Stride temporarily shelves plans to convert STRD to ATOM

This decision comes after a week of public discussion, nine days after the initial idea was announced at Cosmoverse, Istanbul

by Bessie Liu /

October 13, 2023 12:47 pm

David Esser/Shutterstock modified by Blockworks

Cosmos’s liquid staking blockchain, Stride, will pause plans to convert its native token STRD to the Cosmos Hub’s ATOM token.

This decision comes just nine days after the co-founder of Stride Labs, Vishal Talasani, proposed at Cosmoverse in Istanbul that the liquid staking zone should merge with the Cosmos Hub, the core blockchain in the Cosmos ecosystem.

“After a week of public discussion, the Cosmos Hub + Stride communities have paused the STRD → ATOM conversion,” the Stride team wrote on X. “Consider it shelved, but not completely abandoned.”

Stride is one of the largest liquid staking providers in the Cosmos ecosystem. It has a total value locked (TVL) of $33.84 million, with staked ATOM making up over 80% of this number, according to information available on DeFiLlama.

In a forum post discussing the conversion, the team at Stride notes that it was always the project’s intention that discussions about the merge and the conversion of tokens happen in an open, transparent way.

“Regarding the feasibility of the conversion idea, judging by the reaction of both the Cosmos Hub and Stride communities there is currently too much division and not enough consensus,” the Stride team wrote. “Perhaps that will change at some point in the future, but currently, we feel it would be inappropriate to move forward to working on concrete details about the conversion.”

Though the conversion conversation has been momentarily tabled, the Stride team said it will continue to focus on providing its liquid staking services.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Newsletter

Blockworks Daily

Upcoming Events

Digital Asset Summit 2025

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

buy tickets learn more

recent research

Research

Bitcoin Expressivity with BitcoinOS

The BitcoinOS team is the first to have developed and posted a ZK-compressed proof on the Bitcoin network. Other proof verification efforts have been limited to the Signet or testnet deployments. Their work has resulted in the development of BitSNARK, a software library for ZK-compressed fraud proofs on the Bitcoin network. The project aims to provide a horizontal scaling solution, offering a one-stop shop for teams interested in developing a rollup on Bitcoin. This approach shares similarities with the horizontal tech stack scaling in other ecosystems like Cosmos and Optimism, particularly in its focus on simplified verification, bridging standards, and lightweight interoperability.

by 0xMims