, resulting in a more scalable, composable, and decentralized system.

Now, the Cosmos ecosystem has once again launched the modular dark horse project, Initia. Let's take a look at the strength of this heavyweight figure!

1. Initia: A Modular Full-Chain Rollup Blockchain

Initia is a network for full-chain rollup, built by integrating novel L1 with application-specific L2 infrastructure systems. The Initia platform provides production-ready rollups, enabling teams to build scalable sovereign systems while eliminating the user experience complexity when interacting with the modular multi-chain universe. Initia has a complete technical stack that can implement a set of chain-level mechanisms to align the economic interests of users, developers, L2 application chains, and L1.

Inspired by Apple's design philosophy, Initia aggregates blockchain like iPhone applications, making it easy to access and integrate. Its core technology includes the tight integration of customized Layer 1 blockchain with Layer 2 infrastructure, providing security, liquidity, and interoperability. The product stack includes multi-chain browsers, wallet tools, bridges, centralized application platforms, and on-chain identity systems, creating a unified and user-friendly blockchain experience.

Rebuilding the Technical Stack of Initia

The core of Initia is to rebuild the entire technical stack, introducing a customized Layer 1 blockchain integrated with Layer 2 infrastructure. This integration nurtures a tightly integrated modular network ecosystem. Having a complete technical stack enables Initia to implement chain-level mechanisms to align the economic interests of users, developers, Layer 2 application chains, and Layer 1 itself.

Initia Layer 1 acts as an orchestration layer, facilitating coordination of security, liquidity, routing, and interoperability in the interwoven rollup network with the VM-agnostic Optimistic Rollup framework (OPinit Stack), while leveraging Celestia's data availability (DA) layer.

Enshrined Liquidity is introduced, a unique mechanism where individual or paired INIT tokens are staked with validators to create liquidity centers within the Layer 1 chain.

This mechanism enhances security, increases liquidity, and acts as an inter-layer router, enabling seamless token transfers across rollups.

Initia's product stack unifies the architecture, providing users with an end-to-end chain experience when interacting with rollups:

InitiaScan: A multi-chain browser with VM-specific tools and information.

Wallet Widget: Supports EVM and Cosmos wallet signatures, and includes social login functionality.

Bridget: A frontend bridge/entry aggregator directly integrated into the rollup.

Initia Applications: A centralized platform for all things related to Initia.

Initia Username: On-chain identity system within the blockchain scope.

Initia Wallet: A dedicated wallet designed for browsing the extensive Initia ecosystem.

2. Layer 1 of Initia

Initia's Layer 1 protocol utilizes CometBFT (formerly known as Tendermint) for consensus and integrates Move VM to enable smart contract functionality.

CometBFT adopts a deterministic consensus mechanism, selecting block proposers through weighted round-robin, making node participation fair and balanced. The proportion of stake determines the opportunity to become a leader, ensuring fairness and effectiveness in the consensus process, demonstrating excellent security and resistance to attacks.

The very fast transaction confirmation speed, along with the introduction of zero-knowledge proof technology to enhance efficiency and security, drives the development of blockchain and distributed systems. The consensus algorithm also positions Cosmos as one of the largest ecosystem protocols currently.

Initia's L1 architecture also integrates a native DEX, with functionality similar to Balancer, implementing weighted and stable swap pools in a multi-chain network.

The Liquidity Moat establishes a flexible liquidity foundation on L1, while providing enhanced staking rewards, allowing locked liquidity for trading and yield generation, and enabling seamless token movement and flexible gas supply within the ecosystem through Minitia routers and Just-in-Time Gas.

3. Layer 2 Network Minitia of Initia

Minitias are the Layer 2 application chains in the Initia ecosystem, characterized by fully functional CosmosSDK blockchains settling with optimistic rollups. These chains feature a fast block time of 500 milliseconds and the ability to process over 10,000 transactions per second, positioning them as high-performance platforms suitable for various applications.

OPinit Stack (Cosmos Optimistic Rollup framework): OPinit Stack is the first Optimistic Rollup framework tailored for the Cosmos ecosystem, inspired by Optimism's Bedrock specification.

Minitias' native consensus mechanism relies on Initia's Layer 1 for security and data settlement. This structure can integrate advanced rollup features and use standard CosmosSDK modules as well as custom modules. Transactions are efficiently ordered and settled in batches to L1 and Celestia, providing a transparent and secure environment for operations and verification.

Minitias have a throughput of up to 10,000 TPS and a block time of 500 milliseconds, supporting Cosmos interoperability and Omnitia shared security through IBC, compatible with Celestia data availability, MoveVM, WasmVM, and EVM.

The native features of Initia include profit-sharing plans, token rebates, and the Omnitia messaging module, providing advanced tools such as InitiaSDK, WalletSDK, and 1-Click Deposit Widget, and integrating with third-party services and oracles to build a multifunctional development platform for decentralized applications, supporting the strong interconnectivity infrastructure of the Initia ecosystem.

4. Innovative Highlights of Initia

The Initia platform, through its modular architecture, simplified development processes, out-of-the-box functionality, user-friendliness, strong interoperability and data availability, highly customized rollups, and shared security and scalability, provides developers and users with a flexible, secure, and efficient blockchain development and usage environment.

Flexibility of Modular Architecture

Initia achieves the flexibility of modular architecture by decoupling each layer of the technology stack (execution, settlement, consensus, and data availability). Developers can freely customize each module, utilizing Celestia's data availability sampling (DAS) and Namespace Merkle Tree (NMT) technology, allowing light nodes to verify data by selecting relevant transactions, greatly improving system efficiency and scalability.

Reduced Development Complexity

Despite criticism of increasing development complexity, the Initia platform simplifies the user experience of multi-chain systems by vertically integrating the technology stack. It predefines targeted integration decisions, reduces choice overload, and allows developers to focus on building successful products rather than dealing with the complexity of underlying infrastructure.

Highly Customized Rollups

Minitias allow teams to develop highly versatile applications in their favorite smart contract language and customize rollups using all modules of CosmosSDK. Examples include using AuthZ for native account abstraction, or using Skip's Protocol-Owned Builder module to unlock fee markets similar to EIP1559, custom memory pool channels for programmatic gasless transactions, and top-level block oracle updates enforced by the sorter.

Shared Security and Scalability

Initia leverages Celestia's DAS and NMT solutions to achieve shared data availability and security for thousands of interwoven applications. Initia L1 validator sets, challengers, and instant bridge operators access state data through the shared DA layer to build fraud proofs and challenge invalid rollup operations. Omnitia Shared Security allows validator nodes to locally integrate Celestia light nodes to verify data on each Minitia without downloading the entire block, achieving scalability.

Strong Interoperability and Data Availability

Initia's OPinit Stack framework enables teams to build vertically integrated applications in any computing environment (EVM, MoveVM, or WasmVM) while accessing interoperability and data availability through CosmosSDK and Celestia. This VM-agnostic architectural design ensures interoperability and data sharing between different applications.

Out-of-the-Box Functionality

Initia provides comprehensive out-of-the-box functionality to meet the various needs of application developers. Highlights include:

• Instant Bridging: Enables fast and secure asset transfers between different blockchains.
• Native USDC and CCTP Access: Supports widely used stablecoins and cross-chain payment protocols.
• Token Interchangeability Across Minitias: Tokens can freely interchange between different Minitias regardless of VM selection.
• Oracle Interfaces: Provides reliable data source connections.
• Fiat Rails and Developer Tools: Reduces development complexity and accelerates time to market.

5. Why Initia Became a Dark Horse Project

Firstly, Initia is built on the Cosmos ecosystem, and those familiar with the mechanisms of Cosmos projects can feel the fierceness from the modular track of Cosmos, which was initially driven by the launch of Celestia.

This fierceness is not only reflected in the market value of the project's products, but also in the uncompromising airdrops in marketing. In terms of interaction, the Cosmos modular track has never been stingy with airdrops, which has brought very high popularity to the entire ecosystem project, including Celestia and Dymension in the modular protocol layer.

As a result, Celestia's market value is still around $1.5 billion, and Dymension's market value has been fluctuating around $400-500 million.

Initia not only made a wise choice by selecting Cosmos for its ecosystem, but also recently launched incentive testnet activities to attract users. With the precedents of Celestia and Dymension, Initia has already won the favor of many users even before the mainnet launch.

In addition, Initia's two core developers, Zon and Stan Liu, have been working at Terraform Labs during its heyday. Terraform Labs is the driving force behind the Cosmos-based Terra blockchain and its sister stablecoin UST, and has never been ambiguous in its algorithms and innovations.

In October 2023, Initia also received seed funding from Binance Labs.

These accolades have made Initia, which has just launched its testnet, receive a lot of attention, as if it were born with a silver spoon, and it is not an exaggeration to call Initia a dark horse project.

6. Initia's Investor Lineup

Up to now, Initia has undergone two financing events, with a total disclosed financing amount of up to $7.5 million.

The first financing event occurred before the seed round on October 23, 2023, with investment from Binance Labs, and the financing information for this round was not disclosed.

The second financing event occurred in the seed round financing on February 27, 2024, led by Delphi Digital and Hack VC, with participation from Nascent, Figment Capital, A.Capital, Big Brain Holdings, Cobie, Nick White, Smokey, DCF GOD, Fiskantes, naniXBT, Zaheer Ebtikar, Maghnus Mareneck, OmniscientAsian, Sawit Trisirisatayawong, raising a total of $7.5 million in financing.

This round of financing is a SAFE agreement with token warrants. The team declined to comment on the specific valuation, but stated that its valuation is in the low nine-figure range.

7. Progress of the Initia Project

Just 15 hours ago, Initia launched a public testnet with incentive attributes, which will be conducted for 8 weeks before the mainnet release, providing the first opportunity to get involved in core applications.

Initia has been consistent with infrastructure and economic frameworks over the past year, completing tasks such as collecting NFT cards and merging and summoning bans on Initia L1.

Initia has a close relationship with Celestia, and although they are in a cooperative relationship, they are still competing projects in the market. Celestia still leads the modular track with a market value of $1.5 billion. The modular track is expected to become one of the most competitive sectors in the future Cosmos ecosystem!

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